Spark your savings habit

By Mitch M. Arceo

With today’s high cost of living, even children should learn how to save money for the future. If at an early age they learn the value of money, they won’t have a hard time when they become adults.

Recently, Pioneer, in cooperation with Blue Cow, launched SPARX and SPARXx, its new insurance offerings that aim to create a lifestyle that allows Filipinos to save money while they spend.

"We created SPARX to spark the savings habit among children, and aligned it with SPARXx, which targets the older markets including, but not limited to, young adults and the increasing markets in the business process outsource centers and among families left behind by OFWs," relates Chan.

SPARX is available to kids 10 and below, while those who are 11 and above can purchase SPARXx. Unlike other insurance products, SPARX and SPARXx come in small affordable cards that are priced at P100 for SPARX, and P300 to P5,000 for SPARXx. The more cards you buy and register in your account, the more money you save. Consumers need not pay again if they do not want to, and the cover will not lapse. At the end of a specified number of years, they can get their money back with competitive interest.

Pioneer also came up with fun packages to spark people’s interest.

"In the past, SPARXx came free with each ticket to the Shadows Fall concert. Other fun packages are waiting in the pipeline. Imagine that–[consumers save] while [consuming; they win] either way!" Chan adds.

To encourage children to avail themselves of SPARX, Pioneer partnered with Blue Cow in producing "Private Iris," a comic book that teaches children the concept of saving through mystery plots that excite and educate the readers.

Created by writer Jamie Bautista and artist Arnold Arre, "Private Iris" is poised to become an impetus for kids and adults alike to understand and apply the idea of insurance and saving in their daily lives. The comic book comes with a SPARX code (card number) which provides the registered child savings and insurance coverage up to age 14.

"(Each of the three products plays) an equally important part in Pioneer’s thrust for overall financial wellness. We want people to understand that these three products are relevant and worth noting by themselves, but when combined, the three propose an even bigger campaign that aims to revolutionize the insurance industry and the general saving and spending lifestyle of Filipinos–two traditionally opposed behaviors which we have combined," says Chan.

For other groups such as schools and corporations, Pioneer has been crafting Financial Wellness programs for different age groups to add value to their "sachet" products. Together with an international financial specialist, activity-based modules for children ages 7 and up have been designed. Known as The Smarter Piggy Bank clinics, these have been test-run in some schools. An educational Private Iris animated series, also for schools, will follow.

The cards are now available in Metro Manila and will later be available nationwide through Pioneer offices and accredited distributors such as select Petron service stations, and Load Central.