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WSBI members take part in Global Money Week 2015

WSBI members take part in Global Money Week 2015

​​​​Upcoming money awareness celebration organised by Child and Youth Finance International

BRUSSELS, 5 March 2015 – ​​​​GMW is an annual money awareness celebration, held in the second week of March and organised by Child and Youth Finance International (CYFI). About 118 countries all over the world participate and organize money awareness activities for children and youth. 

The main objective is to provide children and youth, through interactive activities, with all the tools and knowledge about money, saving, creating livelihoods, financial inclusion, and entrepreneurship, among others, so that they adopt a responsible attitude towards money. Different events are organised by banks, businesses, non- governmental organisations (NGOs), universities and schools, governments’ ministries, and civil society.

WSBI-ESBG and Global Money Week

A CYFI board member, WSBI each year with some of its members organise activities during the weeklong celebration. Some of the activities organised by WSBI-ESBG members in 2015 include:

Erste Group in Austria: two workshops on financial education in Vienna schools, unaccompanied minor refugees.

The first workshop is supported by Zweite Sparkasse and is organised in cooperation with Schuldnerberatung Wien and Jugend am Werk (JaW). This workshop is aimed at young people between 16 and 19 years old who are paid their first apprenticeship salary. They are given the opportunity to explore their personal relationship with money and develop a sense of responsibility in their use of money. Furthermore, this workshop covers financial hazards and the consequences of debt as well as the development of personal and practicable money management strategies. The aim is to develop skills and confidence in financial matters.

A second workshop tackles financial literacy faced by unaccompanied minor refugees. It is organised in cooperation with lobby.16 and the Zweite Sparkasse. Lobby.16 is an association committed to the rights of unaccompanied young refugees. It provides access to education and participation in social life. Lobby.16 wants young refugees to be able to develop their skills, talents and gifts, so that they can gain self-confidence and lead an autonomous and independent life in our society.

​Erste Group in Croatia: The ABCs of Money

Erste Group in Croatia will organise a school kids week session at an interactive exhibition called “The ABC of Money”at the Technical Museum in Zagreb from 10-13/03/2015. The exhibition is primarily aimed at children and provides an opportunity to get to know the financial world in an innovative and educational manner. The objective is to allow everybody else to see the already familiar monetary sphere from a completely different perspective. You can learn how to pan gold, trade in the stock market, open a savings account, repay a loan by cycling, print a bank note, how to save and give donation and much more. This exhibition is created by ZOOM Children’s Museum Vienna in cooperation with FRida & freD Children’s Museum Graz and it is initiated by Erste Group as part of the Sponsoring VALUE Program. The exhibition is expected to attract 2,000 youth participants and 500 adults.​

​‘Banque et Caisse d'Epargne de l'Etat’ (BCEE), Luxembourg: Museaum visit

BCEE will also participate in the Global Money Week 2015 through a visit for school children to BCEE’s museum.  It features such exhibits as:

“Le Guichet de l’époque” – bank counters of the past   

“L’espace tirelires”  – Piggy Bank space   

“L’espace monnaie"  – coins and the bank safe area. 

This visit will be combined with a “savings” workshop and the children will be presented with the “Sparen” manual. There will also be a small competition about the different topics shown during the Museum visit and a draw for a beautiful porcelain piggy bank competition as a first prize and with “Woch vun de Suen” (GMW) T-shirts for second and third prizes. The visit will conclude with a picture of the group, which will be sent to the school teachers and may be published on the GMW site of the ABBL: The Luxembourg Bankers' Association.

The Money Week 2015 ("D'Woch vun de Suen") has been organized by ABBL (with the help of several retail banks and volunteers from those banks, including BCEE). The activities proposed to the pupils include interventions in the classroom (with material from "My Finance Coach"), visits to the Bank Museum at BCEE and visits to BCL (Central Bank of Luxembourg)."

Bell Ringing Ceremony at Euronext

WSBI will be present once again at the "Ringing of the Bell Ceremony" taking place at the Euronext in Brussels on 11 March 2015. The ceremony will mainly be for students from Vlerick Business School and special invitees of Child and Youth Finance.

​​Youth financial inclusion in Kenya: Co-creating a way forward

WSBI in collaboration with WSBI member Kenya Post Office Savings Bank (KPOSB) has carried out a study within the programme, titled  Working with savings banks in order to double the number of savings accounts in the hands of the poor, which will be published during the 2015 Global Money Week. This study carries out a quantitative and qualitative analysis of why 75 per cent of the current 80,000 youth savings accounts held by KPOSB are inactive or have gone inactive or dormant and many have not received deposits after the original opening deposit.

The qualitative aspect concluded that there was a need for increased autonomy, group accounts, redefining legal structures and increased trust between Postbank, youth, trustees or parents, and the community. The research concluded that the role of youth in household finances was rarely recognized and that more research needs to be done to indicate how finances move between members within the household and the role of youth and young adults in financial management and decision-making.

To tackle the issues mentioned above, a range of different solutions such as marketing efforts, working with sales executives for support, reinterpreting legal structures for autonomy and testing mobile-enabled platforms for family group accounts have been proposed based on a co-creation process between youth and KPOSB staff. 

Financial education; Corporate Social Responsibility; Financial inclusion; World Savings Day