SchoolBank Challenge 1: My Ideal Bank Account Competition
To enter this competition, the participants must create a project that will result in a presentation, in the form of a PowerPoint, banner, document, video and/or pictures, of what their ideal bank account should be. The students are incentivized to research their national financial market (banking sector) and to assess which child friendly products are offered by the banks in their countries. Children may be inspired by already existing products to create their own product, or they may create a new product from scratch.
Children will design their own ideal banking product, indicate the characteristics of the product, provide or create the name and the ‘look’ of the product. More audacious students may also create marketing or outreach strategies. All ideas are welcome!
SchoolBank Challenge 2: GMW SchoolBank Video Challenge
The GMW SchoolBank Video Challenge especially invites the submission of a video which involves the children, teachers, parents, bankers, and other stakeholders participating in the SchoolBank project.
This challenge invites groups to submit a Global Money Week (GMW) video to show us what the SchoolBank participants are doing to celebrate GMW2017, and most importantly to highlight the role that the SchoolBank program has offered to the participants!
This fun video may take any format – a vlog, an interview, a short skit/documentary, or any creative way to showcase the activities and the role of SchoolBank in GMW, as well as the role of SchoolBankin economically empowering young people.
The GMW SchoolBank Video Challenge follows the same mechanics as that of the general GMW Video Challenge, which are as follows:
What is SchoolBank?
SchoolBank aims to increase the economic empowerment of children and youth by providing them with access through appropriate banking products and economic citizenship education (financial education, social and livelihoods education). Local banks offering Child &Youth Friendly banking products will be engaged with the local schools, under the supervision of the Ministry of Education and Central bank regulators, to provide such products through the school system. Not only the children will receive financial education, but will also have the chance to put in practice what they learn, thanks to the access to savings accounts or other similar products.
Check SchoolBank infographic for more information.
How does it work?
The SchoolBank model aims to deliver three basic services to children and youth:
- Education: Continuous educational inputs, that is providing economic citizenship education and generating financial awareness;
- A one-time banking initiation: providing a savings account to open, which may include collaterals such as passbooks, ATM cards, check books and/or magnetic cards;
- Ongoing transaction support: providing withdrawal and deposit facility, enabling cash transfers between accounts, balance inquiry, savings calculators and savings incentives.
How does it help children and youth?
The importance of financial capability of young people has been recognized by a number of international organizations, public authorities, and development organizations as an essential component to achieve full economic and social potential of the next generation of young people. As outlined also in the OECD PISA Financial Literacy Framework, financial education should give children a better understanding and knowledge of “financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts.
For young people, financial education should start as early as the age of seven as this is a crucial age in relation to forming habits and, as recommended by the OECD, financial education should begin in schools. Introducing financial education in schools is important as “building financial education into curriculums from an early age allows children to acquire the knowledge and skills to build responsible financial behavior throughout each stage of their education".