Hanwha Life brings youth financial literacy program to Indonesia

Hanwha Life has launched a financial education program for teenagers in Bandung, a city in Indonesia’s West Java province, with the international nongovernmental organization Save the Children, the insurer said Monday.

Many Indonesian teenagers are exposed to online scams, illegal loans and gambling, raising the need for financial education, according to the company. 

At each participating school, 10 high school students chosen as financial leaders teach their peers. Student mentors from the Bandung Institute of Technology support them. Teachers are trained as financial instructors so the classes can continue after the project ends.

About 700 people, including 600 teenagers, have joined since the program began in June.

Next month, Hanwha Life will launch a financial literacy teaching module at BFN Fest, an annual national fintech festival in Indonesia. In January, it will invite 20 top-performing university mentors to Korea for training.

The insurer has taught 117,652 students at 1,002 Korean schools since 2015. Last year, it trained university students in Ho Chi Minh City, Vietnam, as financial mentors to teach financially vulnerable groups. The Indonesia program expands on that model.

Under Vice Chairman Kim Dong-won, Hanwha Life has expanded its global financial business while it supports young people in the countries where it operates through programs that build their financial skills.

“With our years of financial education experience in Korea, we will help Indonesian teenagers gain sound financial knowledge and financial independence,” a Hanwha Life spokesperson said.

BY KIM HA-YOON [[email protected]]