A majority of Filipinos are still struggling with finances. One for a fact is that the state of financial literacy in the Philippines remains subpar.
Poor financial knowledge can highly impact one’s financial decisions in life, resulting in a vicious cycle of debts and impulsive buying habits.
Moreso, the lack of financial knowledge could lead even the most highly educated individuals to be susceptible to scams and predatory lending practices.
In World Bank’s 2015 survey, as cited by Bangko Sentral ng Pilipinas (BSP), an average Filipino adult scored only 3 out of 7 correct answers to financial literacy questions on investment diversification, inflations fundamentals, and even basic numeracy.
Financial Literacy in the Digital Age
In empirical data, Philipines topped the list among surveyed countries with the most hour of online exposure. However, it could be an omen of risk as illicit online scams can easily target anyone.
In 2017, the PNP ACG (Anti-Cybercrime Group) has recorded a staggering number of complaints mostly from the victims of online buy n’ sell, “paluwagan”, investment, pyramid, and other forms of online fraud.
BSP saw the opportunity to embrace digital media in increasing awareness of consumer protection and financial fraud, especially among the new generation.
Thus, BSP launched its online campaign called PisoLit. Derived from the words “Piso Literasi”, PisoLit leverages Facebook in a mission to expose the younger generations to the concepts of financial literacy in a tone that perfectly emulates its target audience.
The campaign is also part of its Economic and Financial Learning Program (EFLP), a flagship initiative that aims to Improve Financial Literacy in the Philippines by educating students, working adults, and the unbanked people.
PisoLit’s main objective is to teach the Filipino netizens the concepts of:
- Consumer Protection
- Financial Fraud prevention
Follow PisoLit through their Facebook page here: