According to the World Bank, since 2010, more than 55 countries have made commitments to financial inclusion, and more than 60 have either launched or are developing a national strategy. While financial inclusion is on the rise, there is still vast opportunity in the space for improvements, especially with the current FinTech revolution in Australia.
Financial inclusion helps individuals make daily payments reliably and access credit to invest in small-scale activities that generate income. It also helps them save money for future use. Lack of financial inclusion prevents people from accessing insurance. This means that it is hard for them to cope with vulnerabilities associated with risks and financial shocks.
Not only is financial inclusion an important topic in which to focus, but financial education is also critical for fiscal wellbeing and independence. This is an especially large pain point for adolescents and young adults as they pursue higher education or enter the workforce.
Youthful Savings, a startup part of The Learning Marketplace, is an EdTech company focused on empowering the next generation with financial wellness. The startup offers many different educational tools for individuals to learn fiscal responsibility and other tools necessary for financial wellbeing.
My Own Business Challenge, Handle Your Business, and Financial Freedom are some of the modules included in the subscription package. These topics allow individuals to understand the nuances to become an entrepreneur, how to set financial goals and achieve them, such as saving for higher education and feel empowered with skills needed to thrive in the new economy.
Youthful Savings recently ran a pilot with one of our corporate partners, Capgemini, in which the participating adolescents interacted with the platform by completing exercises centred around financial literacy. The startup will also be running a pilot with another partner of ours, Nab, in late September, in which participants will teach the principles of entrepreneurship and fiscal responsibility. Youth will also receive business investment for their well-formulated business ideas through the Youthful Savings Foundation.
By teaching adolescents and young adults the principles of fiscal responsibility, they will feel more confident when making decisions regarding future education, careers, and potential business ventures.