Filipina domestic workers who began an “Ipon (Saving) Challenge” found encouraging results over the amount of money they saved.
About 80 workers joined a financial literacy workshop organized by CARD Hong Kong Foundation at the Philippine Overseas Labour Office early this month are taking a challenge, which required them to save part of their monthly earnings for their needs later, sunwebhk.com reported.
The idea was to have an improvised piggy bank – be it an empty plastic bottle, a sealed box or a small soda can – where they force themselves to deposit loose HK$10 or HK$20 bills (US$1.30 to $2.50) over a set period.
The money is then used for a project they have difficulty funding outright from their salary, or added to their bank accounts.
One of the workers named Lyn Navio, a nursing graduate who is a single mother to a 16-year-old boy, shared her encouraging experience with the trainers.
Lyn started saving all her HK$20 bills, stuffing the notes in a transparent plastic soda bottle for six months. In the end, she saved up HK$21,760 in total.
She said she immediately deposited the money into her peso account which she could use for investment, or save as part of her old-age pension.
Another worker said she was saving up for her son’s seventh birthday, but most said they wanted to set aside money for themselves.
At the financial literacy workshop, workers also learn to better appreciate the money they work hard for, and teach them how to better use the money by setting a goal, avoiding loans and investing wisely.
Card Hong Kong’s next free financial literacy workshop is set for January 20 at POLO’s Community Hall on the 18th floor of Mass Mutual Tower, 33 Lockhart Road, Wanchai.
To register, call 5600-2526, 5423-8196 or 9529-6392.