Why is financial education essential?
Financial decisions play a fundamental role throughout our lives, i.e. when opening a bank account, taking out a student loan, starting a career, taking out a mortgage to buy our first home, saving for our children's university education, preparing for retirement, etc.
In light of the critical role that money plays in our daily lives, it is vital to give children the knowledge and skills they need in order to take the right money management decisions for their future.
The ABBL firmly believes that it is essential to develop competencies in financial education in order to prepare individuals for the financial risks they may face.
It is imperative to provide citizens with support and guidance in becoming more autonomous, both financially and socially, for:
Teaching children the basic concepts of the world of finance by associating the idea of money with a specific objective or a project to be accomplished (saving up for a cinema ticket or a trip) keeps it relevant to their world and reinforces the idea that financial education should start as young as possible.
Financial education must be imparted at the earliest possible age in order to maximise its benefits.