From April to June 2022, Lawrence S. Ting Foundation, in collaboration with Phu Hung Life Insurance Corporation and the Soc Trang Women's Union, organized six training courses on "Financial Management for the Future" for 600 people, mainly women, in the province. These six training courses are the first steps in a three-year project called "Financial Education for the People of the Mekong Delta."
Not far from the prosperous city of Soc Trang, the three districts of Ke Sach, Chau Thanh, and My Tu are home to many women, who are traditionally considered to be the "financial managers" of the household. These women are familiar with borrowing money from women's funds or other informal sources such as "hui" and "ho" but they do not have the habit of budgeting and keeping track of their spending. "To improve their lives, it is not enough for large investments to be made in urban areas. Each household also needs to know how to manage their finances. Lawrence S. Ting Foundation and Phu Hung Life are here to help people learn how to stabilize their finances and improve their lives," said Mr. Phan Chanh Duong, Director of Lawrence S. Ting Foundation.
Realizing this goal, through the six training courses, Lawrence S. Ting Foundation, Phu Hung Life, and 600 participants went through hours of familiarization and exploration, from concepts to useful methods for smart saving. The knowledge system on cash flow management was embedded in practical activities and group interactions, bringing laughter and joy to each participant.
With an excited and cheerful voice, Ms. Nguyen Thi Ngoc Le, from Tan Hoa A hamlet, My Tu district, expressed her thoughts: "I see that many women around me have multiple sources of income, and they have a lot of spare money. However, their spending is not very rational. They often spend money here and there, and they rarely save or have a reserve. After today's training, I will definitely go back and tell the women in my party about how to save money for themselves and their families."
In addition to the knowledge that can be applied to daily and monthly spending habits, at each training session, people are also introduced to and discuss financial and insurance service providers, as well as mainstream financial products. On top of that, people are also provided with knowledge about investing, generating income for the future, and especially how to effectively manage time. Through this, not only is today's life guaranteed, but the future will also become more and more solid.
"I used to save and spend frugally. But after the training, I learned more about how to invest my money more efficiently, as well as how to participate in safer income-generating methods." continued Ms. Le.
To nurture these stories of change, each training session could not have happened without the enthusiastic participation and significant financial contribution from Phu Hung Life Insurance Corporation. Sharing about the motivation to participate in the organization, Mr. Graeme Russell Hannah, CEO of Phu Hung Life, said: "This is a great opportunity for Phu Hung Life to send to the people of Sóc Trăng a program in which we help each other learn about financial management, and together develop further in life. We would like to thank the Sóc Trăng provincial government and the Provincial Women's Union for their assistance and support in making this meaningful activity possible."
In response to the sincere contributions from Lawrence S. Ting Foundation and Phu Hung Life, Ms. Nguyen Thi Hong Hanh, the Director of the Soc Trang Province Poor Women Support Fund, expressed, "The recent series of training sessions is a promising start, and I sincerely hope that the Lawrence S. Ting Foundation will continue to accompany the local people in various educational activities in the future."
