Financial Literacy: YKIP Held a Workshop on Financial Planning for Students

11 December 2023

On October 29, YKIP held a workshop on Personal Financial Planning for students in Vocational and University programs. The workshop took place in the canteen area of the Mitrais Bali office. Nineteen students from Denpasar, Gianyar, and Karangasem attended the workshop. It’s interesting to see that most of these students have already landed a job despite having yet to graduate. With their earnings, they can afford their needs and desires. Due to their limited understanding of money management and the fact that this skill isn’t taught in school, YKIP hoped the participants would gain valuable knowledge from this workshop. The sponsored vocational students graduated in November 2023.

Workshop on Financial Planning for Students Discussion and Presentations

The first section of the workshop focused on developing the students’ ability to distinguish needs from wants. Armed with this skill, the students would be able to sort out priorities that will eventually lead to better financial decisions. With the priorities list in their hand, they will be able to spend their hard-earned money wisely. This session involved breaking the students into four smaller groups for a lively discussion. Following the activity, the representative from each group shared their results with the rest of the participants. It was also to encourage an interactive environment where other groups were welcome to ask questions. It was lively, and it was delightful to witness their enthusiastic participation.

In the second part of the workshop, YKIP introduced some important aspects of personal finance: Saving, Emergency Funds, Insurance, and Investment. After learning these aspects, YKIP expected the students to create a monthly budget including emergency funds, insurance, and essential needs. This session was exciting as the students enjoyed discussing their budget.

Students’ Comments

After the session, here are some thoughts from the workshop participants.

Desi, a vocational student now working at a boutique hotel near central Ubud, shared her insights. “Before this workshop, I knew we needed to budget for monthly expenses, but I missed one important thing: the emergency fund. Setting aside enough for emergencies can make a big difference in the future. After this workshop, I will create an account dedicated to my emergency fund.”

“I got a lot of insights for planning my monthly budget. I am quite a spendthrift, but after attending this workshop, I realized I must spend my money wisely. I am grateful that I attended this workshop; not only did I gain knowledge, but I also got the opportunity to meet and learn with friends from different places.” said Pritha, a sponsored university student majoring in Pharmacy.

Adenia, who is in her senior year in Tourism shared her thoughts: “The workshop was incredibly insightful, and I gained a lot of knowledge. I will graduate next semester, and all the valuable knowledge gained from this workshop will undoubtedly help me a lot in shaping my future plans.”

YKIP is thrilled to be able to conduct the workshop on financial planning for students. We hope that the knowledge shared from this event will be fruitful for their future. We are thankful for the generosity of our donors, PT. Mitrais, for the provision of the venue and equipment, and also Riot Games, who funded the workshop through a partnership with GlobalGiving.