Three years ago Cambodia embarked on a noble approach to inculcate good money habits among children by introducing the Cashville Kidz cartoon programme.
It was another critical move by the National Bank of Cambodia (NBC) to create a financially literate population, as the country’s economy and financial market start to mature.
Cashville Kidz, the financial literacy educational animated cartoon programme, was part of Malaysia-headquartered Maybank’s project to educate children about managing money.
Maybank through its Corporate Social Responsibility unit, Maybank Foundation, promoted Cashville Kidz beyond Malaysian borders and Cambodia became the first country in Asean to adopt the cartoon programme.
The programme is undertaken with the support of NBC and the Ministry of Education, Youth and Sport.
“To date Maybank’s Cashville Kidz has reached out to more than 180,000 students across Asean, with more than 9,000 schoolchildren trained in Cambodia.
“Our target is to continue to reach out to at least 20,000 students in Cambodia over the next two years. [The] animated cartoon teaches students aged 8-12 years old on the importance of financial literacy and helps them develop responsible financial habits.
“The programme trains teachers and provides them with lessons, tools and assessments to sustainably train students in schools,” said Maybank (Cambodia) PLC. Chief Executive Officer Mohd Hanif Suadi.
There are underlying reasons for NBC and Maybank to actively promote financial literacy programmes.
According to the Global Financial Literacy Ranking Index, Cambodia is currently ranked 135, which clearly indicates there is an urgent need to uplift financial literacy level in the Kingdom.
NBC is pushing a financial education agenda to equip young students with the skills to manage their finances carefully and understand the workings of the financial market .
“Financial education is vital because it provides the knowledge and skills for the population to be able to understand and use financial products and services effectively, with a greater awareness of their rights and responsibilities.
“Teaching kids personal financial literacy early and throughout their education carries tangible benefits into their adult lives.
“Students who learn to manage their finances early often become adults who are better equipped to live independently. By teaching kids to make good financial decisions, they learn to pay down debt or avoid it altogether,” said Hanif.
Maybank stresses on a unique mission of “humanising financial services”– providing access to financial services at fair terms and pricing, advising customers based on their needs and being in the hearts of the communities that they serve.
“We emphasise on the financial well-being of our customers and believe that financial education, protection and inclusion are essential “ingredients” to help our customers understand their financial needs and choose the right products and solutions that will meet those needs, he added.
