Global Money Week Shines Light on International Youth Financial Literacy

As this year’s annual Global Money Week has just come to a close, the worldwide event once again infused a strong spirit of financial literacy into the minds and hearts of individuals and organizations across the globe.  Taking place the second week of March every year, Global Money Week is run by the Child and Youth Finance International Secretariat and involves nearly 500 organizations in more than 100 countries.  The annual event’s objective is to enable young people to gain better access to financial education and financial services.

With a major component of Global Money Week being the inclusion of children and youth in the financial literacy activities, many banks focused on this theme in developing and rolling out their programs.   In one example, the Central Bank of Nigeria (CBN) launched an initiative to teach young people about saving, investing and the importance of financial planning.  Ecobank Nigeria, Heritage Bank, Keystone Bank and Diamond Bank all had a notable and impactful presence and focus on youth financial literacy.

Financial literacy proponents are promulgating the reach of Global Money Week, which is now touching 2 million youth, including at their schools, libraries, local financial institutions, and the Internet.  One of the most dramatic changes that has sparked broader outreach has been the increase in the use of technology as a key element employed  by local, regional and national event organizers.  Specifically, websites, online education tools, and digital games are enabling young people to access the financial education remotely, while engaging them with a more interesting and exciting experience.

Global Money Week is one of the many fast-growing initiatives that aims to bring more awareness to the problems associated with high levels of financial illiteracy on a global basis.  Industry experts are excited to see Global Money Week’s success, as many contend that it is very emblematic of the anticipated growth of the overall financial literacy movement in the months and years ahead.