Problem Statement:

University students in Thailand - a country with an adult population that ranks below OECD average in financial literacy knowledge - needs to be better equipped in terms of personal finance (knowing how to use a bank, manage credit card debt, save up for a first home, etc.) so that they can be better prepared for post-graduation life.

 

Target Group:

The target group is university students in public and private universities in Bangkok and beyond. Nevertheless, SmartMoney is currently exploring how to take the initiative forward. There are many segments of society we can touch, from college students, to vocational school students, to farmers and more for whom some knowledge about personal finances and financial literacy could help to better equip them for the future.

 

Proposed Solution:

We are planning 2 initiatives to increase knowledge about personal finances among Thai university students: 

– First initiative: work with Thai universities to setup personal finance clubs, similar to one at the Wharton School of Business

– Second initiative: create financial literacy training as CSR project for Thailand’s student loan organization

 

Hub Activities:

1. Organized in-person talks and workshops at three of the largest universities in Thailand - Thammasat University, Chulalongkorn University and Mahidol University. In these workshops, we collaborated with Praxis, a boardgame that gamifies the reality of the gamers' financial situation. Total number of participants reached 155 individuals, which includes not only students at these universities but also staff and lecturers. 

 

2. Organized six educational webinars via Zoom on various topics related to financial literacy, including budgeting and saving, ETF investing, the psychology of money, insurance, how businesses responded to the COVID-19 crisis, and understanding macroeconomics for financial planning. Total number of call participants reached over 180 people.

 

3. Carried out a social media campaign which resulted in reaching more than 14,476 people.

 

4. Collaborated with 4 local and international organizations for the purposes of the project and its activities.                                         

 

Short & Long-Term Goals/Results:

In the short-term, we were able to break the misconception that personal finance is just about investing. We also brought life a real-world view on how topics such as insurance, investing in different kinds of industries, planning for your financial future, etc. can be affect your net worth in the short and long-run.

 

Our long-term goal is to enable more vulnerable members of society (such as students) to manage financial decisions and actions effectively as they navigate their way through daily life. Functional knowledge of personal finance can teach individuals hard life skills that are not traditionally taught at home or in school, helping to reduce future financial mishaps that might lessen inequality. 

 

Through SmartMoney, we have been able to see how university students come away with a greater understanding of personal finance that helps to create a more solid foundation as they step into the real world.

 

Available Metrics:

1. Number of in-person workshops held: 3; 

2. Number of in-person workshop participants at the 3 Thai universities: 155 individuals. The participants includes not only students at these universities but also staff and lecturers. 

3. Number of educational webinars held: 6

4. Number of educational webinar participants: over 180 people.

5. Social media campaign on the educational webinars reached more than 14,476 people.

6. Collaborated with 2 entrepreneurs, 3 universities, and 4 local and international organizations for the purposes of the project and its activities.

7. Number of Shapers mobilized: 13 Shapers  

 

Collaborators:

Through SmartMoney, Bangkok Hub has collaborated thus far with 2 entrepreneurs (Friendnancial), 3 universities (Thammasat University, Chulalongkorn University, and Mahidol University), and 2 local and international organizations including Visa and Praxis.