To build a strong foundation for financial literacy, you need to start young. As the first fully digital generation in Asia, Generation Alpha face unique challenges and advantages too, says Junior Achievement's Kirk Kenny.
And of course, this generation faces unique economic uncertainty. A looming global recession, inflation, the COVID-19 pandemic and technology disruptions in the workplace all make it harder for them to plan for their financial future and understand the importance of financial resilience.Home to 60 per cent of the world’s youth population, Asia has an undeniable imperative to get financial literacy education right. The stakes could not be higher.
Also, in the fast-growing Southeast Asian markets, demonstrating social status through conspicuous consumption is highly valued, particularly for the emerging middle classes. The pursuit of luxury items or extravagant experiences, driven by a quest for social validation, can jeopardise prudent long-term financial planning.
Moving the needle on financial literacy will truly require a village. Non-governmental organisations , the private sector, policymakers and the wider community all have a role to play. But things are moving in the right direction. Companies across Asia are also making efforts towards enhancing financial literacy among young people, starting in schools. In January 2022, our NGO launched a programme with insurer FWD, working with primary schools across Asia to give students access to volunteer-led financial management lessons.
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