Key to financial management for students

Nowadays, digital banking is no longer a matter for adults but has become a useful tool to help young people get acquainted with finance. By accessing banking services early, students can practice money management habits, know how to budget, control spending and save effectively, and avoid overspending. More importantly, these skills not only help them become financially stable from a young age but also contribute to shaping smart financial thinking for the future.

Proactive access to financial instruments

Previously, opening a bank account required complicated procedures and was usually only applicable to people aged 18 and over. However, according to current regulations, individuals from the age of 15 can own a payment account. Grasping this need, many banks in Vietnam have deployed financial products suitable for students, helping them access and manage their personal finances scientifically.

In Ca Mau, many banks have implemented programs to support students to access digital banking, helping them to conduct financial transactions safely and conveniently. For example, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) provides digital banking services with many incentives, allowing them to open accounts, payment cards and use utilities such as money transfers and online payments. Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank) supports students aged 15 and over to open accounts with the consent of their legal representative. Military Commercial Joint Stock Bank (MBBank) also creates more favorable conditions by allowing students aged 15 and over to open payment accounts with only their citizen identification cards, without the need for parental guarantor, helping them to be more proactive in managing their personal finances.

High school students over 15 years old can experience digital banking services, helping to practice financial management habits from an early age.

Not only providing accounts and payment cards, many universities, colleges and high schools in the area also apply the form of tuition payment via bank accounts, helping students save time and avoid having to go to school to pay cash. In addition, digital banking applications also integrate many useful features, such as online savings, supporting students in long-term financial planning, from learning new skills to purchasing equipment for studying.

Many high school and university students in Ca Mau have not only heard about digital banking but also directly experienced and applied it in their daily lives. Huynh Khanh Bang, 17 years old, a student at Dam Doi High School, shared: “Before, I spent all the money my parents gave me each month, sometimes before the end of the month I called home to ask for more. Since registering for an account on the MBBank app, I have received money via bank transfer, tracked my spending and learned how to allocate money more reasonably.” Noticing the positive changes in his child, Huynh Hoang Phuc (Nguyen Huan commune, Dam Doi district), Huynh Khanh Bang’s father, was pleased: “Having a bank account, he knows how to manage money. I just need to transfer money so he can monitor his balance, save and spend according to a plan.”

In addition, many students also take advantage of digital banking to pay tuition, rent or shop online. Le Thi Cam Dang (residing in Hamlet 6, Ward 8, Ca Mau City), currently a senior student at Cuu Long University, said: “At that time, I wanted to buy a new laptop, about 14 million VND, to serve my studies but did not have enough money. Instead of borrowing, I chose to use the "Automatic Savings" feature of VPBank NEO, gradually accumulating over 12 months. Thanks to that, I not only had enough money to buy a laptop but also trained myself to have a habit of saving.” At the same time, to manage her income from her part-time job, Cam Dang also opened an additional account at Techcombank, helping to separate personal spending and savings.

Obviously, digital banking is not only a financial tool but also helps students practice money management skills early.

Mobile Banking application is always a great assistant for young people in the era of cashless payment.

Sustainable direction for financial education

Mr. Le Quan Thuong, Director of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) Ca Mau branch, said: “High school and university students are a very potential customer group in the digital banking development strategy. When accessing financial tools early, they not only learn how to manage money but also practice solid financial thinking right from the first steps in life. VPBank is focusing on developing financial products suitable for young people, with a simple interface, diverse utilities and high security, helping them easily use digital banking services.”

In fact, with the support of banks, students have more and more opportunities to access modern finance, thereby forming the habit of proactive money management. However, for financial education to be truly effective, there needs to be coordination between banks, schools and parents. If financial communication programs are integrated into teaching, combined with digital technology applications, students will have a more realistic view of personal finance, helping them manage their spending more scientifically.

In a time when e-commerce and cashless payments are becoming increasingly popular, mastering digital banking not only helps young people better control their finances but also becomes a great advantage in their journey of self-development. Early access to finance is the key for high school and university students to build a solid foundation, ready for a more independent and intelligent future./.

Vietnam America

Source: https://baocamau.vn/chia-khoa-quan-ly-tai-chinh-cho-hoc-sinh-sinh-vien-a38138.html