Making finance child's play

By Audrey SomnardLex Kleren Switch to French for original article

How to teach children about money? Still taboo in our society, it is difficult to talk about this subject even though it is part of our daily lives from a very young age. If personality has a  big influence on our relationship with money, whether you are a saver or spender, relaxed or stressed, your parents and society are at the forefront of financial education.

In a country like Luxembourg, where the financial sector plays such an important role, educating people about the basics of financial management is a necessity. The OECD Principles and Best Practices on Financial Education recommend that financial education should start as early as possible and be taught in schools. Integrating financial education into the school curriculum provides children with the knowledge and skills to behave in a financially responsible manner at every stage of their lives. "It will help them ask the right questions about their spending habits and encourage them to be good budgeters as adults", says Jessica Thyrion, ABBL's financial education advisor.

While financial education is not yet part of the school curriculum, there are several initiatives that are moving in that direction. It's in the industry's best interest: children who are aware of money issues will be better equipped to manage their budgets as adults, will be less afraid of financial products and will have a better image of the financial sector. The Association of Banks and Bankers Luxembourg (ABBL) has been actively involved in financial education since 2015. The first program, initiated within the framework of the European Money Week, was the "Woch vun de Suen" (Money Week) aimed at pupils aged 10 to 12. It currently reaches between 600 and 1,100 students each year. This activity takes place every year during the third week of March at all basic schools in Luxembourg.

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