Vince Rapisura 2308: increasing social investments through online training innovations: KaSosyo Case
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Increasing Social Investments Through Online Training Innovations, the CEDPI-CASOCIO case
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CEDPI is a group of social enterprises that provides innovative financial services and effective financial education to nano-enterprises.
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Through its co-founder, CEDPI conducts live streams, webinars, and online training courses on personal finance
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with focus on social investments targeting overseas Filipino workers and employees based in the Philippines.
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Members of the program are also called CEDPI-CASOCIO.
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By improving the financial literacy of CEDPI-CASOCIO members, it is hoped that they will be able to support social investments that would benefit nano-enterprises.
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According to the Banco Central ng Pilipinas, only 2% of Filipinos can be considered financially literate.
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This lack of financial literacy is reflected in the results of the CEDPI 2022 financial health check research which surveyed 605 individuals.
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The research found that 94% of respondents had little or no passive income, 63% didn't have adequate emergency savings, and 46% had inadequate medical insurance.
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Social investments play a crucial role in financing nano-enterprises.
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Nano-enterprises are smaller than micro-enterprises, often owned and operated by individuals in low-income communities, can benefit greatly from access to capital.
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Social investments provide an important source of funding that can help nano-enterprises grow and create jobs, which in turn contributes to social economic development.
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Furthermore, social investments offer empowerment opportunities by promoting self-sufficiency and creating opportunities for individuals to improve their livelihoods.
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Improving financial literacy can lead to mobilization of social investments that could be used to support financing needs of nano-enterprises.
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Improving financial education is a critical step in mobilizing social investments to support the financing needs of nano-enterprises that lead to economic development.
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The COVID-19 pandemic has significantly impacted the way education is delivered, leading to several key trends in the education sector.
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Firstly, there has been an increased use of technology and digital tools with schools and universities rapidly adopting online platforms to continue delivering education remotely.
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Secondly, remote and online learning has become the norm, with many students opting for virtual classes rather than traditional in-person instruction.
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Thirdly, flexible learning has become more prevalent, with students having the ability to attend classes at any time and place rather than adhering to a rigid schedule.
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Financial literacy is a critical component in promoting social investments. It empowers individuals with the knowledge to make informed investment decisions, thereby enabling them to contribute to social and economic development.
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Financial literacy helps individuals comprehend the worth of their money and make well-informed decisions, resulting in increased financial stability and confidence.
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This in turn has a positive effect on the overall well-being and quality of life.
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Financial literacy also provides individuals with an understanding of the risks and benefits associated with different types of social investments, thereby allowing them to make informed decisions that align with their personal finance goals, risk tolerance, and social impact objectives.
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With a better understanding of finance and investing, individuals are more likely to comprehend and trust the social investment process, leading to increased participation and widespread investment in social causes.
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By making informed investment decisions, individuals can also optimize their investments to achieve better outcomes not just for themselves but also for the social cause they are supporting.
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This helps to maximize the impact of their investment and create a positive feedback loop, encouraging further investment and social impact.
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Increased financial literacy and investment can have a significant impact on the overall economy and society as individuals are better equipped to make informed decisions about managing their finances and growing their wealth, which can then be reinvented in their communities, supporting social and economic development.
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The ongoing pandemic has resulted in a shift towards remote and online learning, which provides a unique opportunity to deliver financial education to a wider audience.
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In CEDPI's case, it was able to reach Filipinos overseas and social investors wherever in the Philippines.
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This leveraged approach to financial education is crucial in transforming the opportunity into reality, as it can help increase the level of financial literacy and promote the importance of social investments.
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Through effective information dissemination, social investors gain a better understanding of the benefits and opportunities that social investments offer, including the ability to support the growth of nano enterprises.
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Capturing social investments can lead to a positive impact on the overall economy and society, as nano enterprises are better equipped to grow and create jobs, contributing to local economic development.
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Financial literacy trainings delivered via live stream in various social media platforms such as Facebook, YouTube, and Twitter are used to deliver live interactive personal finance training sessions.
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This mode of learning provides a sense of engagement and community similar to in-person training, since viewers can directly participate through the comments section.
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Live streaming allows for flexibility in terms of schedule and location, since these are made available anytime, anywhere, after the live stream is finished. The content could be accessed anytime.
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Canvas, a learning management system, is used to create self-paced and flexible learning experiences for CEDPIKA social members.
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The platform hosts a variety of materials, including videos, presentations, and quizzes, which can be accessed by members at their own convenience.
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It is used to track progress and provide feedback which can help members to better understand the concepts and apply these in their daily lives.
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To become a CEDPIKA social member, social investors need to attend an online pre-membership education seminar.
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This is an on-demand self-paced online onboarding tool that provides instructions on how to participate in socially responsible investments.
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The following are the social investment results of CEDPIKA's social program on financial literacy delivered through online training innovations.
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From 2017 to 2022, social investments grew by 409% from Php26.5 million to Php136 million.
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Similarly, the number of social investors increased by 802%, rising from 385 in 2017 to 3,102 in 2022.
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These impressive figures highlight the impact of online training innovations such as live streaming webinars and Canvas in empowering individuals
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to make informed investment decisions and contribute to the growth of the social investment sector.
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The substantial growth in social investments and social investors over this period serves as a testament to the effectiveness of CEDPIKA's usapang pera
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and kasosyo programs in promoting financial literacy and encouraging socially responsible investments.
