Visa International launches financial literacy website

In its bid to build a strong foundation for the next generation professionals, Visa International introduced its Internet-based financial education portal in Cebu to promote financial literacy by educating young consumers on managing their money.

The launch of the educational website was attended by students and members of Central and Eastern Visayas Universities as part of the conduct of the 2005 Inter-Collegiate Finance Corporation (ICFC) which is organized by the Junior Financial Executives Institute of the Philippines (JFINEX).

Visa International country manager Jim Dixon said the company has partnered with JFINEX, as both organizations shared the vision to elevate the youth's level of appreciation and technical proficiency in the field of business and finance.

Dixon led a talk at the University of San Carlos, Wednesday, on the effective money management to students, from different universities. He also briefed students on myMoneySkills.com and the vast resources available on the website.

"As the world's leading electronic payment association, Visa International believes that it is part of Visa's duties to empower consumers with key financial skills, and to enable consumers to make responsible choices on managing their finance for their long-term benefits. Our partnership with JFINEX and involvement in the 2005 ICFC is an important and fitting venue for us to send this message to the young consumers," Dixon said.

The myMoneySkills.com website provides simple but useful tips on various aspects of handling personal finances. Among other topics covered in the website included; budgeting and saving; using credit and debit cards wisely; maximize banking services; managing debt; smart shopping, and card security and identify theft.

JFINEX chairman Antonio Ramon Ongsiako for his part said his organization is dedicated to improving the financial skills of young Filipino professionals and he lauded Visa International's efforts to share its expertise for responsible budgeting.

"As the financial market matures, there is a need to learn to use available resources properly. In this regard, we are thankful to Visa International for sharing its expertise in providing modern means of electronic payment to the Philippine market," Ongsiako said.

The introduction of myMoneySkills.com is part of Visa's comprehensive financial literacy program for the youth. Gradually, Visa envisions the program to expand to more schools and to more students in the long run, Dixon said.

Dixon added that being the leading global provider of electronic payments (credit, debit, prepaid cards, and even internet and mobile payments).

Visa focused on a financial literacy program to not only provide general financial education for the youth but also to help consumers make best use of electronic payment tools in an informed and responsible way by instilling fundamental financial skills, he said.