It is the middle of the day at a school in Barangay Bunlo, Bocaue Bulacan, when several elementary-level students start running to the window as a young man they fondly call Kuya passes their classrooms. Shouting his name out excitedly, the kids begin smiling and waving as if greeting a favorite teacher or a close friend. Their Kuya waves back, gives them high-fives and greets each of them by name.

Kuya is Mark Cabrera, a training supervisor from Pioneer Life. In cooperation with the Jesus is Lord (JIL) Colleges Foundation, Pioneer conducts Financial Wellness seminars for students from Grade 1 to 6. Mark has been at the helm of the sessions since 2008.

While the phrase “financial wellness” sounds a bit serious and boring, the sessions are anything but, which explains Mark’s popularity. The first module of the program involves goal setting. “In this case, the goal is to be able to buy something nice for Christmas, whether it is a personal wish or a gift for the family,” Mark says. In succeeding activities, the kids are made to understand the concept of separating their needs and wants, and are taught the simple skill of budgeting.

The kids then go back to their classrooms, where an “alkansya (piggy bank)” stands in the corner. The rectangular cabinet has individual slots identified by each student’s name. The locked doors behind each “bank” are opened by the students only after some six months of saving. The kids are learning the discipline of setting aside money from their everyday allowance.

Mark has witnessed how the kids have gradually grown to like the idea of saving and has heard testimonies and anecdotes from the children themselves. “Binibigyan po ako ni mama ng baon 50 pesos po at 20 pesos ginagastos ko tapos yung natitira sa baon ko nilalagay ko po sa alkansya (I receive an allowance of 50 pesos a day, I spend 20 pesos and the rest I put in the piggy bank),” Miracle Grace Albario, Grade 4, shares.

They are also learning that goals can be reached when they save. Keanu Aceron is confident that the goal he has set with classmate Steven Mondero will be met. “Bike po ang pinagiipunan naming para sa Pasko. Alam po naming mabibili naming yun kasi po marunong na kami magtabi ng pera (We are saving up for a bike this Christmas. We know we will be able to buy that because we know how to set aside money), Keanu declares.

Then there’s the story of Kwin Perdigon, Grade 4. Kwin asked her grandfather how much a small cow would cost, and how much it would sell for when it was bigger. She was told that you could buy it at 3,000 pesos and sell it for 14,000 pesos. She then turned over the 3,000 pesos she had saved over six months to her lolo, saying, “bilhin niyo na po yun maliit na baka para may 14,000 pesos po kayo balang araw (buy the small cow now so you’ll have 14,000 pesos in the future).” Her lolo was delighted to know that Kwin was learning about saving in school.

Operations officer Ms. Joceline Villanueva is heartened by the enthusiastic response of the students. “Now we see that the kids are even the ones reminding their parents to be more frugal,” Ms. Villanueva says. “They would say, ‘Ma, huwag na tayo masyadong mag-shopping, sayang ang kinikita ni Papa (Ma, let’s not shop too much, Papa’s earnings will be wasted).’ No one teaches them that; they learn that by themselves.”

The sessions are part of a sustained campaign by Pioneer to create a nation of savers. While saving is the most basic tenet of financial wellness it is often sacrificed when the temptation to purchase a luxury item comes along.

Statistics have shown that Filipinos are not very good savers. The Philippines currently has a savings rate of 20% and below, compared to Thailand, Malaysia, Singapore and even Vietnam which have savings rates of 30% and above. Our savings rate matters because a connection between income growth and savings rates has been established.