If you randomly ask people to explain some of the most basic financial concepts like loans, savings, assets and so on, you will find that not a lot of people understand these concepts despite their importance in everyday financial transactions. To make it even more interesting, if we ask you to explain these financial terms to a 5 year old kid, it becomes a real struggle.
Low Financial literacy is a global reality – According to Standard & Poor’s Ratings Services Global FinLit Survey, supported by the World Bank Research Group, Nigeria has only 26% of its adult population being Financial literates, behind other African countries like Botswana (52%) and South Africa (42%). Despite countries like Denmark, Sweden and Norway having 71% of their population financially literate, the global financial literacy level is less than 40%. This is low.
Financial literacy is simply the knowledge and understanding of key financial skills and concepts, and the ability to put them to use in your life and affairs. People who are financially literate have the ability to make informed financial choices regarding saving, investing, borrowing, and more. Without an understanding of basic financial concepts, people are not well equipped to make decisions related to financial management.
Considering the low financial literacy level among Nigerians and globally, FairMoney MicroFinance Bank, in line with its vision of closing the financial inclusion gap, has decided to promote Financial Literacy among kids. This is strategic to closing the gap, as simplifying financial concepts for kids helps to build a more financially literate society from its foundation.
CELEBRATING CHILDREN’S DAY: INTRODUCING THE FAIRMONEY FINANCIAL LITERACY FOR KIDS EBOOK SERIES.
To “catch them young”, and equip kids with valuable financial knowledge early in life, FairMoney is celebrating this year’s children’s day by launching the first ever, Financial Literacy for kids ebook series in Nigeria – a compilation of financial terms and concepts expressed with easy to understand animal stories and illustrations made for kids.
This e-book will serve as educational material and learning aid to be used by parents, teachers, guardians as well as financial experts to educate kids on financial literacy. What better way to wish our kids a Happy Children’s Day than giving them the gift of financial literacy.
Download Vol. 1 of the FairMoney Financial literacy for kids ebook HERE.
This release is the first edition in a series of Financial Literacy materials that will be regularly released.