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FinaLE (Financial Literacy Education) Towards Prosperity ADVOCACY

This document outlines a campaign to promote financial literacy among students and local workers. It aims to equip people with knowledge and skills to effectively manage their finances through budgeting, savings, and prudent investments. The campaign's vision is to create financially empowered individuals who can improve their socioeconomic status through informed financial decisions. Goals include developing understanding of effective financial management, introducing skills to reduce debt and increase savings, and building confidence in handling finances. Supporters include entrepreneurs, investors, and consumers who want to see greater financial literacy in the community. Resources will come from the city government, central bank, and tax authority.

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Jowelyn Casignia
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664 views4 pages

FinaLE (Financial Literacy Education) Towards Prosperity ADVOCACY

This document outlines a campaign to promote financial literacy among students and local workers. It aims to equip people with knowledge and skills to effectively manage their finances through budgeting, savings, and prudent investments. The campaign's vision is to create financially empowered individuals who can improve their socioeconomic status through informed financial decisions. Goals include developing understanding of effective financial management, introducing skills to reduce debt and increase savings, and building confidence in handling finances. Supporters include entrepreneurs, investors, and consumers who want to see greater financial literacy in the community. Resources will come from the city government, central bank, and tax authority.

Uploaded by

Jowelyn Casignia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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You are on page 1/ 4

DUGGOY, John Vianey

ABAAG, Alyssa Mae


BANGKIAT, Judy Ann
CARIAS, Jesie Minie
CASIGNIA, Jowelyn December 11, 2020
VILLAROS, Jewell Ann MWF/ 10:00 – 11:00 AM
AAD PRPCOMM
FinaLE (Financial Literacy Education) Towards Prosperity

Advocacy

PART I: BACKGROUND

With so many people on the verge of running out of money before their life
expectancy, many families burdened with large amounts of student loans and other
forms of debt. Combined with the fact that more than half of our adults do not have nor
understand why it is important to have an up-to-date financial, estate or gift plan to
protect themselves and their families creates a very serious problem. Respectively,
many individuals make ill-informed financial decisions like avoiding banks, not
budgeting, saving for the future, etc. These decisions can primarily be attributed to the
lack of financial literacy. This lack of financial awareness and financial literacy places a
huge and growing amount of pressure on students, families and friends, employers,
nonprofits, as well as the ultimate safety of the government - where it can be regarded
as a domestic epidemic for everyone. Most people are never taught the essential
principles of smart money management and are provided with very little personal money
knowledge at home or school. This leaves them vulnerable to become victims in many
of their everyday money decisions, which jeopardizes almost every aspect of their lives,
including their health and well-being, financial security and any hopes of financial
independence or even an adequate retirement. 

The current pandemic is a generational event that has caused many to reflect on
their financial situation and look closely at their financial habits. Results of the special
Social Weather Stations (SWS) survey showed 84 % of Filipinos said the COVID-19
pandemic is causing stress in their personal finances. These current obstacles create
an opportunity for all of us to improve our financial literacy. The greatest generation of
savers this country has ever seen was a product of the great depression. And that is
why ‘financial literacy’ is an important skill set for an individual to have in order to
become a productive member of society. 

As defined by Jason Fernando (2020), “financial literacy is the ability to


understand and effectively use various financial skills, including personal financial
management, budgeting, and investing.” Simply stated that it is an awareness of how
money should be spent and managed, and how it can be used in ways that would make
a person more financially secure in the future. It forms the foundation of an abundant
life. Properly planning one’s finances improves self-esteem and garners the respect of
friends and family. When people know how to make prudent financial decisions, they
avoid common pitfalls of those who do not. Without financial literacy courses or other
financial education, people naturally make bad decisions about their money. These bad
decisions usually compound to create a financial hole that many can never escape
throughout their lives. Thus, financial literacy is critical as it equips us with the
knowledge and skills, we need to manage money effectively. 

