According to Standard and Poor survey’s last 2015, only 25% of Filipinos are financially literate. This would equate to approximately 75 million people who have no idea of financial concepts such as inflation, risk diversification, insurance, compound interest or let alone the idea of having a savings account.
This is a sad truth mommies, right?
We all can agree that without knowledge, concept or idea sa financial management, ito talaga ang mag-lilead sa maraming Filipino Families into bad debts, unpaid loans and rat cycle living.
This is most apparent for people in poverty and the less educated. While different government and non-government organisations have targeted them in expanding financial inclusion, there has always been a certain disconnect with approaches of how to educate and empower them. It is therefore necessary to bridge informational and methodological gaps with creative tools to best cater to the literacy needs of the ordinary FIlipino.
Kaya nakakatuwa talaga ang advocacy ng Sun Life Foundation, hindi lang to “touched lives” but also to really “improved lives”.
Last Tuesday, I am thankful to be part of a small meet-up with like-minded people who are into Financial Literacy and Social Entrepreneurship.
Mr. TJ Aguilo from HAPInoy was the guest speaker, he shared on how their campaign has improved many lives through their Sari-Sari Store trainings.
In celebration of 10 years of Building a Brighter World, Sun Life Foundation has partnered with The Spark Project, the leading crowdfunding platform and community in the Philippines, to search for, fund and accelerate 10 financial literacy initiatives for 2018.
This collaboration will crowd source creative and innovative solutions from social innovations and change makers, helping them deepen their impact with the communities they serve.
The project is called the Brighter World Builder Challenge and was launched during Sun Life Foundation’s 10th year anniversary celebration last November.
“We’re giving a shout out to people who have ideas on projects focused on financial literacy, as it’s our company’s core competency” said Alex Narciso, President of Sun Life of Canada (Philippines) and Sun Life Foundation “Its our way of communicating too, that we are entering the digital age, modernizing the foundation”
Applications for the Brighter World Builder Challenge are open to all mission-driven groups, social enterprises, and nonprofit organisations, creating positive change in their communities. “We’re very excited to work with Sun Life Foundation on this, and we’re looking forward to crowd source new financial literacy projects for the foundation” said Patch Dulay, Founder and CEO of The Spark Project.
Applicants have a change of receiving grant funding worth P100,000 from Sun Life Foundation, crowdfunding support from The Spark Project and a chance to develop their initiatives in a Social Impact Bootcamp by The Spark Project.
Deadline for applications are until January 31, 2018.
For more information, visit the Brighter World Builder Challenge website at https://www.thesparkproject.com/sun-life-brighter-world-builder-challenge
Do you also have that bright idea that will help touch and improve the lives of the Filipino people?