Cambodia Children's Financial Literacy Program

More than 80% of Cambodian children do not develop financial literacy skills and do not value the concept of saving nor are they linked to a financial institution. Similarly to their parents they are taught to hide their savings or convert it into gold so that it can be liquidated quickly in times of financial stress.

Various Village Saving Banks committee (credit union) members stated that the children haven’t been involved with opening accounts with the saving banks because the savings banks have not targeted children nor do they have a strategy to directly promote their products and services to children. The CUFA Children’s Financial Literacy Program has been implemented in four provinces which are Prey Veng, Battambang, Takeo and Kandal with three Project Field Officers: Srey Rath Thou, Phanna Khim, and Borey Yi; along with the support from the Project Coordinator, Kundi Lay to support the Savings Banks to address this imbalance.

This project focuses on 7 to 9 year olds in poor regions of Cambodia with nearly 6,000 children participating in over 156 classes in Battambang, Takeo, Prey Veng and Kandal Provinces. The roll out of the financial education program is dependent upon a team of Field Officers who will visit schools on a monthly basis to undertake sessions with the classes on the merits and fun of saving along with related financial literacy skill building. The Field Officers undertake goal setting with the young students and inform them of the options for saving their money (through a CFI, VB, and SB). Each session lasts for one hour. Each child will get an initial one hour session with a follow up session after three months to evaluate the outcomes.

CUFA’s Project Coordinator Kundi Lay has signed MoU’s for the Children Financial Literacy Program with all the school directors in Battambang, Takeo and Prey Veng Provinces.

Participating children love to save the money in the money boxes they have been given as a part of the project. The children have started to reduce their daily spending and save around 40% of their pocket money for purposes such as:

• a new school uniform for next school year
• their future careers
• their further education
• to help their parents to get a new tractor to use on their farms

At every stage of the project each child is given a small incentive such as a money box, pencils and books to encourage good saving behaviour. Along with the incentive the class is given a financial literacy lesson that gives the children financial literacy skills and understanding. Each of the classes is also visited by the local Village Savings Bank (credit union) to get the children to join.

CUFA Field Officer - Borey Yi taking class in Prey Veng	Students in Prey Veng