Abdellatif Jouahri emphasizes financial education for young people

The Moroccan Foundation for Financial Education (FMEF) organized with its partners, on Wednesday, at the Professional Training Center of Bank Al-Maghrib in Rabat, a ceremony to celebrate the tenth anniversary of Global Money Week (GMW).

The GMW is an event that mobilizes actors from the education and financial sectors with the aim of bringing children and young people closer to the world of finance. Under the theme ” Build your future, be smart about money“, the 2022 edition organized in Morocco from March 21 to April 3, 2022 had a rich and diversified program.

This ceremony was an opportunity to retrace the course of this event through its various achievements and to reward the winning students of the various competitions organized during the 2022 edition.

These are three competitions, two of which are organized in collaboration with the Ministry of National Education, Preschool and Sports and the third organized in collaboration with the Ministry of Tourism, Handicrafts and the Social and Solidarity Economy.

The competition ofBest Drawings” open to college high school students, this competition, entitled “عالم المال بعيون الاطفال“ (The universe of money through the eyes of children) aims to unleash the creativity of children and juniors on a theme related to finance.

The competition “Best Essays” open to high school students, focuses on writing a short story “قصتي مع النقود” (My story with money) real or imaginary story while the Competition “Best Craft Piggy Banks”, “حصالتي بحرفتي” (My money and my job) from different subjects and intended for student trainees in training centers for crafts.

Only 1/3 of adults worldwide understand basic financial topics

Present at the 10th anniversary of GMW, Abdellatif Jouahri, Wali Bank Al-Maghrib (BAM) thanked in his speech all those who were present at the ceremony, which shows the importance given to the development of financial skills of our young people citizens, he noted.

While recalling that Morocco participated in the very first edition of this event in 2012 and won the Honorary Prize awarded by the CYFI which initiated it, the Wali of BAM did not fail to underline the adherence enthusiasm of the Ministry of National Education, Preschool and Sports as well as that of the various partners who ensured its success.

Referring to the 2014 global survey conducted by Standard & Poor’s on the level of financial literacy, Jouahri said that only 1/3 of adults in the world understand basic financial topics.

In the same vein, he cites the Findex survey conducted in Morocco in 2021, which states that more than 40% of unbanked adults said they were not able to use an account with a financial institution without help. , noting that surveys on financial literacy conducted around the world show that the level of young people aged 18 to 29 is lower than that of adults. And that even when they already hold and use means of payment, current accounts and savings products, they are very little initiated into financial matters, he underlined.

For the youngest, the Wali of BAM points out that the situation is just as delicate throughout the world, thus citing the report of the PISA 2018 survey, which reveals that one pupil in four (one in seven in the countries of the OECD) turns out to be unable to make even simple decisions related to day-to-day expenses “, before noting that barely 10% reach the highest level of financial knowledge on average in OECD countries.

Moreover, he continues, and although one in two teenagers has an account at a financial institution and/or a payment card, only one in three has the skills necessary to interpret a bank statement.

In Morocco, the results of the survey on financial capacity that we conducted with the World Bank in 2014 showed that several gaps in financial skills among adults have their origins in childhood and young age due to a lack of learning. . Similarly, Findex surveys have confirmed disparities in the use of financial services between young people and adults », remarked Wali BAM.

It is therefore clear, according to Abdellatif Jouahri, that financial education is both an important lever for customer protection and financial inclusion aimed at strengthening the resilience and financial well-being of citizens.

The results are certainly encouraging, but they remain insufficient given the importance and scope of financial education needs for all the segments targeted. In this sense, we have launched, with the technical support of the AFI and the OECD, the conduct of a barometer to measure financial capacity which will teach us about the gaps to be reduced in terms of knowledge and skills. of citizens, and the results of which will be available during the first half of 2023 “, announced Abdellatif Jouahri.

To conclude, Wali BAM expressed his commitment to redouble his efforts in the face of a world that is experiencing paradigm shifts and which imposes rapid adaptations that we must face with agility and efficiency. “I have no doubt that we will be able to do it and succeed,” he concluded.

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