According to Georgia (2019), financial literacy is important because it helps


people become self-sufficient and achieve financial stability. This includes being able to
save money, distinguish the difference between wants and needs, manage a budget,
pay their bills, buy a home, pay for college, and plan for retirement. Literacy helps them
create a realistic roadmap that will take them through their daily lives making good
financial decisions. Furthermore, she also stated that financial literacy empowers
people. With any lack of financial education, anything that resembles credit, interest
rates, or investments is intimidating and leaves individuals at a disadvantage. We’re not
saying you need to be a financial guru, but knowing how interest rates work, the
difference between stocks and bonds, and the factors that impact your credit rating, for
example, motivate consumers to ask questions and seek out their best options. It also
decreases their stress level. When people are well versed in the state of their finances,
they have the information they need to take action, modify their investment portfolio, or
continue with their current strategy. Being financially literate will teach us the importance
of budgeting and saving. We won’t just waste our money for very expensive gadgets,
clothes, cars, bags, shoes and other things which we don’t really need. We can better
understand between our wants and needs and can prioritize things according to their
essence in our daily lives. Aside from this, instances wherein we encounter moments of
emergency wherein we need cash or a huge amount of money to survive or overcome
our monetary and emotional crises. In times like this, being financially literate will save
us the trouble of borrowing money that will just bring us more problems.

PART II: VISION AND GOALS

OUR VISION 

Our financial literacy advocacy campaign envisions creating financially aware and
empowered individuals aiding in the improvement of their socio-economic financial
status by taking informed decisions, and promoting financial literacy at mass level.

OUR GOALS 

The FinaLE towards Prosperity Advocacy aims to promote financial literacy among
individuals by financial literacy education to attain prosperity in ways to:
1) Equip knowledge to develop a better and stronger understanding of how to manage
finances effectively

2) Introduce skills needed to help reduce debts, increase savings, budget allowances
and make prudent investments

3) Help develop confidence in handling financial resources by allocating earnings to


financial goals

PART III: TARGET BENEFICIARIES

 Students
 Local Workers

PART IV: RESPONSE

 Financial Literacy helps us sustain our financial goals as it serves as a tool


towards effective management of finances
 Financial literacy is indeed important as it helps us prioritize and utilize effectively
our resources by means of savings or earnings for future purposes, budgeting,
investments and wise spending.

PART V: CAMPAIGN SUPPORTERS

 Entrepreneurs and Businessmen


The introduction of complex financial instruments for borrowing and saving have
rendered financial markets increasingly sophisticated. Moreover, modifications made to
social security policies have shifted much of the responsibility and risk for financial
decisions within the course of their business. Throughout their business journey,
entrepreneurs face complex decisions. Equipping them with financial literacy skills is
therefore believed to contribute to an improved understanding of financing options and
the availability of financial support services. 

 Investors
Investors need to make healthy financial decisions in regards to investment
opportunities. They support the said campaign as financial literacy associates with
higher returns on investments and investment in more complex assets, such as stocks,
which normally offer higher rates of return. 
 Consumers

Consumers promote financial literacy for it helps them understand the value of their
money so they can handle their finances better - to better manage their expenses,
debts, loans and their budget, thus for them to better align those according to their
financial goals. Moreover, undertaking a massive financial education campaign holds
significance to the consumers as it helps them manage money more effectively to
achieve financial well-being by ensuring access to appropriate financial products and
services through fair and transparent machinery for consumer protection and help in
grievance redressal.

PART VI: RESOURCES AND ASSETS

 City Government
 Bangko Sentral ng Pilipinas
 Bureau of Internal Revenue (BIR)

REFERENCES:

Flabindia A. (2019). Financial Literacy. Retrieved from


http://www.flabindia.com/objectives.html#:~:text=To%20conduct%20financial
%20education%20campaigns,help%20them%20improve%20their%20socio

Financial Literacy Advocacy, (2020). Retrieved from


https://www.financialeducatorscouncil.org/financial-literacy-advocacy/

The concept of Financial Literacy, (2018, June 11). Retrieved from


https://www.completecontroller.com/3-serious-problems-with-the-concept-of-financial-
literacy/

Sabuco, V. (2019). The improving Financial Awareness and Financial Literacy


Movement, retrieved from
http://home.thefinancialawarenessfoundation.org/campaigns.html

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