Citi-FT Financial Education Summit. Sabina Brady / esabinabrady@yahoo.com Manila, Philippines / December 5-6, 2012

Transcription

1 Citi-FT Financial Education Summit Sabina Brady / esabinabrady@yahoo.com Manila, Philippines / December 5-6, 2012

2 BNVS Schools Beijing Zhengzhou, Henan Chengdu, Sichuan Wuhan, Hubei Sanya, Hainan Nanjing, Jiangsu Yinchuan, Ningxia Dalian, Liaoning The Context Beijing Yinchuan Zhengzhou Chengdu Sichuan Wuhan Nanjing Key Urbanization Facts (McKinsey) : China s urban pop. will increase by 350m, w/ 240m migrants : 70% urban pop. growth driven by rural-urban migration

3 The Context 2012: 250m migrant workers in China; 98m aged 16-30; 25m are children living with parents; 14m are in school. 68.8% of yr. old migrant workers: no vocational education; limited basic education. Due to: lack opportunities, limited funding, and declining age of work force entry (17.2 yrs on average, down from 22+ yrs a decade ago) : Beijing has unmet demand for 2.48m skilled workers. Large disconnect between demand and supply.

4 BN Vocational School (BNVS): China s first private, tuition-free, charity vocational school Established in Beijing in campuses in 8 cities across China Motto:Education Lights the Journey of Life Recruitment Criteria: Aged Family financial situation Physical health Willingness to learn / attitude (interview) Growth: 2005: 1 campus 3 classes 2009: 2 campuses 8 classes 2010: 6 campuses 19 classes 2012: 8 campuses 25 classes Introduction to BNVS 947 Graduates Post-graduation Employment Rate: 100%

5 70%:Life skills Introduction to BNVS Adaptation to urban culture Sustainable development post graduation Holistic education with a focus on humanities, social awareness, values, personal responsibility including financial 30%:Professional skills Acquire specialized skill-set Attain employment opportunities

6 Financial Capability : A Critical Life Skill Limited Income: First year aver. monthly salary for graduates: RMB 2,200 Major Expenses Rent Meals Daily supplies Educational costs (continuing education) Social activities Help support families back home Why am I always short of money?

7 Financial Capability : A Critical Life Skill Class of 2005 Graduate: Pu Hongmei My younger brother is currently in school, I have been using mysalary to help pay for his tuition. Class of 2006 Graduate: Zhou Duo I have given the bulk of my salary to my parents over the past few years, and have helped my family to build a new house back home. How did they manage to do this? Class of 2007 Graduate: Li Jingbao I bought a bike for my father, so he wouldn t be too tired walking to work everyday. Class of 2010 Graduate: Wang Chaoyao So far, I have donated more than RMB1,000 to BNVS, my dear alma mater....

8 Our Teaching Methods Basic Foundation General Knowledge Method Introduction 1) Integrated Curriculum Math foundation Self-control and value of thriftiness Life / Career planning Lectures on basic financial management and planning Lectures on basic legal knowledge (e.g. prevention of financial crimes)

9 Our Teaching Methods Basic Foundation General Knowledge Method Introduction 2) Everyday Teaching Understanding economic / financial news The value of saving: fixed deposit by installments Keep running accounts Refrain from applying for credit cards when it is beyond personal financial capabilities

10 Imparting Values; Extra-curricular Activities Important Values 1. Money is only one of the means to achieve personal fulfillment NEITHER is it the end NOR the criteria for rightness of action 2. Guide students to always have their family and social responsibilities in mind 3. Foster good saving habits Don t become the new rich poor who spend every penny of their salaries 4. Encourage students to invest in further education To improve their ability in creating more wealth in the future Extra-curricular Activities 1. Budgeting Exercise Step 1: Record expenses from the past month Step 2: Discuss and analyze how to better allocate resources Step 3: Create a budget for next month and compare with actual expenses Step 4: Foster a habit of monthly budgeting with internship income in Year 2 2. Gaining familiarity with nearby banks and ATMs, including their range of services

11 Case Studies Class of 2010 Graduate: Liu Xiaodong Opened online store to sell consumer goods through joint investment with a few partners. Class of 2008 Graduate: Zhang Diancheng Opened a noodle house in the outskirts of Beijing with a few friends Saved furnishing expenses by employing skills learned at BNVS Class of 2006 Graduate: Liu Lei Bought a small truck with savings from salaries earned in the past few years and started his own food delivery service business for hotels and restaurants.

12 教 育 照 亮 人 生 技 能 立 足 社 会 Education Lights the Journey of Life