“Proper understanding of money” contest provides people of all ages with background information about personal finance

On October 24th, 2020, VNU University of Economics and Business, together with the Communication Department - State Bank of Vietnam (SBV), successfully organized the final round of the contest “Accurate Understanding Of Money” for students from universities, colleges, and secondary schools in the North. The contest is an innovative form of finance education attempting to promote cashless payment, increasing access to financial services, and encouraging public service payment via banks.

The Final were attended by Assoc.Prof.PhD. Nguyen Kim Anh - Vice-President of SBV, Assoc.Prof.PhD. Pham Bao Son - Vice President of Vietnam National University, Hanoi; Assoc.Prof.PhD. Nguyen Truc Le - Rector of VNU University of Economics and Business; Assoc.Prof.PhD. Nguyen Anh Thu - Vice-Rector of VNU University of Economics and Business; Ms. Le Thuy Sen - Head of Communication Department, SBV, representatives of Committee for Social Affairs of National Assembly, representatives of Heads of departments, agencies and units under the SBV, Heads of departments in VNU, Heads of commercial banks, financial institutions and enterprises.
After the official ceremony launched on October 1st, 2020, the Competition had attracted a large number of students from universities in the North with the involvement of nearly 100 teams (each team with three members). After roughly one month with many intriguing contents from Preliminary Round to Semi-Final Round, the top 4 most outstanding teams coming from Hanoi Law University, Foreign Trade University, VNU University of Economics and Business and Banking Academy had made it to the Final Round of the competition.
With a desire to provide students with smart money management skills, the competition concentrated on contents related to cashless payment method, loan products, usury limit, personal financial management in investment, spending, and savings, etc. The competition helped the students to change their understanding, behaviors and create good habits in using banking and finance services; simultaneously, the young will continue to spread that awareness in the community in an attempt to protect users in utilizing financial services and minimizing social expenditures.
 
The format of the competition diversified with online and offline competition. There were a variety of questions such as multiple-choice questions, written exams, presentations, debate, situational video clips, etc. conducted. By doing this, not only it made each round fascinating and intense but also of help in delivering banking and financial knowledge to students and the community in an approachable, receptive, and memorable way.
 
Delivering a speech at the Final Round, Assoc. Prof. Dr. Pham Bao Son - Vice Director of Vietnam National University, highly appreciated the financial education for students contributing to the sustainable development of the financial and economic system. This action is a prerequisite to achieving planned goals for the socio-economic development of the country. VNU University of Economics and Business is a pioneer in interpreting financial education into the curriculum for students, he noted. Although this was the first year in which the Proper Understanding of Money Contest was held for students, the competition had attracted nearly 100 teams from many universities and colleges in Hanoi. This proves that the competition has been widely spread and has become a useful playground for students.
On behalf of the Organizing Committee, Ms. Le Thi Thuy Sen - Head of Communication Department, SBV emphasized that financial education to increase access to finance services and to promote cashless payment is given proper attention, especially in developing countries. To have the proposal implemented effectively, implementation in an integrated way pillar for the legal framework, quality of payment system, and communication are vital and decisive elements. Government and SBV give this proposal proper attention in providing convenience and protecting consumers when financial services as well as creating good financial habits in the community, reducing social and economic costs, minimizing usury, and its risk to citizens. Besides, these things contribute to social governance, civilization, and the realization of modern technology, digital technology for people to enjoy access to financial services, and public sector service management as equivalent to that in the region and throughout the world.
 
In the framework of the Final Round, joining hand with the whole country to help Central Vietnam lessen the severe consequences of the flood, the Organizing Committee arranged for a portion of the money generated from the organization budget and advocated the charity within the organizers, guests, and students who participated in the competition donated 55,000,000 VND for citizens in Central Vietnam through “Loving Sunday” hosted by Committee for Social Affairs of National Assembly.
 
 
 
Speaking at the contest, Assoc. Prof. Dr. Nguyen Truc Le - Rector of VNU University of Economics and Business emphasized that the university is always inspired to create more useful playgrounds for their students. Students, therefore, are allowed to use their knowledge in practice, to interact and improve their soft skills. UEB has organized many competitions not only for its students but also for students from Hanoi and the entire country as well. We are pleased to be selected as the co-host of the Accurate Understanding of Money with the State Bank of Vietnam.
 
 
 
 
 
 
After three rounds, namely Warm-up, Accelera, and Conquest, the four teams created a satisfying race for the audience to watch with the order changing continuously, especially in taking the points from opponents when they had the chance. The final result was:
Winner: D.T.A Team - Banking Academy
Runner-up: Team 3G - Foreign Trade University
Third prize: Wambid Team - VNU University of Economics and Business, NAN Team - Hanoi Law University
Besides, the Organizing Committee also rewarded extra prizes for the most-loved team, best cheerleading team, team with the most fascinating presentation, fair-play team, and team with the most persuasive presentation.
 
 
 
 
The competition is not a financial playground for students but also a financial education chain of VNU University of Economics and Business in universalizing financial knowledge to students and people of all ages. The role that personal finance plays is increasingly important in daily life, understanding one's own finances and personal financial management are effective tools to make it easier for people to achieve their financial goals.
 
The Proper Understanding of Money Contest for students in Northern universities and colleges is a creative form of financial education, laying the foundation for students' financial education programs of the whole country in the future.
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Phuong Nguyen

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