Financial education is critical to understanding how today’s society operates. However, it is currently not part of standard school curricula.
“LEARN MONEY” is part of the Global Redesign Initiative established in 2009. The initiative addresses the need for current and future generations to have access to effective financial literacy programs. The goal of the initiative “LEARN MONEY” is to improve the financial literacy of young adults in German-speaking Europe on a sustainable basis by following a “top down/bottom-up” approach. This means on one hand applying public pressure by increasing awareness of the lack of financial literacy and its consequences to the wider public through media campaigns and through the involvement of opinion leaders (politics’/business/academia/unions) who voice clear demands (such as to include economics in the standard curriculum). On the other hand the initiative wants to have direct impact on the financial education on (some) children and young adults by launching innovative educational projects and the qualification and support of selected existing initiatives and effectively franchising existing “best practice” financial literacy programs/projects and tools into German-speaking Europe. A roll-out of the successful prototype into other regions globally and/or target groups is envisioned. Furthermore, the initiative “LEARN MONEY” will establish a sustainable “Learn Money” network with a yearly forum/summit.
The “LEARN MONEY” Initiative was first presented at the World Economic Forum in Dalian in 2009. “LEARN MONEY” has been called into action in November 2009 with its first official event, a round table high-level discussion in Berlin, with leaders from education, financial institutions and politics participating on the subject of financial literacy. At the same time, “LEARN MONEY” hit the road with a special supplement of the German newspaper DIE WELT, with a circulation of 700,000 copies across Europe, urging and calling for financial literacy. “LEARN MONEY”, with its global messages has already won over well-known names, such as Nobel peace price winner and banker Professor Mohammad Yunus. Professor Yunus will highlight the major aspects of financial and consumer literacy, raising awareness about the spending habits of the youth of today at the open forum of the WEF in Davos 2010 in a very special school lesson for local school children on social business. A cooperation with ebs (European Business School) has been established. In 2012, the “LEARN MONEY” initiative rolled out its first Learn Money Day with activities in Santiago, Denver, London, Dusseldorf, Munich, Zurich and Istanbul. Young Global Leaders and their networks taught at schools around the world and raised awareness for the importance of financial literacy.
After the initial success of the pilot in 2012, the Learn Money initiative is planning its Global Learn Money Week from 15 to 22 March 2013. YGLs are seeking to raise public awareness of the importance of financial literacy for the next generation. Besides the already proven course plan for children aged 9 to 13, they are currently developing material for older children (14-16 years). This initiative has taken off under the leadership of new YGLs from the United Kingdom, Turkey and Germany.
In 2013 we will further expand the activities to approximately 20 countries and raise the level of involvement in each of these countries. Learn Money will provide all YGLs participating with ready-to-use material. In parallel Learn Money will act as platform for experience exchange and collaboration on the different ways to promote and work on financial literacy. This includes the leverage of media (traditional/social), educational courses and events as well as relationships to governments and regulatory bodies. Should you be interested in joining this effort, please contact Henrik Naujoks (Henrik.Naujoks@Bain.com).
Carola Ferstl, Carolina Müller-Möhl, Henrik Naujoks, Mirjam Staub-Bisang, Peter Würtenberger