Visa and CCVSA to stop money from burning a hole in students’ pockets

Visa and CCVSA launched the eighth edition of their financial literacy programme

Visa and the Central Committee of Vietnam Students' Association (CCVSA) on April 26, 2019, launched the 2019 “Practical Money Skills” programme, announcing the expansion of the scope of the programme to include new topics that address the economic challenges facing young people.

This year’s programme – the eighth annual instalment – will focus on addressing frivolous spending under the theme “Cháy túi” (literally “wallet on fire,” a phrase similar to the “money burns a hole in my pocket”). In addition to the core areas of responsible budgeting, saving, and spending, this year’s programme will also address some emerging areas of concern, like ensuring security while online shopping, what to be aware of when signing contracts, and managing credit to avoid unsustainable debt.

This year’s programme will see teams of three students across the country develop plans to help promote financial literacy among their peers. Teams are encouraged to engage the help of advisors, such as lecturers, business people or student leaders in the development and execution of their programmes.

In the second round of the programme, the seven best teams with the best proposals will receive funding to put their plans into action. Teams will record the results of their activities, and the top five teams will be chosen to present them at a grand finale in Hanoi, for the chance to win a number of attractive prizes.

Nguyen Minh Triet, standing vice president of CCVSA, said, “Following the Resolution of the 10th National Congress of the Vietnam Students' Association, this year’s programme is organised with the aim of cementing student counselling and supporting activities. With a creative organisational format, we believe the students will have opportunities to experience and familiarise themselves with many aspects of personal financial management. Students with excellent plans will receive funding from the Organisational Board to put their plans into action during the 2019 Green Summer Volunteer Campaign.”

Dang Tuyet Dung, country manager for Visa Vietnam and Laos

Dang Tuyet Dung, country manager for Visa Vietnam and Laos, said, “While many of the fundamentals of financial management don’t change, new challenges are always emerging that can trip up even the most financially-savvy consumers. With so many young people going online to do their shopping, this year we have added some new subjects to the programme, like staying safe when shopping online and navigating contracts. It is important that they have the skills to manage their finances and spending in all of Vietnam’s increasingly diverse commercial scenarios.”

The programme’s launch coincides with the release of an online “Cháy túi Prevention Toolkit,” which the students can draw on for inspiration for their programmes. The kit includes eight useful tools such as the “Impulse Extinguisher” to be sprayed in case of reckless spending; the “Lie-spotting Flashlight” to help you be contract-savvy; and the “Privacy Mask” to help protect personal information when making online transactions, to name a few.

A range of programme resources are available on the program’s Facebook page, Instagram, and YouTube to teach students the basic concepts of spending responsibly while learning to save and budget wisely.

For more information about Visa’s financial literacy programme, please visit: http://www.practicalmoneyskills.com.vn/ and http://hoisinhvien.com.vn.