(AFP Photo)
By Menna Zaki
MasterCard has launched its Global Money Week initiative to spread awareness about the importance of children having access to safe financial institutions become “productive economic citizens”. The celebration will be between the 10 and 17 March to provide a chance for youth to learn about creating their livelihood.
MasterCard said Global Money Week also gives young people the opportunity to think about their “financial future”, with 12.9% of Middle Eastern youth given access to bank accounts at formal financial institutions. Having access to safe financial products and services helps in the development of youth in different aspects socially and financially as it allows them to aim for their goals, the company said. It also helps them along with having access to” proper education and products they need to succeed financially and economically”.
Financial institutions will benefit as well from the initiative, as the banks will be provided the opportunity to build long term relationship with their customers. “Young adults are two times more likely to own savings accounts, two times more likely to own credit cards and four times more likely to own stocks when they have savings accounts as children,” according to a recent University of Kansas study.
The consequences of not addressing the need for secure financial products include financial and social exclusion and higher unemployment, which may lead to over-indebtedness and poverty.
