[Amsterdam, 20 March] – This week marks the annual celebration of Global Money Week (GMW), a worldwide initiative dedicated to promoting financial literacy among young people. Organised by the Organisation for Economic Co-operation and Development (OECD), GMW is celebrated in over 100 countries, emphasising the importance of instilling financial awareness and skills from an early age.
Originating as a spin-off from Aflatoun Day, GMW has grown into a global movement championed by Aflatoun International and its 350 partners across 100+ countries. As we commemorate GMW, it is essential to recognise the pivotal role of financial education in empowering young individuals to make informed financial decisions, ultimately fostering financial well-being and resilience.
The significance of financial literacy was reaffirmed by a recent UNICEF report, which surveyed nearly 590,000 individuals worldwide, including girls, boys, young women, and men. Among the five key priorities identified by adolescent girls and boys, financial literacy emerged as a game-changer, underscoring its critical role in shaping their future (1).
Despite scepticism from certain quarters regarding the significance of financial education as part of school education, Aflatoun remains steadfast in its advocacy. We firmly believe that financial education is not merely a ‘nice to have’ but a fundamental element in nurturing positive self-esteem, self-confidence, community engagement, and entrepreneurship skills among children and youth. It also allows them to make smart financial decisions and avoid costly mistakes as they grow and especially when they transition from school to work life.
In 2022, the Aflatoun Network witnessed a significant milestone as financial skills for youth were included in the UN Secretary-General’s Vision Statement on Transforming Education. While Aflatoun and its partner network played a role in advocating for this inclusion, the achievement underscores the growing recognition of financial education as a key component of the global development agenda.
As we look ahead, Aflatoun calls upon Governments, UN organisations, International Development Agencies, INGOs, and donors to prioritise financial education for all children and youth. We urge government leaders worldwide to integrate financial education into the future development agenda, recognising its transformative potential in shaping the lives of future generations.
In particular, we emphasise the importance of including financial education in the “Pact for the Future”, which will serve as the outcome document of the September 2024 ‘Summit of the Future’ convened by the UN Secretary-General. This summit represents a crucial opportunity for world leaders to forge a new international consensus on delivering a better present and safeguarding the future. By incorporating financial education & responsible resource management into the “Pact for the Future,” we can ensure that it receives the attention and resources necessary to effect meaningful change in the lives of children and youth worldwide.
During the Global Social & Financial Skills Conference 2023, Aflatoun spearheaded the preparation of ‘The Utrecht Declaration and Commitment to Action for Transforming Social and Financial Education’ (2). Signed by over 150 organisations from 80 countries, this declaration underscores the collective commitment to ensure access to financial education for all children and youth worldwide. A particular focus is drawn towards investing in adolescent girls and harnessing their potential for economic growth, providing them with opportunities, and ensuring financial access, especially in vulnerable and marginalised contexts. It is also crucial to focus on children and youth facing violence and living in crises and providing them with meaningful and relevant education that goes beyond foundational literacy and numeracy, and includes life skills and financial education.
As Global Money Week unfolds, let us reaffirm our commitment to empowering young people through financial education, equipping them with the knowledge and skills to navigate an increasingly complex financial landscape and secure a brighter future for themselves and their communities.
Check out our Global Money Week landing page.
(1) The five concrete policy priorities outlined in the report include:
- School access and skills, with a focus on education on girls’ rights and gender equality.
- Comprehensive sexuality education and girl-centered adolescent health services.
- Classes for parents and caregivers on girls’ rights.
- Financial literacy training to manage resources and livelihoods.
- Financial security, with support to earn money and contribute to family finances.