Hanwha Life expands youth financial education program to Indonesia
University mentors pose during Hanwha Life Insurance's Future Plus financial literacy program for young people in Bandung, Indonesia, in September. Courtesy of Hanwha Life Insurance
Hanwha Life Insurance is expanding its financial education initiatives to Indonesia, aimed at helping teenagers build financial literacy in an increasingly digital landscape, the insurer said Tuesday.
Developed with the international nonprofit Save the Children, the program is based in Indonesia’s Bandung, where young people face risks, including illegal lending and online scams and gambling, as digital financial services become more widespread.
The project builds on Hanwha Life’s work in Vietnam last year, when it provided education to financially vulnerable groups, including women and young people.
The Bandung program is designed to continue beyond its initial run by training local students and teachers to lead financial education. Ten high school students at each participating school are chosen to teach their peers, with support from university mentors at the Bandung Institute of Technology. Teachers are also receiving training to deliver lessons themselves.
It has so far reached around 600 teenagers and 100 university students and teachers.
In January, Hanwha Life plans to bring 20 university students who have excelled in the program to Korea for further training.
The company will also launch a financial literacy education module next month at Indonesia’s annual government-backed Bulan Fintech Nasional Festival. The package is intended to make financial education more accessible to students, teachers and government institutions nationwide.
The initiative forms part of Hanwha Life’s broader overseas strategy under Hanwha Group Vice Chairman Kim Dong-won, which combines efforts to grow the company’s international financial business with programs to strengthen financial literacy among younger generations in the markets where it operates.