Teachers confirm effectiveness of Cha-Ching lessons in honing students’ money smart skills

Pru Life UK’s first Cha-Ching Educators’ Congress

Teachers confirm effectiveness of Cha-Ching lessons in honing students’ money smart skills

24 OCTOBER 2014/MANILA - British life insurer Pru Life UK today released the evaluation results of the second year implementation of the Cha-Ching Financial Literacy for the Youth Program at the First Cha-Ching Educators’ Congress. Grade 2 teachers surveyed that about 60% of their students looked for opportunities to earn and 62% have started to save part of their allowance. Moreover, 62% of their students have become more conscious of their spending habits, while 62% have begun actively participating in fund raising activities.

Grade 3 teachers meanwhile noted about 63% of students trying out opportunities to earn, 61% developing the habit of saving, 62% becoming more careful with spending and 65% participating in donation drives.

DepEd Undersecretary for Partnerships and External Linkages Mario Deriquito said, “I wish to congratulate Pru Life UK for reaching another milestone in its Cha-Ching Financial Literacy for the Youth Program. With your first Educators Congress on Financial Literacy, you are able to create greater awareness about the importance of financial literacy among our teachers and enhance their capability to teach this skill to our young people.”

The survey also reflects 86% of Grade 2 teachers and 90% of Grade 3 teachers surveyed gave a satisfied to very satisfied rating of their Cha-Ching implementation experience. Among the training activities, 66% of Grade 2 teachers and 82% of Grade 3 teachers appreciated the basic financial literacy module most, which is one of the training improvements introduced during the second year of program implementation.

Ultimately, 100% of partner school principals surveyed endorse the continuation of Cha-Ching implementation in their schools and recommend the program to other schools.

Pru Life UK Senior Vice President and Chief Marketing Officer Belle Tiongco shared, “Reaching over 50,000 children and adults inspires us to further drive the Cha-Ching program to more partners in the Philippines and reach more of the 14 million Filipino children currently enrolled in both public and private schools. Empowering teachers to contribute in shaping a financially-sound future strengthens the completion of this goal. This Congress allows us to prepare for bigger and more exciting initiatives for Cha-Ching.”

Now on its fourth year, Cha-Ching is the first multi-country, multi-platform program that aims to help parents in Asia build money-smart values for children aged seven to 12 through introducing four money smarts – earn, save, spend and donate. It was launched in Hong Kong in 2011 by Prudential Corporation Asia (PCA), the regional headquarters of Pru Life UK. Developed with Cartoon Network and children’s education expert Dr. Alice Wilder, Cha-Ching’s core component is a series of three-minute musical cartoon episodes with catchy tunes and lyrics that employ best practices in learning theory to teach children about smart ways to use money.

In April 2012, the Philippines became the first country to integrate Cha-Ching in the grades 2 and 3 curricula following the signing of a Memorandum of Agreement with the Department of Education (DepEd). Piloting in Upper Bicutan Elementary School in the National Capital Region (NCR) and Tagaytay Central School in the Southern Tagalog Region for school year 2012-2013 through DepEd’s Adopt-A-School program, Cha-Ching is currently being taught in 42 schools nationwide – 19 public partner schools in the National Capital Region, Northern and Southern Luzon, Visayas and Mindanao and 23 partner private educational institutions.

After two academic years completed, the Cha-Ching Financial Literacy for the Youth Program has so far benefited over 50,000 children and adults exposed to the school contact program, and equipped 652 teachers to conduct lessons on money smarts.

The Evaluation of the Second Year Implementation of the Cha-Ching Program (2013-2014) was discussed in the First Cha-Ching Educator’s Congress by Dr. Monalisa Sasing, Science Education Specialist at the University of the Philippines Diliman National Institute for Science and Mathematics Education Development (NISMED).

The survey on the second year implementation of the Cha-Ching program was conducted with 108 respondents – 47 Grade 2 teachers, 44 Grade 3 teachers and 17 principals – 70 from public partner schools and 38 from private partner schools.

Also enriching the exhange of insights during the Cha-Ching Educators’ Congress were Ateneo de Manila University professor Dr. Queena Lee Chua, Personal Finance Advisers Philippines Corporation Chairman and CEO Mr. Efren Cruz, RFP and wealth coach Mr. Chinkee Tan who conducted plenary presentations on topics that include best financial practices in family and business and how to develop a healthy money mindset.

The First Cha-Ching Educators’ Congress gathered over 100 teachers from partner schools across the Philippines, and is a venue for members of the academe to exchange learnings and strategies from on-the-ground experiences in conducting Cha-Ching lessons.

Established in 1996, Pru Life UK is a subsidiary of British financial services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products, and is one of the first life insurance companies approved to market US dollar-denominated unit-linked policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.

Headquartered in the United Kingdom, Prudential plc has an extensive network of life insurance and mutual funds operations around the world covering Europe, the United States (US) and 14 markets in Asia. Its regional office, Prudential Corporation Asia, is based in Hong Kong. Prudential plc has more than 23 million insurance customers worldwide and manages £457 billion of assets as of 30 June 2014.

Pru Life UK and Prudential plc are not affiliated with Prudential Financial, Inc. (a US-registered company), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies).

For more information: www.prulifeuk.com.ph

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