MasterCard Teaches Financial Literacy in Dubai

MasterCard continues to move ahead aggressively in the financial literacy space, announcing an alliance with INJAZ UAE, which has been a longtime partner of MasterCard and a member of Junior Achievement Worldwide.  The two institutions collaborated to teach eighth grade students about financial literacy concepts, as well as entrepreneurship.

This initiative represents the latest in a series of financial education programs developed jointly in UAE by MasterCard and INJAZ UAE.  Last year, MasterCard rolled out the “JA It’s My Business” program, which targeted middle school students and which is the first step in INJAZ’s entrepreneurship education program that begins in the middle school years and continues through age 23.  Each MasterCard initiative developed with INJAZ is very financial literacy centric, educating young people about concepts ranging from budgeting and saving, to debt and financial planning.

Of major significance is the fact that data collected from the young people who participated in the program last November demonstrates a positive impact on the students, with more than 65% reporting that the educational sessions taught them to think more creatively and over 45% exhibited greater levels of teamwork and analytical thinking, each of which are important skills for enhanced financial capability.

As MasterCard continues to launch new financial education programs throughout the world, many industry observers are looking to the multinational payments giant as a beacon and bellwether in terms of innovation in financial literacy programs designed to improve the financial capability of individuals and families of all ages.  And as more global corporations have similarly increased their efforts devoted to improve financial education in the last few years, many contend that this will bode very well for the financial literacy industry in the months and years ahead.