Learning basic financial concepts helps plan the future and promote savings. When young people and adolescents receive this training, they raise their standards of living for the future.
Over 300 young students from the Dominican Republic have attended the talk on “Finance for youth”, where they were given an orientation on financial literacy. Organized by Banco Adopem, it is one of a series of conferences the institution has run on the Santo Domingo y Santiago campus of National Evangelical University (UNEV), in the hands of Alejandro Fernández W, Director of the Argentarium Institute.
Thanks to the education loan Edúca-T, Banco Adopem is supporting students from low-income families so that they can be part of the educational system. Students who choose this type of financing have a higher finishing rate than the average in the Dominican Republic.
The national drop-out rate from university studies is 53%, according to the ENHOGAR 2015 survey. A figure that slumps to 10% when the student has taken out a loan to finance their studies, according to data from the Pan-American Educational Credit Association. In the case of students who signed up for Banco Adopem’s Edúca-T, this rate is even lower, just 3%.
More than half a million people in the five Latin-American countries where BBVA Microfinance Foundation operates, have received financial education in 2018.