University students in Thailand - a country with an adult population that ranks below OECD average in financial literacy knowledge - needs to be better equipped in terms of personal finance (knowing how to use a bank, manage credit card debt, save up for a first home, etc.) so that they can be better prepared for post-graduation life.
We are planning 2 initiatives to increase knowledge about personal finances among Thai university students:
– First initiative: work with Thai universities to setup personal finance clubs, similar to one at the Wharton School of Business
– Second initiative: create financial literacy training as CSR project for Thailand’s student loan organization
n the short-term, we were able to break the misconception that personal finance is just about investing. We also brought life a real-world view on how topics such as insurance, investing in different kinds of industries, planning for your financial future, etc. can be affect your net worth in the short and long-run.
Our long-term goal is to enable more vulnerable members of society (such as students) to manage financial decisions and actions effectively as they navigate their way through daily life. Functional knowledge of personal finance can teach individuals hard life skills that are not traditionally taught at home or in school, helping to reduce future financial mishaps that might lessen inequality.
Through SmartMoney, Bangkok Hub has collaborated thus far with 2 entrepreneurs (Friendnancial), 3 universities (Thammasat University, Chulalongkorn University, and Mahidol University), and 2 local and international organizations including Visa and Praxis.