Cha-Ching gains international recognition in children's financial literacy
Asia - 20 April 2012
"We wanna earn, save, spend and donate; To open up a world of possibilities" ~ from lyrics sung by the animated band, Cha-Ching.
Developed by Prudential Corporation Asia ("Prudential") and launched in September 2011, Cha-Ching Money-Smart Kids ("Cha-Ching") is the first integrated, multi-country, multi-platform financial education programme in Asia following the global financial crisis, when financial literacy became a more significant concern for families and governments. The programme reached a new milestone on 16 April 2012, with Prudential's operation in the Philippines, Pru Life UK, partnering with the country's Department of Education (DepEd) to make Cha-Ching part of the public primary school curriculum.
Since its launch, Cha-Ching has gained international recognition as an exemplary programme for promoting effective financial literacy in the communities it serves, in terms of the depth and breadth of its achievements. The United States-based non-profit Institute for Financial Literacy awarded Cha-Ching the 'Education Program of the Year' in the General Children's Category at the Excellence in Financial Literacy Education (EIFLE) Awards held on 18 April 2012. The highly-acclaimed EIFLE Awards acknowledge innovation, dedication and commitment of individuals and organisations that support financial literacy education worldwide. In Asia, Cha-Ching earned the 'Certificate of Excellence' in the CSR category at The Campaign PR Awards, held in Hong Kong on 30 March 2012.
Cha-Ching was developed as a corporate social responsibility initiative for children aged 7 to 12 using a unique musical edutainment approach. The series of ten three-minute animated "music videos" – with sing-a-long subtitles – aims to teach children about four key money management concepts, Earn, Save, Spend and Donate, through the Cha-Ching band of six animated characters, each with a relatable personality and a different approach to money management. The programme was launched in seven Asian countries in partnership with the number one kids' channel in Asia, Cartoon Network, reaching more than 4.5 million households.
The Memorandum of Agreement (MoA) signed with the DepEd of the Philippines further strengthens Cha-Ching's reach in Asia. The programme will be piloted in two primary schools in Taguig City and Tagaytay City of the Philippines initially running for two years. This programme falls under the Adopt-a-School Program of the DepEd. The agreement was signed by Education Secretary Br. Armin A. Luistro FSC and Pru Life UK President and CEO Antonio Manuel De Rosas.
According to independent research commissioned by Prudential, about 95 per cent of Asian parents (98 per cent in the Philippines) believe their children should learn money management skills, and only 13 per cent (19 per cent in the Philippines) think their children have adequate money management skills. Prudential sought to address these needs in Asia with the creation of the Cha-Ching programme.
An interactive Cha-Ching website (www.cha-ching.com) supports the programme with downloadable music videos, online games, mobile applications and at-home activities, allowing parents and educators to engage with children while teaching them about money management in a fun and innovative way. Cha-Ching also has a presence on social media such as Facebook with some 25,000 'fans', and YouTube where the music videos have had more than 250,000 views.
Prudential has also developed partnerships with schools and NGOs in the region, with nearly a thousand children participating in Cha-Ching themed activities at pilot school events held during the early launch phase, with more planned for 2012.
"Prudential strongly believes in doing well by doing good. We have been hearing from parents and governments in Asia that there is a lack of educational tools to teach children about money management. We are glad to see that Cha-Ching has been very popular with both parents and children, and is helping bridge this gap in Asia. The Agreement with the Department of Education of the Philippines is an important partnership for us, in not only helping to educate more children in Asia, but also proving to us that educators in Asia recognise Cha-Ching as a valuable resource for children. We plan to further enhance the offerings of Cha-Ching to cope with the increasing demand for these financial education tools in local languages," said Barry Stowe, Chief Executive of Prudential Corporation Asia.