SUN LIFE Financial-Philippines Foundation, Inc. (Sun Life Foundation) launched a money management program on Thursday that it said has increased savings of public school teachers in its six-month pilot run.
Sun Life Foundation introduced Sun Pera-Aralan 2020 which helps public school teachers prepare a weekly budget through Peso Sobre, which contains funds set aside each week for specific purposes, such as expenses for food, transportation, utilities and schooling.
Since the program’s pilot run last year, 67% of the 10,224 participants said they have added at least P3,000 to their monthly savings. Entry-level public school teachers earn P23,816 each month.
“Nakakalungkot sabihin na karamihan sa kanila ay lunod sa utang, pero ito ang katotohanan. Sa katunayan, dalawa o tatlong linggo pa lang matapos nilang makuha ang kanilang isang-buwang sweldo ay ubos na ito,” Sun Life Foundation President Alexander S. Narciso said in a statement.
Sun Life Foundation eyes 125,000 more beneficiaries in five years as it intensifies financial literacy and health projects under Rise Brighter PH 2020.
The foundation has been using social media to help public school teachers keep their saving habits and find other ways to manage their finances.
“The program also has a Facebook support group that encourages teachers to stay on track by connecting them with fellow teachers in the program and with volunteer Sun Life advisors who can provide further guidance,” Mr. Narciso said.
Sun Life Foundation also coordinates with the Department of Education and AHA! Behavioral Design, Inc. which designed the money management program. — K.K.T. Jose