By IANS/EFE,
Mexico City : The Mexican government is inviting children to invest their savings in Treasury bills, known as “Cetes”, authorities said.
The “Cetes Directo ninos” programme, which was created in November 2010, is designed to help children learn about saving and investment.
Participants can purchase Treasury securities via the Internet or by telephone, allowing them to invest their savings without going through a broker or other intermediary, the finance secretariat said.
Cetes determine Mexico’s benchmark interest rate, currently around 4.8 percent.
The programme is part of a government effort to expand access to financial services among the general population, make it easier to obtain financial products and promote domestic saving, the secretariat said.
People who previously wished to invest their savings in Treasury instruments had to go through a financial institution.
The programme gives children a chance “to have and manage their own savings and investment account in government securities”, the secretariat said.
Children will enjoy the same benefits, “such as safety, and savings and investment from 100 pesos (about $8), without fees or commissions, and get the same yields, as large investors”, the secretariat said.
An online educational site was launched to complement the programme, allowing elementary school children to learn about the culture of saving, the finance secretariat said.
The programme bolsters the government’s commitment to “promoting financial inclusion and democratizing saving and investing”, the secretariat said.