Problem Statement

The Riel Hackathon for Kids is a project dedicated to promoting financial education and empowering students. The project aims to instil financial literacy and decision-making skills in students. Through training and business competitions, students learn to budget, save, and invest. The project has not only impacted individuals but also families and communities. Students have become financially knowledgeable, improving their academic dedication confidently participating in international competitions at their young ages. The project challenges traditional beliefs, empowering students to pursue their academic goals and addressing social issues. Overall, the Riel Hackathon for Kids project fosters financial independence and valuable skills for students' future success.

Objectives

1. To help students gain awareness and knowledge of the importance of financial independence. Financial literacy is not solely about numbers and calculations; it is about empowering our youth to make informed decisions about their finances, budget wisely, save, and invest. This knowledge assists students in developing the essential skill of considering all angles when making decisions, which is crucial in the 21st century.


2. To build foundational skills in students that enable them to solve real-world problems. Learning should extend beyond the confines of the classroom, providing students with opportunities to tackle global issues through their business ideas, which are sparked by the acquisition of financial skills.

Impact

The project has been running for two years and has had a significant impact on the community.

Riel Hackathon for Kids 2022

• Over 1,200 students received financial literacy trainings in the classroom through a 3-month program.


• Financial literacy trainings were provided to 5 public schools in Phnom Penh capital and Kandal province.


• A total of 18 finalist teams (124 students) received a startup fund of 20,000 Riels (USD 5) per team to kick-start their businesses.


• The 124 students (18 finalist teams) participated in a one-month mentorship program facilitated by young professionals, aimed at supporting their businesses.


• All 124 students (18 finalist teams) attended a final pitching competition and had the opportunity to showcase their businesses on stage.

Riel Hackathon for Kids 2023

Over 4,000 students aged 10 to 17 years old from the capital city of Phnom Penh and Kandal province participating in the project. These students, ranging from grade 5 to 12, received training on their life goals and financial management using the Aflatoun curriculum. As part of the project, each selected team was provided with an allocation of 20,000 riels (approximately 5 USD) to kickstart their businesses for two weeks. On September 17, 2023, they presented their businesses, and the top three winners were chosen in each grade category, including primary, lower secondary, and upper secondary.

The financial literacy project has had a positive impact not only on individuals but also on entire families and communities. Students have not only learned how to save money but have also taken on a share of their family's financial responsibilities. They have become role models and financial mentors for their siblings, teaching them the importance of responsible spending and saving. Additionally, there has been a significant improvement in their dedication to academics. The program has boosted students' confidence, enabling them to participate in different competitions, and some have even had the opportunity to share their experiences on international stages. This transformation has ignited hope and motivation within families, leading to increased support for the students' educational journeys.

Moreover, the project has made an impact by challenging traditional beliefs and empowering students to pursue their academic goals. It has enhanced their leadership, team-building, financial management, business strategies, and critical thinking skills. Furthermore, the project addresses social issues through innovative businesses aimed at tackling societal challenges. Parents, particularly in rural areas, where there is a prevalent belief that children are forced to stop studying after grade 5 or 9, have been positively influenced by the project. This belief is particularly happened in females, who are expected to become housewives rather than pursue higher education. However, by showcasing the children's capabilities in presenting their business ideas on stage, with the financial knowledge they have gained and the support of teachers and coaches, the project has opened up possibilities for their academic pursuits.

In summary, the Riel Hackathon for Kids project promotes financial education, empowers students, and fosters valuable skills for their future. The project's impact extends beyond individuals, positively influencing families and communities as a whole.

Collaborators

The Riel Hackathon for Kids is a financial education literacy project initiated by Global Shapers Phnom Penh Hub in collaboration with Teach for Cambodia. Teach for Cambodia is an organization dedicated to expanding educational opportunities for students. The project is funded by Credit Suisse, and it has adapted the Aflatoun curriculum to deliver impactful lessons to the students.