How can young people learn about financial products and services?
Rafiq Kamal, Malaysia, young Futuremakers Participant, explained: “Conventional financial education is complex, full of long, bombastic words that make financial education inaccessible and not readily understandable, and thus making young people mostly financially illiterate.” Instead, he challenged: "Finance should not be a hurdle, but it should be easy and fun as it is part of our life."
Tamara van den Ban, Global Head Customer, Consumer, Private and Business Banking, Standard Chartered Bank, backed this up: “It surprises me that you learn so many things in school and in life, but you learn nothing about managing your own money. Even in adult life, most people do not feel comfortable managing their daily finances or feel they are doing a good job—this is through all levels of salary, including people who are affluent. Only the impact is different. So the earlier we tackle, the better!” Tamara would like to see “financial education that is grounded from people’s life challenges, goals, and ambitions rather than bank product education.”
Andy Woolnough, Executive Vice President, Global Advocacy, Women's World Banking, concluded: “Providing digital and financial education through teachable moments in trusted environments is critical in ensuring that these [financial] products are used.”
The Forum went some way in exploring different financial learning models, sharing financial training advice, and examining new financial learning technology. Together, attendees joined a financial clinic with experts from Standard Chartered Bank and Me.reka (Do take a look at the section later in this report to examine some of what was shared). At the hackathon, three young Futuremakers Participants—Rafiq Kamal, Rosemary Akello, and Solomon Kutesa—shared their ideas on financial education that could work for young people.
Natasha Kwakwa, explains:
We must see more digital financial products that help teach as you work through them [to] teach about finances, goals, and digital literacy through small nudges and encouragement.
