Visa Launches Financial Education Website for Myanmar People
Visa Launches Financial Education Website for Myanmar People
Myanmar Business Today,, 11 Dec 2018
URL: https://www.mmbiztoday.com/articles/visa-launches-financial-education-website-myanmar-people
The Financial Education for Sustainable Growth Study conducted in August 2017 surveyed 1,044, people across Yangon, Mandalay, Taunggyi, Pathein and Magway. The study exposes a need for financial education among Myanmar people. To educate people about finance, Visa has launched www.myanmar.practicalmoneyskills.com, a Practical Money Skills website featuring cost calculators, budget templates, games and quizzes to help Myanmar people understand and better manage their personal finances.
As more companies introduce more financial products and services in Myanmar, there is a clear need for financial education. According to Myanmar Financial Education for Sustainable Growth Study 2017, most Myanmar people describe themselves as only slightly or fairly knowledgeable about managing finances. Only seven per cent describe themselves as “very knowledgeable”or an “expert”on financial management or tools.
Arturo Planell, Visa Country Manager for Myanmar said: “As Myanmar’s economy progresses and communities grow, there are opportunities for partnerships in the finance industry and the authorities to educate people on how best to manage their personal finances and how they might benefit from increased digitization of payments and commerce. As the world’s leader in digital payments, Visa is doing its part to empower consumers with key financial skills, and to enable consumers to make responsible choices on managing their finance for long-term benefit.”
The Practical Money Skills website is available in Myanmar language. It is organized into two main categories: Learn the Basics and Resources. The sub-topics in each include saving, credit, debt, life events, financial calculator and free material that can be downloaded. They have plans to continue updating the website with new features and content.
The introduction of the Practical Money Skills website is part of Visa’s comprehensive financial literacy program for young people. The financial literacy program not only provides general financial education for the youth but also to help consumers make the best use of electronic payment tools in an informed and responsible way by instilling fundamental financial skills.
Dr. Tin Win, Rector of the Yangon University of Economics, said: “We believe that the most important financial tool is knowledge. The ability to manage personal finance will benefit a person for a lifetime. We also hope the launch of our Practical Money Skills website will foster collaboration in financial literacy between public and private entities that will lead to open and sustainable economic progress in Myanmar.”
As more companies introduce more financial products and services in Myanmar, there is a clear need for financial education. According to Myanmar Financial Education for Sustainable Growth Study 2017, most Myanmar people describe themselves as only slightly or fairly knowledgeable about managing finances. Only seven per cent describe themselves as “very knowledgeable”or an “expert”on financial management or tools.
Arturo Planell, Visa Country Manager for Myanmar said: “As Myanmar’s economy progresses and communities grow, there are opportunities for partnerships in the finance industry and the authorities to educate people on how best to manage their personal finances and how they might benefit from increased digitization of payments and commerce. As the world’s leader in digital payments, Visa is doing its part to empower consumers with key financial skills, and to enable consumers to make responsible choices on managing their finance for long-term benefit.”
The Practical Money Skills website is available in Myanmar language. It is organized into two main categories: Learn the Basics and Resources. The sub-topics in each include saving, credit, debt, life events, financial calculator and free material that can be downloaded. They have plans to continue updating the website with new features and content.
The introduction of the Practical Money Skills website is part of Visa’s comprehensive financial literacy program for young people. The financial literacy program not only provides general financial education for the youth but also to help consumers make the best use of electronic payment tools in an informed and responsible way by instilling fundamental financial skills.
Dr. Tin Win, Rector of the Yangon University of Economics, said: “We believe that the most important financial tool is knowledge. The ability to manage personal finance will benefit a person for a lifetime. We also hope the launch of our Practical Money Skills website will foster collaboration in financial literacy between public and private entities that will lead to open and sustainable economic progress in Myanmar.”