Authors: World Savings and Retail Banking Institute and Child and Youth Finance International
The informal intake of information related to money matters which shape a young person's perception of finance, and how that information is utilized and put into practice, is crucial to the development of one's personal finances. However, even more critical is the affirmation that the developed financial habits are healthy and have resulted in the ability to make wise and informed financial decisions.
Across the globe, children and youth are exposed to the various facets of finance from a very early age, often times unaware of the fundamental knowledge they are taking in. The understanding of the everyday use of money ranging from spending, to budgeting, to saving it, is absorbed by simply observing the use of money from family members, from friends, from television shows and even from the internet.
While informal knowledge plays a large role in young person's understanding of finance, formal lessons on money management learned in the classroom is a prevailing method to ensure that children and youth are properly informed of financial matters and how to develop their own healthy habits.
SchoolBank: A global effort
Together with the World Savings and Retail Banking Institute and its partners, Child & Youth Finance International has highlighted examples of financial service providers from around the world who work together with schools to provide a holistic approach to financial education and financial inclusion of young people. This approach is referred to as SchoolBank, which promote the combined effort of formal financial education with access to appropriate products and services designed specifically for children and youth.
This publication provides insight on how the financial sector can work together with the school system utilizing the SchoolBank approach not only to provide children and youth with the knowledge they need to best understand today's financial landscape, but to provide them with the products and services they need people to be able to act as young economic systems in today's society.