The East-West United Bank (EWUB) has, for the second year in a row, organised financial literacy lessons for children aged 8-13 years old; a total of 60 participants received EWUB Junior Banker certificates at the end.
The aim of the initiative is to stimulate an interest for financial knowledge in children via first-hand communication with financial experts. As children actively use money and are exposed to various financial terms, it important to teach them at an early age about prudent management of personal finance as well as about risks and opportunities that come from money.
Last year, lessons were held in different languages and locations, including at the historic villa Foch – the main office of the bank. This year, due to the COVID-19 pandemic, the employees of the bank conducted the lessons online using Zoom. The senior staff of the bank explained complex financial terminology in a comprehensive manner with the help of illustrative examples, cartoons and entertaining tests.
The topics discussed with the 10-13 years old audience included: investments — what is it, what kind of investment opportunities exist for teenagers and what risks relate to different investment options; stock exchange, shares and bonds, what is the process of buying and selling of securities.
Younger children discovered the ways to organise their pocket money, plan expenses, make purchases and save aside for a dream. In addition, they learnt about bank cards and security issues related to their use in everyday situations and online in particular.
“We hope that after the lessons some financial topics and terms will become clearer for the children, they will begin to ask the right questions to the parents and they will have a desire to learn more. With the knowledge they will be able to make smart decisions to manage their finances” said Yulia Reuttskaya, Marketing Director of EWUB.
The financial lessons revealed that questions about who to become in the future and how to make money are very relevant for modern children. The bank plans to continue its initiative online by expanding the list of topics and languages.