Para iwas scam: Sharon Garin wants youth to learn financial literacy in schools

By Billy Begas

House Committee on Economic Affairs chairperson and AAMBIS-OWA Rep. Sharon Garin underscored the need to inculcate financial literacy among Filipino youth to help in reducing poverty and foster economic recovery.

Garin is pushing for the passage of the proposed Savings and Investments Act (House Bill 9058), which seeks to equip young Filipinos with the right tools for long-term savings and long-term investments before entering senior high school.

She said the measure will also promote investor education, investor protection and scam-proof the population and enable the young population to understand the fundamental principles of finance and investments as they chart their chosen strand and track for their senior high school years.

Citing the Bangko Sentral ng Pilipinas 2019 Financial Inclusion (FI) Survey, Garin said only 55% of Filipino adults know the effect of inflation on the prices of goods and services, while only 33% of respondents correctly answered questions on interest rates.

Under the measure, the savings and investment subject shall introduce the fundamentals of long-term financial planning, the suitability of financial products relative to one’s risk-reward profile, and an understanding of how different savings and investment products deliver returns.

The bill is pending on the House Committee on Basic Education and Culture.

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Source: Latest Politics News Today (Politics.com.ph)