The Ministry of Education and the Bank of Israel Banking Supervision Department announce a new activity to increase financial awareness among youth, which will take place between October 29 and November 29, 2017, and will include classes in hundreds of 9th grade classrooms throughout Israel.
This activity is the first of its kind on a country-wide basis, and aims to increase financial awareness among youth, to provide practical tools for their banking activity, and to promote their financial independence and well-being at the age when they are permitted to open their first bank account.
The banking system, the association of banks, the forum of local parents associations and the national student and youth council are also involved in the activity.
Ministry of Education Director General Shmuel Abuav said, “The education system is deepening various areas of knowledge, expanding general education, enriching students with knowledge, understanding, thought, and social involvement, and also giving them useful tools to prepare for adult life. Financial education is intended precisely for this purpose. A graduate of Israel’s education system needs to know basic financial terms, and this program, together with other system-wide programs, will give the students these essential basic terms.”
Supervisor of Banks Dr. Hedva Ber said, “The Banking Supervision Department attributes great importance to providing financial understanding, which is a basic life skill, to help youth during their teens years after afterward in their adult lives. Controlling expenses, knowing the various means of payment, and informed financial consumption with an understanding of the costs are part of the information that we would like to provide to youth that have reached the age where they are allowed to open a bank account. I am happy to have the opportunity to provide teens with the foundations and practical tools to promote their financial independence, and I thank the Ministry of Education and the banks for their fruitful cooperation in this important matter.”
Proper financial behavior is one of the most important skills and is part of the basic life skills that each of the students in the Israel education system needs. This program is a joint program of the Ministry of Education and the Bank of Israel’s Banking Supervision Department, with the involvement of the banking system, the Association of Banks, the Forum of Local Parents Associations and the National Students and Youth Council. It is the first activity of its kind on a nation-wide scale, with the aim of increasing financial awareness among ninth-grade youth and providing practical tools for their banking behavior, and to promote their financial independence and well-being at the age at which they are permitted to open their first bank account.
The Financial Awareness Month in the education system will take place between October 29 and November 29, 2017. During that month, classes will be given in hundreds of 9th grade classrooms with the aim of increasing the students’ financial awareness. This will include an experiential training program at the students’ level, using digital aids that offer the students a practical and relevant tool box for day-to-day financial and banking behavior and improving their financial security over time.
The contents, which are uniform in all the schools, will relate, among other things, to the following subjects: budget management, savings, tools for responsible and informed financial behavior, the background of the banking system, basic financial terms, acquaintance with the different means of payment, and more.
In the coming days, a call will be issued to the schools inviting them to register for the activity and to ensure their place as part of this unique program. The activity will be conducted in the classrooms by representatives of the banking system, with content and tools build under the guidance and with the approval of the Banking Supervision Department and the Ministry of Education. In some of the schools, the activity will also be conducted through teachers who will undergo training in the subject matter and by Bank of Israel employees.
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