Finance Education for Youth
On Nov. 6, Samsung Securities held a small yet meaningful celebratory event to celebrate the 10th anniversary of Finance Education for Youth, Samsung Securities’ flagship social contribution program.
First launched in 2005, the Youth Economics Academy aims to inculcate basic economic concepts in day-to-day living into youth. The Academy has so far produced 168,000 beneficiaries. Students learn real-life economic concepts like savings and investment through play. Employees of Samsung Securities are directly involved as instructors or making contributions to running expenses. The program’s target age group ranges from 4th grade in the elementary school to 3rd grade in the high school in Korea.
College students also participate as instructors through a nationwide network of a volunteer group called “YAHO.” Currently 180 students are participating in YAHO. YAHO operates under a partnership with 10 community centers scattered around the country. They hold classes at these community centers more than twice a month. In turn, employees of Samsung Securities offer YAHO members mentorships and opportunities for PT contests.
For the last 10 years, the Youth Economics Academy has undergone different phases, each contributing to its current shape. During the first 3 years, the Academy focused on improving educational content. Then it shifted its attention to expanding the geographical scope of its beneficiaries. Then, it launched YAHO, the college student volunteer group. Beginning in 2011, the Academy was set to expand the scope of the business in terms of target regions and the number of programs. Samsung Securities also expanded the benefits for YAHO volunteers by extending mentorship and hosting presentation contests.
Samsung Securities’ Finance Education for Youth is widely acknowledged to be an excellent curriculum. For instance, unlike other short-term camp-type corporate educational programs, Finance Education for Youth lasts longer than 6 months.
In celebrating the 10th anniversary, Samsung Securities conducted a survey targeting experts, asking about Finance Education for Youth. Eighty percent answered that the program appears to be “very suitable.” Regarding the effectiveness of YAHO, 55 percent of the experts answered positively and agreed that the program should continue.
In recognition of Samsung Securities’ social contributions through Finance Education for Youth, last September the Financial Supervisory Service (FSS) awarded the company with an award for social contributions. The Ministry of Health and Welfare, on the other hand, awarded it a commendation for “corporate social responsibility.”
Samsung Securities is also engaged in other outreach programs apart from The Youth Economic Academy. Since 1995, Samsung Securities has actively promoted company-led outreach programs and encouraged voluntary participation on the part of its employees. As a way of facilitating active participation, the company permits outreach activities during working hours and supports paid leave for outreach activities. Samsung Securities’ outreach programs even have team leaders. In addition, all outreach programs feature themed activities matching particular regional characteristics where an office resides. Employees share their experiences over the company intranet, and the company awards outstanding cases.
Moreover, Samsung Securities runs an in-house voluntary donation program titled “Share Fund.” Share Fund operates on the basis of a matching grand system where the company provides the amount matching the employees’ donations.
The active promotion of an outreach program is in a way reflective of its management philosophy. Namely, fulfilling social responsibilities is an important element of sustaining growth.