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Teachers Mutual Bank’s Children’s Financial Literacy project in Cambodia set to help 10,000 kids in 2016
Teachers Mutual Bank’s Children’s Financial Literacy Project in Cambodia set to help 10,000 kids in 2016
The Banking on the Future report published today details Teachers Mutual Bank’s Children’s Financial Literacy Project in partnership with international aid agency CUFA.
“We believe that equipping children with financial literacy skills is vital to breaking the cycle of poverty. That is why we are excited to partner with CUFA on another ground-breaking project, and we are looking forward to seeing first-hand how the communities are impacted” said Steve James, Chief Executive Office at Teachers Mutual Bank.
Teachers Mutual Bank has invested $60,000 in the program, which aims to deliver financial literacy education to 10,000 primary school children (age 7-12) at 40 schools in ultra-poor communities in rural Cambodia. The investment will allow CUFA to further expand on its established financial literacy program, and it is anticipated the program will reach 500 classrooms and 200 teachers.
“Early intervention is the most effective way to create sustainable futures for economically disadvantaged children and their families. Teachers Mutual Bank’s support makes a huge difference to the opportunities for young people in those Cambodian communities.” Said CUFA’s Chief Executive Officer, Dr Peter Mason.
The program will be delivered by trained project field officers, who will bring educational materials including interactive games into the classroom to help the children engage with financial concepts.
Through the Children’s Financial Literacy Project the field officers will be aiming to:
The program also aims to indirectly develop the wider community’s understanding of financial literacy through the children.
CUFA’s measurement of Social Return on Investment (SROI) indicates that Teachers Mutual Banks investment will generate an additional $156,000 of social value.
Teachers Mutual Bank will be visiting the project in March 2016 to see first-hand the positive effects. The group will be made up of staff from across the business who have been actively involved in the bank’s social responsibility initiatives.
Keep an eye out for more updates on the Children’s Financial Literacy Project in the coming months.
Read the project report
Primary school students in the province of Takeo, Cambodia, attend classroom financial literacy lessons.
The Children's Financial Literacy Project includes home visits where CUFA project officers conduct sessions with students’ parents.