BSP expands financial literacy push among students, educators

The Bangko Sentral ng Pilipinas capped its 2026 Economic and Financial Learning Program series in Legazpi City, reaching 2,470 onsite and online participants as it pushed students and educators to turn improving financial knowledge into better everyday money decisions.

Held Sept. 23 and 24, the final EFLP sessions focused on the financial health of students and educators after earlier programs targeted the agriculture sector and micro, small and medium enterprises.

The push comes as financial literacy among Filipino adults improves but substantial gaps remain in young people’s participation in formal financial services, underscoring the need to connect classroom knowledge with practical skills such as saving, borrowing responsibly, avoiding scams and opening financial accounts.

The BSP’s 2025 Consumer Finance and Inclusion Survey found that 74 percent of adults correctly answered at least half of six financial literacy questions, up from 69 percent in 2021.

Among younger Filipinos, however, account ownership stood at 34 percent among those ages 15-19 and 60 percent among those ages 20-29.

BSP Deputy Governor Bernadette Romulo-Puyat said financial education must go beyond knowing basic concepts and influence how people manage money in practice.

“We need more of you to have the confidence and discipline to do the right thing consistently,” she said.

“This is why the BSP remains committed to helping Filipinos build the knowledge, skills, and confidence to make sound financial decisions throughout their lives,” she added.

The Legazpi program built on the 2025 EFLP for the Academe held in Bacolod City but placed greater emphasis this year on behaviors and decisions that affect financial well-being.

Sessions covered spending and saving habits, responsible borrowing, scams and other financial risks, and consumer protection.

Students were also given the opportunity to apply for a PhilSys National ID through the Philippine Statistics Authority and open bank accounts through participating local banks.

Linking financial education with identification and account opening addresses practical barriers that can prevent young Filipinos from using regulated financial services even when they understand basic financial concepts.

The BSP defines financial accounts to include accounts with financial institutions as well as electronic wallets and other transaction accounts that allow users to store, send and receive funds.

The central bank reported earlier this year that account ownership among Filipinos ages 15-19 increased to 34 percent in 2025 from 27 percent in 2021.

The broader picture remains mixed, however, as overall account ownership among Filipino adults declined to 50 percent in 2025 from 56 percent in 2021, according to the same BSP survey.

The BSP said the decline was partly linked to fewer transaction accounts associated with loans from microfinance institutions and cooperatives as overall borrowing activity fell.

At the household level, access was considerably wider, with 85 percent of households having at least one financial account in 2025, up from 74 percent in 2024, according to the BSP’s Consumer Expectations Survey.

The figures suggest that improving financial literacy alone does not automatically result in wider individual participation in the financial system, particularly among younger and potentially underserved Filipinos.

The six financial literacy questions in the 2025 survey measured understanding of division, inflation, simple interest, compounding, the relationship between risk and reward, and risk diversification.

The BSP also found that knowledge of interest rates, particularly compound interest, continued to lag despite the overall improvement in financial literacy.

The 2026 EFLP series was also conducted at the BSP Head Office in Manila, Zamboanga City and Cabanatuan City.

Across the four locations, the program reached a total of 5,978 participants.

The BSP said it will continue working with schools and educators to make financial concepts more relevant to the everyday circumstances and decisions of students and members of the academe.