Enough has been spoken, written and preached about the dire need to get Generation Z financially educated.
We have the research, the white papers and tonnes of empirical evidence pointing to the importance and life-changing nature of this skill.
The consequences of ignoring this crucial aspect of “adulting” preparations are widely known and feared.
It is time to accelerate to the next step — to stop admiring the problem and to work on crafting a strategy that effectively deals with this seemingly intractable issue.
Not just any strategy. A strategy that is worthy of the future generation and all that is at stake if we don’t act thoughtfully and intentionally.
This goes beyond merely creating apps, putting up content on websites or simply running hour-long awareness sessions that barely scratch the surface of this transformative skill.
Instead, it involves going to schools, colleges and universities and delivering a programme that covers all the basics of personal finance.
It involves trained and experienced educators curating discussions and establishing the emotional connections necessary for true learning.
There is new research that shows that in-person instruction is more effective in changing behaviour than gamified or digital instruction, especially over the long term.
And the only worthy solution will be one that is effective in the long term.
The scale and neglect of the financial illiteracy problem necessitates wide-scale collaboration among various stakeholders — parents, schools, students, financial institutions and government bodies.
With collaboration as the bedrock principle, we can then build on a strategy that has the following three elements.
Standards
It is said that anything worth doing is worth doing well. So, it is imperative that any financial education initiative aimed at Gen Z is modelled on global quality standards.
Depth, nuance, sophistication and simplicity should be the key considerations. Real value needs to be delivered.
And it is not only the content that needs to be considered here. Equally important are the standards of delivery, making sure that the educators involved have the expertise and experience in teaching youngsters.
Another essential aspect to examine is the ethical standards of the initiative.
It is vital that the initiative is not used to market financial products to youngsters.
Many of the current initiatives fail on this important metric and governments around the world are beginning to clamp down on this by legislating against it.
An initiative that benefits only a couple of dozen students isn’t going to cut it. The strategy needs to allow for scale and touch the lives of thousands of students
Marilyn Pinto,
founder of KFI Global
Scale
A worthwhile financial education strategy needs to be scalable.
An initiative that benefits only a couple of dozen students is not going to cut it. The strategy needs to allow for scale and touch the lives of thousands of students.
The scaling up of the initiative requires resources, both capital and human.
This is no small ask — getting an initiative to scale up without compromising on the quality of the initiative or the quantifiable aspects of it is a formidable challenge, but one that is imperative to surmount.
Scaling up also requires a road map, which details how best to use resources to create deep social impact.
Sustainability
A financial education strategy that is deemed successful will have to be one that has sustainability at its heart.
Sporadic, intermittent, topical efforts have no place in a worthy strategy. This would be a colossal waste of time and resources.
Consistency should be key here. Consistency shows commitment. Consistency enables the initiative to reap the effects of compounding, slowly but surely creating deep social impact.
A sustainable strategy in this regard should focus on initiatives that build deep, collaborative relationships with the stakeholders involved.
This is important because sustainability will be a key driver of the success metrics.
This is not going to be easy. Interweaving the elements of standards, scale and sustainability into a financial education initiative is bold and demanding.
But this is what a worthy long-term financial education solution will look like. One that will positively affect the lives and success of the next generation.
The sooner we start putting it in place, the better off Gen Z will be.
Marilyn Pinto is the founder of KFI Global
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The%20specs
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Coal Black Mornings
Brett Anderson
Little Brown Book Group
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Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The%20specs
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
