According to the World Bank, if all unbanked adults in the developing world suddenly had bank accounts, two thirds of them would not feel comfortable using them without some form of assistance.¹ Asking a family member or a banking agent for help might work in a pinch, but it also opens individuals up to financial abuse and fraud. The less experience folks have navigating the financial system — even the basics, like a checking account — the more vulnerable they are.
All of this points to the importance of teaching financial literacy as a skill — and teaching it early. As much as access to the financial system is important, access without the skills necessary to meaningfully participate still leaves many vulnerable.
While financial literacy might not scream “fun” to everyone, in a few AP countries this Global Money Week, Plan International is working to change that.
In Plan’s “Hope Town Hero,” an app-based digital learning platform, users in the Philippines explore Hope Town, interact with its residents, and collect rewards for learning a range of important life skills, from travel safety to interview tips—and now, financial literacy. Now, in Hope Town, Visa’s financial education modules have a new home, helping some 5,000 users learn about bookkeeping, cash flow, and income statement preparation in a way that makes it fun.
And in Indonesia, financial literacy is becoming part of Plan’s signature Girl’s Leadership Academy program — a program that connects with 10,000 young people, including approximately 7500 women aged 18 – 24. Through it, Visa Practical Money Skills and Practical Business Skills will play a role in educating the next generation of participants in the digital economy.
At the end of the day, financial inclusion is about more than just access — it’s about having the skills, knowledge of the formal financial system, and real-life training to operate within the digital economy. It means everyone has equal access to use secure, convenient, and affordable financial services to meet both everyday needs and long-term economic goals. Together, Plan International and Visa are working to boost these necessary skills where they’re needed most.
- World Bank, Global Findex, p. 22 https://www.worldbank.org/en/publication/globalfindex/Report