HSBC, INJAZ Egypt expand partnership to empower youth to manage their financial future

CAIRO - 21 March 2022: HSBC and Injaz Egypt are expanding a new financial education experience that teaches young people how to save, budget, and make smart decisions with their money.

 

The JA Building a Financially Capable GenerationTM initiative pairs educators from JA and volunteers from HSBC with groups of students in classrooms, community centers, and online. Educators and volunteers work together to teach, coach, and mentor young people to increase their knowledge, skills, and experience with money, promote their self-confidence, and build relationships that support financial health and resiliency.

 

This year, a grant from HSBC will enable INJAZ Egypt and the JA Worldwide network to engage more students in the learning experience and to launch the program in four more countries: Oman, Turkey, Thailand, and Vietnam.

 

“We are very proud to be partnering with HSBC for the second year in a row on the Building a Financially Capable Generation program. This partnership has truly demonstrated the great impact the program has on its students and I am excited for further collaborations with HSBC, a very impact-driven entity.” Said Yasmine Wilson, Managing Director, INJAZ Egypt. “Together we are proud to deliver great learning experiences that enable young people to become financially capable and enable them to own their financial futures.”

 

 

The JA Building a Financially Capable GenerationTM program is designed for youth ages 12-16. It includes a three-part approach:

 

1. An educational foundational session, delivered by teachers and volunteers

 

2. A mobile app, FinQuest, designed for youth

 

3. A team-based project and competition, the Global FinCap Challenge

 

 

 

An independent evaluation of the program pilot found evidence that the learning experience is working. Researchers found a key benefit of the program is introducing young people to financial capability content and concepts they don't get anywhere else. Data from pre- and post-program surveys, quizzes from the FinQuest app, and volunteer surveys and interviews showed that the program increased:

 

- Knowledge scores related to financial capabilities

 

- Attitude scores related to savings and insurance

 

- Behavioral intent related to budgeting and accessing financial services

 

- Self-efficacy scores related to setting financial goals and managing money

 

 

“Teaching young people the value of money is not in any school curriculum, so the Financial Capability program offered by INJAZ Egypt was a wonderful opportunity to make young people think about their own perceptions on spending and be aware that it’s crucial to distinguish between ‘needs and wants.’ The earlier they understand that money is earned and not just assumed, the faster they’ll begin to appreciate its value. Giving kids an allowance on its own is not an effective way to build a child’s financial skills - the benefits come when the child also gets guidance on saving and budgeting and this is what the Financial Capability is all about!” Explained, Rachel Abundo, El Gouna School.