As we move to the Q4 rollout of UNLEASHED up and down the Philippines, we would like to pause and express our gratitude to the schools and organisations who participated in the July and August rollout and got inspired and impacted in various ways and applied the micro-step for financial capability.
We benefitted from this project, too. We had so much fun discovering new ways to teach, engage and facilitate learning that is meaningful and relevant to young people. We redesigned a richer programme based on the feedback. We learnt so much from the experience. The programme just gets better and better.
UNLEASHED is a youth social and financial capability course for young people ages 18 to 20. The programme is designed and contextualised in the pandemic.
Young people have greater financial concerns than the generations past.
More young people these days are thrust into work or take greater financial responsibilities while still a student to support themselves or their families.
While some young people have become indebted to get through university and to fund living expenses or lifestyle.
Also, the pandemic left some young people extremely vulnerable due to the financial impact of the crisis on their families.
Also, the economy and the financial marketplace have become more volatile, uncertain and complex.
As young people transition into the world of work, it is crucial for them to learn practical financial lessons that are underpinned by behavioural change.
SELFMATTERS recognise 3 challenges why most people cannot take the steps to plan their future or why they quit what they have started.
1. Personal finance is more personal and behavioural than finance.
2. The mindset is a powerful influence on people's choices and decisions. Understanding your mindset and having awareness of why you do what you do is critical.
3. It’s difficult to make the change. If you take the step to save, it can sometimes be painful to start and even more challenging to save consistently.
Hence, the aim of the course is to get young people particularly those who are transitioning into the world of work to take advantage of their time and youth to build the right behaviours and skills and to increase their financial capability.
SELFMatters developed 3 practical strategies to help overcome the challenges mentioned above:
First, the Micro-step for Social and Financial Capability™ is a powerful technique or strategy that does not give you the option to quit but a lot of incentives to kickstart a financial plan and consistently show up. It’s too small to fail.
The idea is - you break down the plans into the tiniest action and build incrementally as you build skills and strengthen new habits. The result is - the aggregation of micro-steps can produce exponential growth.
Second, we are making UNLEASHED widely available to young people because research shows that the age of a person directly correlates to behavioural change as young people are in the process of developing their emotional, social, and financial behaviours.
The younger that young people learn about the role of money in their life, how their childhood is deeply connected to the present, how challenges at work and relationships affect our financial choices, how money is earned, how to save and grow their money to achieve their life goals, how to be consistent, the greater is their ability and confidence to act on opportunities.
And third, time has intrinsic value. Building financial knowledge at a much younger age offers opportunities to translate the knowledge into an experience early on. Young people learn lessons early in life, greater success to build strong habits, the higher possibility to create wealth, and increases their freedom and option to use wealth in a meaningful way - to participate, contribute and impact their family and the wider community which can be life-changing!
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