Financial education - a "shield" to protect people in the digital age

Pillars for sustainable development

Prime Minister Pham Minh Chinh has repeatedly emphasized that financial inclusion is one of the key solutions to help the country develop rapidly while ensuring sustainability. This strategy not only creates conditions for people and businesses to access necessary financial resources, but also plays an important role in promoting savings, investment, reducing inequality and strengthening social security.

After 5 years of implementation, 5/9 targets set out in the Strategy have been likely to be achieved. The proportion of adults owning bank accounts has increased sharply, non-cash transactions have exploded, and the number of small and medium enterprises accessing credit has improved significantly. These positive results clearly reflect the concerted efforts from the Government to ministries, localities and especially the banking system.

Not only expanding access, one of the important steps of financial inclusion is to raise awareness and skills to use financial services intelligently and safely for people. In the strong digitalization trend, equipping knowledge to avoid falling into the trap of black credit, protecting personal information and effectively managing personal finances becomes more urgent than ever.

Viettel Son La staff instruct business households in Chieng Den market (Son La city) to use Viettel Money - Photo: LN Tuan

A typical example of this effort is BIDV, one of the pioneering banks in popularizing financial education for the community. A series of communication programs such as “Smart Money”, “Smart Money”, the “Financial Literacy” contest, or the animated program “Key Treasurer” have brought financial knowledge closer to the people, from students to ordinary workers.

Last year, BIDV continued to accompany the reality TV show “The Moneyverse”, jointly produced by VTV Times and Vietnam Television. This is the first time in Vietnam that an entertainment program has been designed specifically for students, incorporating practical situations about making money, spending money, investing and risk management. More than 15,000 students nationwide participated, not only competing but also learning how to master personal finance in the new era.

Economist Dr. Can Van Luc, Program Advisor, said: “Creative approaches like The Moneyverse have the potential to spread financial knowledge, contributing to forming sustainable financial habits, especially among the younger generation.”

The central mission of strategy

Leaving no one behind is the core idea throughout the Financial Inclusion Strategy. However, in the process of digitizing financial services, protecting information security and user rights becomes more important.

The Government requested the State Bank to strengthen supervision and coordinate with the Ministry of Public Security in connecting and cleaning data with the National Population Database. This is an important step to prevent financial fraud and protect customers from sophisticated forms of fraud via cyberspace.

In addition, other ministries and sectors also have clear responsibilities. The Ministry of Finance continues to research new insurance products and credit guarantee mechanisms; the Ministry of Education and Training implements financial education programs in schools; the Vietnam Social Security promotes non-cash payments... All are aimed at a safe, fair and sustainable financial ecosystem.

Diversified ecosystem of financial products and services on digital channels

Leveraging technology, spreading knowledge

Technology is indispensable for financial inclusion. Blockchain, artificial intelligence (AI), and Big Data not only help reduce costs and optimize services, but also create many new products suitable for each population group. The application of technology helps ensure that everyone – from the plains to the mountains and islands – can access finance conveniently and safely.

However, technology is only truly effective when combined with knowledge. That is why communication and financial education play an important role as a bridge. Mass media, social networks, and digital platforms will continue to be the extended arms that help spread knowledge and guide positive financial behavior in the community.

Protecting people’s access to financial services is not just a technical task, it is a humanitarian and developmental commitment. With strong steps from the Government, the support of financial institutions and the learning spirit of the people, Vietnam is moving closer to a financial inclusion society - where each individual is fully equipped with the skills to master their own money and future.

Source: https://thoibaonganhang.vn/giao-duc-tai-chinh-tam-khien-bao-ve-nguoi-dan-trong-ky-nguyen-so-hoa-162358.html