In response to a study that unveiled a need for financial education among Myanmar people, Visa launched www. myanmar.practicalmoneyskills.com, a practical money skills website featuring cost calculators, budget templates, games and quizzes to help Myanmar people understand and better manage their personal finances.
According to Myanmar Financial Education for Sustainable Growth Study 2017, most Myanmar people describe themselves as only slightly or fairly knowledgeable about managing finances. Only seven percent describe themselves as “very knowledgeable” or an “expert” on financial management or tools.
Arturo Planell, Visa Country Manager for Myanmar said, “As Myanmar’s economy progresses and communities grow, there are opportunities for partnerships in the finance industry and the authorities to educate people on how best to manage their personal finances and how they might benefit from increased digitization of payments and commerce. Visa is doing its part to empower consumers with key financial skills, and to enable consumers to make responsible choices on managing their finance for long-term benefit.”
He also added, “The website currently features information that is suitable for various types of audiences including young people, educators, and consumers of all ages. And we will continue updating it with new features and content as we progress in this journey.”
Dr. Tin Win, Rector of the Yangon University of Economics said, “We believe that the most important financial tool is knowledge. The ability to manage personal finance will benefit a person for a lifetime. We also hope the launch of our practical money skills website will foster collaboration in financial literacy between public and private entities that will lead to open and sustainable economic progress in Myanmar.” Myint Myint Kyi, Director General of the Central Bank of Myanmar said, “We are pleased to see Visa’s commitment to financial education and bringing that commitment to life. Greater personal financial knowledge and skills are an important building block for the industry and economic development of Myanmar. We encourage consumers, students and educators to take advantage of this very useful content.” The introduction of the practical money skills website is part of Visa’s comprehensive financial literacy program for young people. Visa launched its financial education of sustainable growth study where it surveyed 1,044 people across five major cities in Myanmar.