Global Money Week: Supporting Young People Through Financial Literacy

Global Money Week (GMW) is an annual global awareness-raising campaign. The focus is the importance of ensuring that young people, from an early age, are financially aware. It is important that young people are gradually acquiring the knowledge, skills, attitude and behaviours necessary to make sound financial decisions. Ultimately this can lead to achieving financial well-being and financial resilience. This year, GMW is happening on the 20th-26th March 2023.

Why is it important to teach young people about money from a young age? 

Teaching young people about money from a young age can have a big impact on them as adults.

By teaching children about money from a young age, they can develop an understanding of financial literacy. This can include basic concepts such as budgeting, saving, investing, and debt management. These skills will help them make better financial decisions in the future. Further, children who are taught about money management at a young age will be better equipped to handle their finances as they grow up. This can help them develop good financial habits and avoid falling into financial hardship later on in life.

What is the goal of GMW?

GMW encourages national and international stakeholders to join in promoting efforts aimed at improving financial literacy of young people. This includes:

• Public institutions
• Financial institutions
• Civil Society Organisations
• Youth Associations
• Universities and Schools 
• Education and Health professionals 
• Parents

To find out how you can help play a role in ensuring that young people become financially literate, find out more here

How is IE Hub supporting young people through financial literacy? 

IE Hub is a free-to-use tool for all consumers, regardless of age. We have recently seen an increase in younger people turning to IE Hub for support with their finances. Those aged between 18-24 has increased 5X since pre-2022 and is currently our fastest growing age demographic. This shows that more and more young people are requiring support with their finances, as the cost of living continues to rise. We are proud to be supporting so many young people who need to budget their finances or share their Income & Expenditure with a creditor. 

IE Hub is committed to educating future generations and so we have supported The Beavers and KickStart recruits. We are also passionate about hiring apprentices to join our company as a way to provide a steady source of income for those beginning their careers. We are hopeful that gaining experience and developing their skills at IE Hub can lead to long-term career advancement opportunities for our apprentices. 

Further, IE Hub has provided our tool, free of charge, to Citizens Advice Caerphilly & Blaenau Gwent. This partnership provides young care leavers with tools to transition into society and begin their adult life. We are hopeful that the young care leavers that we are supporting will be able to manage their finances and have improved financial literacy after using IE Hub. 

Conclusion

In conclusion, Global Money Week is a crucial global initiative that aims to raise awareness about the importance of teaching young people about money management and financial literacy. By educating children and youth about budgeting, saving, investing, and debt management from an early age, they can make better financial decisions in the future, avoid financial hardship and achieve financial well-being. IE Hub is proud to support this initiative by offering free financial tools and supporting young people through partnerships with organisations such as Citizens Advice Caerphilly & Blaenau Gwent, The Beavers, and KickStart. We believe that providing financial education and support to young people is essential for their future success, and we are committed to continuing to play our part in ensuring that young people are financially literate and financially resilient.