People's Domain

Play Praxis and upgrade financial prowess

Instead of enrolling yourself in a Financial Literacy 101 course, Sun Life devised a learning method which requires no classroom lecture, notebooks or books; yet enjoyable and with experts to provide guidance for starters.

Another breakthrough in financial literacy effort, Sun Life introduced “Brighter Life Praxis,” a board game designed to make financial education a fun and engaging experience.

“Brighter Life Praxis was conceptualized and developed by Sun Life in order to simplify the otherwise complex discipline of finance,” said Lalie Rosales-Novero, public relations specialist of Sun Life of Canada (Philippines).

The game looks similar to the familiar family board game Monopoly or Snakes and Ladders, but players simulate real life events that demand serious decision-making – such as getting promoted to higher position at work, catching illness, or losing a job.

The Praxis game force players to make financial decisions amid different economic cycles. Basic financial processes like budgeting and saving, as well as the more complex ones like investing in stocks and protection planning, are tackled.

All the lessons gathered are processed at the end of the game, with the help of Praxis-accredited Game Masters from Sun Life who guides players in post-game discussion about their own assessment of the decisions they undertook along the course of the game.

The members of the Iloilo media and bloggers were invited to join in the game organized by Sun Life and it gathered constructive feedback on the usefulness of Praxis in improving financial literacy.

“Just like any other board games, I find it engaging and fun, shared Nonoy Taclino who manages the news website Iloilo Today (http://www.iloilotoday.com).

Praxis, Taclino added, “makes learning about investment, stocks and financial planning easier. It makes the person become aware of the need to handle finances properly in the midst of a dynamic economic condition.”

Another Iloilo City-based blogger Kathy Villalon enjoyed the game after she tried investing heavily on stocks.

“In my case, experience is the best teacher because I invested on stocks in real life whenever I have extra money. My investment on stocks were put to good use like when I lost a job or when a family member was hospitalized, said Villalon who runs the blog site Kathy Purr (www.kathyvillalon.blogspot.com).

“What makes Praxis stand apart from the usual lecture method on sound financial planning is the exercise by players in making actual decisions on what to do and how much to spend considering the resources that she has at hand and available for use,” added Villalon.

The game will make you realize how important investing in real life, stressed Villalon.

Brighter Life Praxis is designed to open conversations about the topic of finances, including insurance and investments, which can be usually intimidating or overwhelming to many Filipinos.

Sun Life is the first company to introduce the innovative board game in the country, and it regularly holds board game sessions nationwide for clients, employees, and financial advisors of Sun Life of Canada (Phils), Inc., Sun Life Grepa Financial (SLGFI), and Sun Life Asset Management Company, Inc. (SLAMCI), so they can experience the beauty of the game firsthand.

Employees from the Insurance Commission and the Philippine Investment Funds Association have also experienced playing the board game and they enjoyed and find it effective.

The feedback has been very positive, with players saying Brighter Life Praxis has given them the confidence to talk about financial decisions – a factor crucial in their journey to financial freedom.

Sun Life Financial and its partners have operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, Bermuda and the Philippines. As of June 30, 2015, the Sun Life Financial group of companies had total assets under management of $808 billion. (Archived News – April 27, 2016)

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