BRUSSELS, 6 February 2017 – Learning to handle one’s personal finances begins at an early age, according to a joint study released today by WSBI and Child and Youth Finance International.
Classroom setting a powerful path
Throughout the world, young people are first exposed to budgeting, spending and saving within their homes, amongst their peers, on the internet and as well in their communities.
However, another powerful path to learning about personal finance is the classroom. The newly joint study points to the success of learning in the classroom in countries around the world through a programme called SchoolBank.
SchoolBank: A global effort
A global effort aimed at boosting financial inclusion of children and young people through the school system, SchoolBank takes an innovative multi-stakeholder approach that includes locally focused banks and educators. To develop the next generation of economic citizens, the approach focuses on school adoption. Teachers play an important part, especially when it comes to Economic Citizenship Education (ECE).
Through SchoolBanking, children and youth are given a Child & Youth Friendly bank account, oftentimes their first contact with a bank and first vehicle to save money. Along with the account, SchoolBank looks to impart the right education to teach them why and how to save and what their economic rights are.
Study findings: SchoolBank leads to better understanding of financial services
CYFI and WSBI are convinced that SchoolBanking promotes a better understanding and more active use of financial services through the financial education and inclusion of children and young people. The report describes the different models and approaches to SchoolBanking through the long tradition of activities carried out by WSBI members, in the past and present, as well through CYFI’s current work in this area.
A joint effort of WSBI, its members, and CYFI
Furthermore, this publication forms part of joint activities taking place within the framework of a Memorandum of Understanding concluded between CYFI and WSBI in April 2015. WSBI member banks helped greatly. Participating member banks were: German Savings Banks Association via Bildungsmedien (as part of the DSV-Group), Government Savings Bank of Thailand, Malaysia's Bank Simpanan Nasional, Kenya Post Office Saving Bank and Banco Estado in Chile.
Why its important for policymakers
The study demonstrates to policymakers and stakeholders that SchoolBank is a proven way to inform and educate people at a young age about financial principles that they can carry with them throughout their lives.
>> Download the study (off-site)