Today is the 10th anniversary of World Youth Skills Day! To celebrate, we’re spotlighting the importance of financial literacy for young people in building a more peaceful, prosperous and sustainable future. In rural Laos, a ChildFund-supported financial literacy program is empowering students to make informed choices, manage their money and navigate economic uncertainty.
What we learn in our formative years can prepare us for future success. This is especially true for matters relating to personal finances. Knowing how to budget, spend wisely and understand the ins and outs of money is, quite literally, an investment for the future – it can increase opportunities and financial security later in life.
In rural Laos, a lack of knowledge and skills around money, coupled with their financial rights, has led to poor decision-making. Young people are vulnerable to workplace exploitation (not earning minimum wage or being discriminated against due to gender or both) and more likely to seek income opportunities abroad, often a lifeline to households in poor rural areas, to help support their families.
Financial literacy was identified as a critical issue among the youth at the annual National Children’s Forum in Laos. They emphasised the need for economic education so that young people would have the skills to manage their money, avoid instability and prepare for the future. It is essential for the financially vulnerable, as they can easily fall into debt traps, reinforcing the cycle of poverty.
To bridge the equity gap, ChildFund in Laos, with support from the Prudence Foundation and local partners, introduced the Cha-Ching program, a comprehensive financial literacy curriculum for schools in rural Laos. The program focuses on four financial concepts (earning, saving, spending, and donating) to help young people make informed decisions about their money and resources.
Khambang (pictured above), a teacher in rural Laos, says students have reacted positively to the school’s new financial literacy program, “Cha-Ching”.
Cha-Ching!
“Before the program, students spent all their money on whatever they wanted. They didn’t know how to save or earn money.”
Khambang, a primary school teacher in Houaphanh Province, says she has seen positive changes in students’ behaviour since she began incorporating the Cha-Ching program into her school’s curriculum.
She has noticed that students are now more aware of the value of a Lao Kip (the official currency in Laos) and how to make it stretch. Students like Phommalin (10), have learnt how to earn money, save wisely for the future, spend responsibly, and donate to those in need. While they may spend money on treats occasionally, students have reduced mindless spending or budgeted for ‘extras’.
“I now know how to compare prices, distinguish between wants and needs, save money in piggy banks, save more, and spend less.”
Phommalin, 10
“After joining the Cha-Ching program, I learnt to use money wisely,” says Phommalin. “I now know how to compare prices, distinguish between wants and needs, save money in piggy banks, save more, and spend less.”
This new knowledge has led to positive changes in children’s behaviours outside the classroom, says Khambang, who has received positive feedback from parents.
“One day, a parent came to school and told me they were very proud of their child and the Cha-Ching program. Their child no longer asks for unnecessary items or pressures them to buy things like before. When he has money, he either doesn’t spend it or spends very little, choosing to save more instead. When his piggy bank is full, he asks his parents to take him to the bank to deposit his savings.”
The ChildFund-supported “Cha-Ching” program focuses on four financial concepts (earning, saving, spending, and donating) to help students make informed decisions about their money and resources.
Saving up for a rainy day – or a big dream!
Students are learning to save, dreaming bigger, and finding ways to earn more money. Dok Ngern (9), a student in the Cha-Ching program, has developed her own method to support her family. She earns a wage by helping her parents harvest vegetables for sale and diligently saves in her piggy bank.
“I’ve been helping my parents with their work so I can save money to buy an electric bike for riding to school. I’m really happy that I’ve saved up all by myself!” she says.
Through the Cha-Ching program, students like Dok Ngern are empowered to set goals and take actionable steps toward achieving them, fostering financial literacy and a sense of responsibility.
A brighter, more financially secure future
Staying financially afloat during life’s ups and downs requires the right resources and support – and a lot of forward thinking. Through the Cha-Ching program, and support of teachers like Khambang, students in rural Laos now have greater financial awareness, and are better prepared for their transition into adulthood.
“It’s hard to imagine my life without digital technology now. It has become an essential part of my daily routine, connecting me to the world and my friends.” – Pypo, 16
Growing up in a digital world means children today face new, constantly evolving challenges to their health and wellbeing. From cyberbullying, exposure to explicit content or grooming, identify theft, and too much screen time, there are an increasing number of risks for children and young people online.
In Laos, teens like Pypo, a 16-year-old student from Sayabouly Province, are learning to protect themselves online while developing life skills for a brighter and safer future. Pypo participated in the ChildFund-supported National Children’s Forum, an opportunity that provided him with the resources and space to think critically about how he spends his time online, learn digital and life skills, and vocalise issues affecting children and young people in his community.
Across the three-day event, children and young people participate in activities and training sessions, discuss their digital habits and healthy internet usage, and are encouraged to share their new skills and knowledge with friends and their communities. For Pypo, participating in the forum – and learning more about online safety – was an easy decision.
“It’s hard to imagine my life without digital technology. It’s become an essential part of my day, just connecting me to my friends and the world,” he explained, adding that it was important to balance his time online and understand what safe internet usage looks like.
“During the pandemic, online classes kept me updated with schoolwork and I could continue learning at home. But there are negatives; digital media can mean widespread dissemination of fake news, causing harm to people and society. To use digital technology safely, I always verify the accuracy and reliability of news sources before sharing information. I do this by checking an article or blog’s credentials and reputation,” said Pypo.
Pypo takes the mic to share his thoughts and experiences about online safety at the National Children’s Forum in Laos.
Group discussions at the forum also focused on the role everyone plays in making our digital world safer. The availability of new technologies and a lack of digital skills and regulations means that children and young people are more vulnerable to potential harm online. To help protect children’s digital rights and safety, it’s important to have greater awareness and support from children’s families and their communities. They should have the knowledge and skills to support the health and wellbeing of children navigating their online environment, said Lunny, a 17-year-old student from Savannakhet Province who participated in the discussion group.
“Technology plays a vital role in our society, but some people misuse it. They might use social media to bully and criticise others, which can severely affect a person’s mental health and wellbeing,” he said.
“To address this problem, I believe that children should have resources on how to deal with cyberbullying and mental health. These resources could include hotlines, support groups, and counselling services. By doing so, we can create a positive online environment where people can connect and engage in healthy interactions without the fear of being bullied.”
“Technology plays a vital role in our society, but some people misuse it. They might use social media to bully and criticise others, which can severely affect a person’s mental health and wellbeing.”
Lunny, 17
Traditionally, children’s voices in Laos have not been given serious attention, particularly in the public sphere of decision-making. That’s what makes opportunities such as the National Children’s Forum, an annual event co-hosted by ChildFund in Laos and the National Commission for the Advancement of Women and Mothers-Children (NCAWMC), so unique. For young people like Pypo it can be a life-changing experience – a chance to learn more about advocacy, leadership skills, and how to build resiliency online and offline.
“Attending the Children’s Forum was important to me because I saw it as an opportunity to develop myself,” explained Pypo. “It inspired me to try new things and step out of my comfort zone. As a result, I have become more confident in sharing my opinions, even in front of large audiences.”
