Financial Literacy Campaigns: Unveiling the Importance of Financial Education
China Minsheng Bank’s School-based Financial Literacy Campaign
On September 26, 2023, a collaborative initiative between China Minsheng Bank’s Credit Card Center and Beijing Broadcasting and Television Station took place at Beijing University of Technology. The goal of the campaign was to instill financial knowledge among the student body, creating a safer campus environment. This initiative aligns with the regulator’s call for financial education outreach in various sectors such as rural areas, communities, schools, businesses, and commercial districts.
The campaign used a combination of life-like scenarios, question-answer interactions, and a television program broadcasted on the “Bee Plan” column. The aim was to help more university students understand financial knowledge and ensure campus safety. The campaign adopted a game-based approach, linking “fraud keywords” to common types of campus fraud. Anti-fraud police and psychological experts provided detailed explanations to students about the lethal campus frauds, such as part-time brushing scams. They discussed the risk points of brushing scams, provided tips on how to recognize and prevent scams, thereby enhancing students’ risk identification and prevention abilities.
Outreach Activities and Future Plans
On-site, Minsheng Credit Card’s publicity staff imparted knowledge on card safety and personal credit through situational deductions. They pointed out current social hotspot risk points like live broadcast tipping. The campaign further educated students on the eight basic rights of consumers, how to prevent illegal fundraising, recognize telecommunications network fraud, protect personal information, stay away from illegal campus loans, and other financial knowledge through rapid Q&A, live commentary, and distributing brochures.
This initiative bolstered students’ risk prevention awareness, guided them to uphold their rights through effective channels, established a rational consumption concept, developed healthy and civilized internet behavior habits, consciously stayed away from illegal financial activities, and propagated positive financial energy.
Minsheng Credit Card will continue to carry out financial literacy publicity works, intensify publicity efforts, assist financial consumers in continually enhancing their risk management capabilities, strengthen their sense of responsibility, establish the concept of “Finance for the People, Finance Benefiting the People, and Convenient Finance”, fulfill social responsibility, promote the construction of industry integrity culture, and gather financial strength to create a better life.
Financial Literacy Campaigns: A Global Trend
The emphasis on financial literacy has been observed in multiple countries globally. For instance, the rapper 21 Savage has partnered with Financial tech company Chime for the second year of his Bank Account Financial Literacy Campaign. The program is targeting students across the country, specifically focusing on kids in grades 9-12. Upon completing the six-course online program, students will be invited to apply for one of the 100 $1,000 Bank Account Program scholarships.
In China, the central bank has clearly stated its intent to closely monitor the development of Internet financial services to ensure companies do not cross any legal red lines. This is in response to the multiplication of financial scams in the country as individual wealth grows. The government launched a crackdown on advertisements for financial scams in August, while a separate campaign against pyramid schemes begun in June led to the arrest of 560 people.
As we can see, financial literacy campaigns are becoming an essential tool in promoting a better understanding of finances, especially among the younger generation. By equipping them with the necessary knowledge, we can ensure that they are better prepared to handle their finances in a more secure and informed manner, contributing to their personal financial health and the overall economic stability of the society.
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