SEEING the importance of financial literacy, especially now when inflation is high and the value of the peso continues to depreciate, Praxis Philippines officially opened a new facility where the public can flex its muscle to learn how to manage itd hard-earned money well.
Called the Praxis Financial Gym, it serves as an activity center where the attendees are taught how to effectively manage their personal finances to prepare for their own financial freedom.
A World Bank study said only 2 percent of the country’s population of more than 100 million are financially literate. This means that 98 million Filipinos are not skilled in making wise money decisions.
Such gap, Praxis Director and Group CEO Greg Martin said, opens a big potential for the Philippines to become a leader in financial literacy.
“That is why we kicked off this financial gym here and, hopefully, replicate its success in other areas nationwide and in locations overseas where we are present,” he told the BusinessMirror after the Praxis Media Event last week that coincided with the ceremonial launch of the new facility.
Located at the Ground Floor of Classica I Condominium in HV de la Costa Street in Salcedo Village, Makati City, Praxis Financial Gym is where the public can experience Gameplay, a financial-literacy solution developed by the company in Singapore that focuses on enabling financial-literacy and education through a fun and interactive learning experience.
Praxis Philippines CEO Mari-an Albert said it can be customized to a specific audience, whether for students as part of their class, companies’ employee wellness programs, or financial institutions’ recruitment and training sessions or for their sales and customer engagement.
She added the gym can accommodate up to 30 persons, from 10 years old and older, as it is equipped with six tables for the board game, each to be participated in by six players.
The top executive noted that every Gameplay is facilitated by a certified game master directing its flow and announcing realistic “breaking news,” such as health scares, drastic changes in stock prices and other news bits that influence how players make decisions about their money.
The one who makes the most money after the cycle wins the game and can be included in the Praxis Financial Literacy Gym Leaderboard, the president said.
Since its inception in 2003, Praxis Gameplay has been used in educational institutions, financial-service companies, government organizations and leading companies in Singapore, Thailand, Malaysia and now the Philippines.
“We’d like more people to visit the Praxis Financial Gym to help in promoting financial literacy by letting them experience financial challenges and learn critical information that will help them fulfill their financial dreams,” Albert said.
“Just like in a regular gym where customers can access trainers to guide them on their workouts, here at the Praxis financial gym, licensed financial advisers can partner with Praxis to guide people and help master money. This gym tones your money muscles for life,” she added.
Interested companies or organizations can now book for Praxis Gameplay in the gym. For a big group of participants, Praxis is open to bring to their place the unique and effective engagement and learning tool.