Junior Achievement and Girls Inc. Power Financial Education on International Stage

With more than 435,000 volunteers working in 151,000 schools with over 10 million students in 121 countries, Junior Achievement is making huge strides in improving financial literacy among young people throughout the world. Similarly, from its roots in New England during the Industrial Revolution to the thriving organization it is today, Girls Inc. provides more than 135,000 girls in North America with life-changing experiences that help them become more financially empowered and best equipped for success in managing their personal financial affairs throughout their lives.

Financial literacy proponents are broadly summoning governments, corporations, funders, NGOs and other key stakeholders to continue supporting, developing and launching programs and services that help individuals and families better understand critical financial concepts and money management skills. Moreover, there has been an increasing focus on young people given the more complex financial products and services being marketed to them and the vastly higher levels of debt that many are incurring to attend college, not to mention in connection with their higher credit card spending levels.

Junior Achievement and Girls Inc. are addressing this crisis head-on by arming local chapters throughout the world with the tools to deliver education, training and other resources to young people in local communities though models based largely on mentoring and support that instill important learnings to meaningfully enhance financial literacy skills.

JA Worldwide is present in over 120 countries and it currently is one of the largest global NGOs focused on financial and economic literacy, as well as on the social, political, health and other issues impacting young people. The organization’s focus on financial education stems in large part from a broad body of research illustrating that fewer than one third of young adults possess basic knowledge of key financial topics. As a result, educating young people about financial concepts and responsible money management is essential to building their own financial security.

Junior Achievement’s international financial literacy partnership with HSBC is just one of many examples of the organization’s model and effectiveness on a global scale. Through this initiative, over 5,000 HSBC volunteers helped over 315,000 students during five years. Many contend that the most unique feature of JA’s corporate partnerships like this one is the international reach of the organization. As an example, this HSBC financial education partnership with JA was implemented in more than 30 countries through several participating JA organizations. It is this extensive global reach that puts organizations like Junior Achievement, with its deep global chapter ties, and Girls Inc., with its distinct North American footprint, in a significant position with respect to growing and strengthening the financial literacy industry.

For Girls Inc., success has been exhibited in virtually every environment in which girls are located, such as Girls Inc. centers, schools, housing projects, and religious centers. In addition, the organization disproportionately assists girls in low-income areas given the location of many Girls Inc. centers, where an average of thirty hours a week are devoted to financial education through after-school, weekend and summer initiatives.

From an advocacy standpoint, Girls Inc. has similarly moved the needle in the area of financial education. The organization educates key stakeholders about critical issues facing girls, such as the relatively low levels of financial literacy, while informing and lobbying policymakers on the local, state, national and global levels to seek positive changes in the delivery of financial education for girls. The National Resource Center (NRC) is the Girls Inc. research and information services arm and its research provides a solid foundation for many Girls Inc. programs and initiatives.

While there are many differences in the economic, social, political and lifestyle patterns and systems in various developed and developing countries, financial literacy proponents assert that the need for a greater focus on financial education is present in all nations. It is for this reason that Junior Achievement and Girls Inc. remain well positioned to continue to deliver essential financial literacy initiatives for young people in communities throughout the world, which is expected to bode well for the implementation of financial education solutions on a global basis in the months and years ahead.