Israel will be marking Global Money Week for the first time next week. Activities for the annual, global campaign to help middle school and high school students become more aware of the importance of smart financial behavior will run March 22-28.
Since 2012, the campaign, which is organized by the OECD, has reached over 40 million children and youth in 175 countries, according to the OECD.
The Bank of Israel's Banking Supervision Department, along with the Education Ministry, has organized a series of online educational programs and social media campaigns to help youth get acquainted with the basics of financial awareness, said Eylon Binyamin, who is responsible for financial education at the Banking Supervision Department.
A series of videos, presentations, and games on the Bank of Israel website teach teens about managing a budget, saving money, and understanding a bank account.
“We also created an interactive game for smartphones to teach the importance of saving money, managing your budget, knowing how much money you have and planning how to use it,” Binyamin said.
“After the coronavirus crisis, people understand better the importance of managing money properly.”
A large social media campaign will run during the coming week teaching other important financial concepts will run on Facebook, Instagram, YouTube and TikTok, with short and fun lessons, Binyamin said.
Although Global Money Week takes place while Israel’s schools are on vacation for the Passover holiday, the online material will remain available to schools after the holiday, he noted.
What are the most important things teens need to learn about money? “First, the importance of savings is the basis of financial knowledge,” Binyamin said.
“Setting aside even a small amount of money every month can provide a lot for our financial security. This is a concept that people need to learn at an early age, even before they start earning salaries, to accompany them throughout their life.
Secondly, he said, children need to learn the importance of planning expenses in an organized manner. “If you learn to spread out your earnings over the week or month, it gives you control over your money to use it in the way that is best for you.”