Tuesday, October 06, 2015

Sun Life Grepa Effectively Teaches Financial Literacy Via the Fun Praxis Board Game

Learning by doing -- that's what we need to properly keep in mind the lessons we need to help us become better decision makers. Knowing about personal finance is a continuous process for me because I know I still have a lot to learn. However, listening to speakers and reading books on financial literacy is not enough. We need to take action and apply the things we learn. Otherwise, all those learnings go to waste.

playing Praxis is fun and educational! 
One big step my husband and I took a few years back was finally getting Sun Life Variable Universal  Life Insurance (VUL) coverages to ensure our children's protection in case something happened to one, or both, of us. That decision came from a lot of research and inquiries from financial experts. Still, there are many other plans that we've yet to fulfill but which we know we'll get to in time.

I feel fortunate to have had access to a lot of learning events and would really like to see more people become interested in financial planning that, sadly, is not really taught in schools despite its importance in our lives. I think Praxis is one great way for individuals to see why we need financial education. 

the Praxis board game
Praxis is a board game designed to make financial literacy fun and engaging. Launched by Sun Life Grepa Financial, Inc. (SLGFI), this breakthrough way of creating conversations about money simulates real-life events -- such as getting promoted, catching illnesses, and losing a job -- to force players to make financial decisions amid different economic cycles

With Praxis, you'll get to do basic financial processes like budgeting and saving, as well as the more complex ones like investing in stocks and protection planning. Just like in real life, a roll of the dice can determine your situation -- you can suddenly lose your job or be promoted, you can get sick and need hospitalization, a rich relative may die and leave you a huge inheritance, or the stock market could crash and wipe out your investments. 

my starting assets

I started the game with $5000 in "cash" and an entry level job. I never did get the dice to give me a job promotion or bonuses like my fellow players, but I made sure to put some of my "money" in savings, insurance, and investments. At the end of the game, I paid up my IOUs, cashed up my cards, and ended up with $41,500! That result kind of validated how far I've come in terms of financial literacy and made me realize that I must be more finance-savvy that I've been giving myself credit for :)

According to SLGFI President Richard Lim, "Talking about finances and understanding things related to it, like the concepts of insurance and investments, can be intimidating or overwhelming to many Filipinos. Praxis is a new approach that can help address this."

financial planning with Praxis
To date, SLGFI has already engaged its clients, officers of its partner bank Rizal Commercial Banking Corporation (RCBC), and employees from the Insurance Commission and the Philippine Investment Funds Association, to play the board game. 

"The feedback to Praxis has been very positive. People enjoy the game and they learn at the same time. Most importantly, they gain the confidence to talk about financial decisions, which is crucial in their journey to financial freedom," affirmed Lim. "We want to help more Filipinos to better understand the value of financial planning. The Praxis board game is definitely a step towards that direction."

my "money" upon retirement :) 
The question that will always remain is: What would you do given this or that circumstance? Your decisions would ultimately determine whether you'll lose everything in the end or if you'll end up a winner. Lessons gathered are processed and evaluated with the help of Praxis-accredited Game Masters.

Some of the valuable lessons you'll be reminded of by playing Praxis:
1. Money and what we do is an essential part of life.
2. There are many RISKS in life.
3. We handle life better if we are able to prepare ahead.
4. How are you doing so far?

with fellow players and SLGFI game masters
If you're interested in inviting SLGFI to host a Praxis game for your company or group for FREE (at least 50 people), send me an email at mommywritesblog@gmail.com so I can connect you with them. It's time more Filipinos become financial-savvy for our families and future generations.

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