National Bank of Georgia Hosts Child and Youth- friendly Product Development Workshop
Within the frames of the workshop, participants discussed the importance of the young generation's financial literacy and financial inclusion, as well as the business case for developing child and youth-friendly financial products. CYFI experts shared international experience and best practices in the field, while NBG specialists discussed the regulatory framework, consumer protection principles and NBG's planned activities in the direction of children's financial education. Further, the Savings Banks Foundation for International Cooperation (SBFIC) shared with workshop participants the German experience in developing financial products for children and youth. The workshop was also attended by the representatives from the Ministry of Education and Science of Georgia, who stressed the importance of financial education at schools, and discussed the Ministry's cooperation framework with NBG.
It's noteworthy that the young generation is one of the priority target groups within the frames of the National Strategy for Financial Education. To that end, NBG and Child & Youth Finance International have been working on implementing the project SchoolBank in Georgia since 2015. The project consists of not only an educational component, but a banking component as well, which entails developing and proactively offering child and youth- friendly financial products and services.
"In today's world, the young generations have to make important financial decisions at increasingly earlier stages of their lives. For this purpose, children and youth not only need theoretical financial knowledge, but also the ability to apply financial literacy to practical situations. Thus, it is crucial for the young generation to have access to appropriate financial products and services, in order to develop healthy financial attitudes, save money, set financial goals, and expand their opportunities. In this process, it is imperative to protect children's rights and interests. In a long-term perspective, these initiatives will help the youth become economically active and financially responsible citizens, reinforcing their financial well-being" - stated Koba Gvenetadze, Governor of the National Bank of Georgia.
"Product Development Workshop has the objective of supporting financial institutions and regulators in understanding why child and youth-friendly products and services are important, and exploring the business case for products aimed at children and youth. The workshop also aims to share the best practices and experiences from different counties. Banking products for children have to be responsible, provide financial literacy skills, and stimulate their own savings behavior since the young age. The objective of the workshop is to convince more banks to join and participate in the SchoolBank project" - stated Karina Avakyan, Senior Network Advisory Manager at Child & Youth Finance International.