More than half of Chilean teenagers do not have proper knowledge about finance, even though they use money every day. This was part of Francisco Franulic’s speech, who was awarded as a journalist in the II Financial Literacy and Inclusion Contest Award, organized by SBIF and Millennium Institute MIPP (located in Industrial Engineering at Universidad de Chile) and Iniciativa Milenio.
The objective of this event, to which the President of the republic Michelle Bachelet assisted, is to incentive the creation of projects that improve the knowledge and access of people to the financial system.
During the event, the President pointed at the country’s improvement on financial education and inclusion. “For inclusion to become real welfare, people must be careful about weighing their possibilities, invest time in comparing, and assume the cost of gathering information. The best tool against abuses that can exist is information and education”
Patricio Valenzuela, Millennium Institute MIPP researcher and Industrial Engineering at Universidad de Chile lecturer, mentioned that this type of initiatives helps people to have a better awareness of the benefits of being financially educated and included.
“Financial education plays a fundamental role as it allows people to have access to financial services such as a savings account or credit and people can use such tools in a correct manner. In this way, financial education helps to make better financial decisions that in the end improve our wealth and welfare"
“Even though the benefits of financial literacy and inclusion are clear, only recently have we become conscious of such benefits and this initiatives aim to socialize those benefits and finally guide design and application of policies” he added.
Awards were given in four categories and the winners are:
Contribution on Financial Literacy
First Place: Programa 123 Emprender Scotiabank
Second Place: Taller de Educación Financiera A Fondo en mi Futuro, Asociación de Administradoras de Fondos Mutuos de Chile AG.
Third Place: Proyecto Educación Financiera y Eco Sustentable, Estudiantes de Ingeniería Comercial, Universidad de Valparaíso.
Contribution on Financial Inclusion
First Place: Concurso Desafíos Emprendedores de Banco de Chile, Desafío Levantemos Chile and CORFO
Second Place: Sucursal Pedro Aguirre Cerda de Banco BCI.
Third Place: 50 Años Promoviendo la Educación Financiera, Coopeuch.
Educational Innovation on Financial Literacy
First Place: “Iniciativa Cuentos Claros, Cuentas Claras”, 3° Medio de la Sala Electivo Humanista, Escuela Filipense de Niñas
Second Place: Escuela Santa Marta de Liray (Colina), “Creación de un Sistema Monetario Independiente al Interior del Establecimiento”
Third Place: “Cooperativa Space”, Escuela Luis Alberto Acevedo, San Pedro de La Paz de Concepción.
Journalism Contribution to Financial Literacy
First Place: Francisco Franulic, Canal 13, “Educación Financiera en Deuda”
Second Place: Mario Riveros, EMOL, “Analfabetismo Financiero en los Jóvenes”
Third Place: Emilia Benítez, Pulso TV, for his article describing the modernization of banking laws that the Government sent to Congress.
Comunicaciones Instituto Milenio MIPP - SBIF