Advocating Savings to the Youth
Access to safe, secure savings is vital to the poor who often live on a financial knife’s edge and are challenged by unplanned expenses. By teaching them the value of savings, especially at an early age, the poor will have better chances to meet these unplanned expenses and have a better future.
Such is the belief of CARD Bank, Inc. that initiated a series of Savings Caravan among public schools in the Philippines, together with Grameen Foundation during the last quarter of 2012. More than 7,000 children from different public schools in the country participated in this event that was part of the launch campaign for the Maagap Savers Club which kicked-off in all 51 CARD Bank, Inc. branches last October 2012.
The caravan featured a puppet show, a savings word game, and other fun activities designed to educate the students, as well as their parents and teachers, about the value of saving at a young age. This was made extra fun with the much anticipated meet and greet with Cardee, CARD Bank, Inc.’s official mascot who danced the popular “Gangnam Style” dance craze. Close to 1,000 children from the participating schools signed up for Maagap Savings accounts, making the event a huge success.
With the Maagap Savings account’s low initial deposit of only PhP 100, and significantly higher interest rate compared to other kiddie savings program, children 16 years and under will have the opportunity to start saving for their future. They automatically become a member of the Maagap Savers Club as soon as they open a Maagap Savings account. They can continuously build their savings to get the freebies they like, from bookmark, pencil case, to backpacks. The program also allows CARD members to collect their coins in a special coin bank and win exciting freebies based on their average daily balance.
An “In Trust For” account may also be opened by parents and other guardians for kids 7 years and younger.
When asked why they needed to save, the children came up with such responses as, “So I will have money to spend for my school needs come enrollment time,” and “So that I will have a brighter future.”
Exciting plans are underway for the Maagap Savers Club in 2013 as they offer more exclusive privileges to members through learning sessions and workshops plus discount from selected retail establishments.