Proper Banking Conduct Begins at a Young Age
The Bank of Israel's Banking Supervision Department relaunches its financial education publicity campaign for youth.
The Bank of Israel's Banking Supervision Department relaunches its
financial education publicity campaign for youth.
The program provides useful tools for proper financial conduct, budget and savings management and managing a bank account.
The Bank of Israel's Banking Supervision Department is reaching out to teens with its financial education program explaining proper banking. The program, accompanied by an Internet advertising campaign, is the continuation of a project that was initiated a year ago called "Taking Responsibility for Our Money".
Supervisor of Banks David Zaken notes, "The implementation of the findings in the report by the Team to Examine How to Increase Competitiveness in the Banking Industry will strengthen bank customers. The team's recommendations will lead to expanding the options available to the customer, reducing the cost of services and improving the level of service. In order for the recommendations to be effective, the active involvement of consumers needs to be increased. The decision to launch another round of the campaign focused on youth derives from the understanding that strengthening the position of the customer requires education toward proper banking from an early age, when teens encounter the banking system for the first time."
The program includes useful content and tools for proper banking conduct at a young age. These include advice and useful tools for planning budgets and savings, advice on managing a bank account, advice and assistance in choosing a bank, a glossary of banking terms and a wide variety of questions and answers regarding proper financial behavior.
Another tool that the Banking Supervision Department is making available to teens is a "savings calculator", which helps them define their savings target and shows them ways to achieve it. A query section is also available to the teens, showing the products and services that a bank is allowed to provide according to the age and type of activity of the account holder.
The campaign, which was produced by the Government Advertising Office, is conducted via a special Facebook page under the title "Taking Responsibility for Our Money". As part of the program, the Banking Supervision Department provides a rapid and professional response to teens' questions in this area. The information and explanatory materials are also available on the Bank of Israel's website and via mobile phones.
This consumer information effort by the Banking Supervision Department is part of the range of activities undertaken by the Bank of Israel to promote financial and banking education. These activities are in line with the national financial education policy, as expressed in the national strategic plan to promote financial education in Israel published by the Ministry of Finance.
The program's activities can be found at the following links:
Facebook –"Taking Responsibility for Our Money"
On mobile phones: Wap.moblin.com/bankisrael
On the Bank of Israel's website: Click here