An artisan works on a cartoon character piggy bank for children in Solo, Central Java, on Jan. 11, 2016. (Antara Photo/Maulana Surya)

Eastspring, BCA Join Forces to Promote Money Parenting

MARCH 22, 2022

Jakarta. Investment manager Eastspring Investments Indonesia and private bank BCA are joining forces to empower parents with the confidence and know-hows on nurturing financial literacy in their kids.

For successful money parenting, parents themselves must possess adequate financial knowledge and skills for them to later pass on to their children.

To this end, Eastspring and BCA held a webinar on money parenting at the BCA Expoversary Online on Tuesday. The program seeks to help parents teach their children on grasping the basics on how to earn, save, spend, and donate, as well as invest for their future.

“We hope this initiative can help parents to teach the basics on how important the value of money is to their children. Because we believe parents play a crucial role in shaping children’s beliefs and attitudes that can help them make better financial decisions once they grow up,” Alan J. Tangkas Darmawan, the president director at Eastspring Indonesia, said in a press statement on Tuesday.

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BCA together with Eastspring Indonesia is providing tips on inspiring and preparing the children and family’s future, according to Ugahary Yovvy Chandra, the senior executive vice-president for wealth management at BCA.

This is also part of the bank’s efforts to educate its customers, particularly parents, on investment.

“We hope BCA-Eastspring Indonesia’s collaboration can be helpful to the customers,” Ugahary said.

Eastspring first rolled out the #MoneyParenting campaign in November 2020. The survey involved about 10,000 parents in 9 Asian markets, including Indonesia. 

The survey reported that 30 percent of Indonesian parents believe that children must start to learn how to use money when they are under 6 years old.

About 32 percent others agreed that a child should begin to learn how to manage money when they are between 7 and 10 years old, the survey revealed.

According to Eastspring's age-by-age guide on money parenting, parents can begin introducing the concept of money to children when they are 3-6 years old. Age 7-9 is the ideal time to teach children about the value of things.

Parents can start teaching the concept of earning, saving, and spending money to their kids when they are 10-12 years old. Then they can guide their children towards self-sufficiency once they are 13 and onwards.

Eastspring also has a microsite where they share money parenting know-hows and tips. The microsite is accessible via this link.

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