The Bank of Israel is aiming to introduce financial literacy at a younger age, launching a program to build and encourage a new generation of innovators and entrepreneurs.
The Bank of Israel’s Banking Supervision Department has unveiled its new education program to help teenagers learn banking and finance fundamentals. Coined ‘Taking Responsibility for Our Money’, it continues an initiative the bank began in 2015.
The promotion of financial and banking education is a key priority for the Israeli Banking Supervision Department (BSD) n line with the national financial education policy, as laid out in Ministry of Finance national strategic plan to promote financial education and inclusion in Israel.
Supervisor of Banks, David Zaken, said: “The decision to launch another campaign focused on youth, derives from the understanding that strengthening the position of the customer requires education toward proper banking from an early age.”
“In order for [customer] recommendations to be effective, the active involvement of consumers needs to be increased.”
The fully-developed program that is currently in launch includes tools to help learn formal banking conduct, including advice books, planning budgets, savings recommendations, bank account management skills and navigating banks.
Founder and chief executive of New Zealand-based children’s finance education platform, Banqer, Kendall Flutey, agreed that teaching financial literacy skills from childhood was vital for countries looking to build innovative minds for the future.
“Financial literacy rates aren’t improving. The current default financial education provider is often parents,” she said.
“We all agree on a problem, it just seems there is not enough action when it comes to imitating or mandating a proven solution.”
‘Taking Responsibility for our Money’ includes the BSD response to financial literacy rates across Israel, and is being produced by the Government Advertising Office.
The BSD will also answer financial questions from children and teenagers, as well as providing explanatory and information materials to be made available on the Bank of Israel website.
Read more from Banqer Chief Executive, Kendall Flutey, by clicking here!
