Cha-Ching Smart Financial Education Project and the “Talking” Numbers

Understanding the need for a systematic and formal education program for children, Prudential 's Cha-Ching smart financial education project has been officially introduced to primary schools since the 2019-2020 school year. Entering its 5th year, the project has recorded many positive results in improving knowledge, positively impacting children's financial attitudes and behaviors.

Cha-Ching's "talking" numbers in Vietnam

This year 2023, Cha-Ching celebrates its 5th year of implementation in Vietnam, but globally , Cha-Ching has turned 11 years old. To date, Cha-Ching has been implemented in 15 countries and territories around the world and translated into 13 languages. More than 1 million children have been and are being exposed to smart financial management knowledge, including more than 100,000 Vietnamese children.

Cha-Ching equips four basic financial skills: Earning money, saving money, spending money and donating money. Photo: NVCC

To demonstrate the feasibility and effectiveness of the project, Dr. Adele Atkinson, a senior independent consultant specializing in finance, wrote an “Evaluation of the Cha-Ching Curriculum” when the program was in its ninth year of implementation worldwide. In Vietnam, the evaluation was based on the results of a survey of 13,635 students receiving the Cha-Ching program in the 2019-2020 school year, the first year when the project was officially approved by the Ministry of Education and Training to be deployed on a large scale in many provinces and cities.

The report found that most Vietnamese students improved their financial literacy after attending Cha-Ching. Initially, only about half of the students answered the financial literacy assessment questions correctly. However, after completing the Cha-Ching program, the survey results showed that children’s understanding of financial skills increased by an average of 34%.

Also in this report, Cha-Ching children were more knowledgeable about different aspects of finance. 93% of students understood the origin, role and application of money in life after completing the Cha-Ching program.

Cha-Ching applies the method of "learning while playing - playing while learning". Photo: Organizing Committee

According to the parents of Huynh My (10 years old, living in Hoa Binh province), when exposed to financial knowledge from an early age, the child not only distinguishes the differences between the four basic financial skills, but also gradually understands the value of money and labor.

Not only does Cha-Ching provide knowledge, it also positively impacts children’s perceptions, attitudes and behaviours about money. 9 out of 10 children surveyed believe they can earn money from their favourite job and have expressed their dislike of borrowing money to spend.

Directly teaching Cha-Ching, Ms. Nguyen Thi Ngoc - a teacher at Ban Mai Primary School, was delighted to witness the remarkable changes in her students. "When they understand more about money, children not only form the habit of saving and spending more carefully, but also reveal and promote good qualities. In class, many children start to practice putting money in piggy banks or sending their parents savings, even hatching business plans," Ms. Nguyen Thi Ngoc shared.

Data from the report also shows that after studying Cha-Ching, the number of students who actively spent money only on really necessary needs increased by 31%. As evidence of this, Thien Trang (9 years old, living in Quang Binh province) surprised her parents when she chose to save money to buy a pencil case instead of buying toys with the reason that "learning tools needed every day". Her parents said that she has begun to know how to "weigh and measure" her spending and pay more attention to really necessary shopping needs.

Cha-Ching equips more than 100,000 Vietnamese children with financial knowledge

Entering its 5th year, Cha-Ching marked an important step forward by expanding its teaching scope to schools in the North, Central and South regions, officially bringing smart financial management knowledge to more than 100,000 children and 3,000 teachers in more than 300 primary schools in 7 provinces and cities across the country including: Hanoi, Hoa Binh, Hung Yen, Quang Ninh, Quang Binh, Dong Nai and Dong Thap.

The Launching Ceremony of the Cha-Ching Smart Finance Project in Quang Binh marks the 5th year of implementation in Vietnam. Photo: Organizing Committee

In addition to expanding the area, the project also completed the 360-degree education model with comprehensive solutions aimed at optimizing students' financial education experience. Typical examples include a series of 18 animated musical films on financial management skills, translated and adapted to 13 languages, the "Cha-Ching Kids Are Good at Money" contest, "Cha-Ching Festival" and a series of seminars "Understanding and Teaching Children About Financial Management" for parents.

To date, Cha-Ching continues to receive support and voluntary participation from schools and education departments in localities where the project has been implemented. This partly demonstrates the sustainability and long-term effectiveness of the project.

Cha-Ching has been, is and will continue to sow the seeds of financial knowledge for every Vietnamese child. Photo: Organizing Committee

Through these “speaking” numbers, it can be seen that Cha-Ching has made a significant contribution to building a foundation of knowledge, habits, and proper financial behavior for children. This helps them confidently pursue their future goals and contribute to creating a responsible community from responsible individuals equipped with knowledge.

Through the Cha-Ching project, Prudential has continued to demonstrate its long-term commitment to contributing to building a healthier, more prosperous and resilient community.

The Cha-Ching financial management education project is implemented by Prudential Vietnam Life Insurance Company Limited in collaboration with JA Vietnam. The Cha-Ching curriculum is developed by the Prudence Foundation (Prudential Group's community support fund in Asia) and is translated into 13 languages and taught in many Asian countries.

With a new format, Cha-Ching educates children aged 7-12 and adults about the importance of financial management, training and comprehensively developing smart financial management habits, revolving around 4 skills: Earning, Saving, Spending and Donating.

Learn more about Cha-Ching at: https://www.cha-ching.com/

Thien Trang

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