Bohol, Philippines – Normally, Filipino children spend most of their leisure time playing outdoor games. But what these two groups of children from Bohol do during their free time make them unique and outstanding from their friends. As young as 8-12 years old, they are already practicing the virtue of saving.
A 6th grade class from an elementary public school in Ubay, a municipality in the northeastern part of the province, and a group of friends from a community in Sevilla in the central part, share the same similarity as they are currently involved in Community-Managed Savings and Credit Association for Kids (CoMSCA Kids), a savings mechanism specifically honed for children’s utilization.
Through World Vision, a development organization that is focused on children’s well being, CoMSCA Kids has been a way to advocate the attitude of saving for the young ones.
Adult groups in communities covered by the organization first practice CoMSCA. It is a way for parents who earn meager income to save as much as they can so they can loan for emergency purposes in the future.
It was just recently initiated that CoMSCA should also be introduced to children in the communities. Children can already learn the virtue of saving and basic financial management which can be a valuable help to improve their lives when they grow as adults in the near future.
Minus the cash loan, adult leaders in the community guide these children CoMSCA groups to make their savings experience an enriching one.
In Camambugan in Ubay, a 6th grade class would regularly turn their classroom into a venue where they can do a CoMSCA session. Complete with passbooks for record purposes and a CoMSCA Box where all their money will be kept, these students individually share an amount of money for their weekly saving.
Doing this for months already, CoMSCA has brought a significant impact to their lives. “Our class is happy that we have this group where we are learning together how to save,” shares the group’s leader, Kristine dela Cerna. “It is important for us to save money so we can use it for emergency needs, especially for our school expenses.”
Their CoMSCA group also provides a venue where they can bond together as classmates. It increases their sense of togetherness. Their academic performance as a class also increases outstandingly.
World Vision and CoMSCA
World Vision’s CoMSCA approach is one of the organization’s economic development projects to help marginalized families in their economic stability. This is aligned with the organization’s vision to provide well-being to children by supporting the community they belong.