The Banking Supervision Department publishes an interim summary of the program to enhance financial awareness for 9th grades and announces that in 2018 it will lead a digital education program for senior citizens
· In 2017, within the framework of a joint project with the Ministry of Education, classes to enhance financial awareness were held for approximately 500 ninth grades. In February 2018, an additional round of the program will be held in which classes will be held in about another 200 ninth grades countrywide.
· In total, the program will be conducted in about 115 schools in about 50 cities and localities across the country, reaching about 20,000 students through about 350 volunteers from the banking system and the Bank of Israel.
· The Banking Supervision Department created an infrastructure for enhancing financial awareness and sees utmost importance in creating continuity and integration of financial education in the school system.
· Together with the support for integrating the financial education program in the school system, in 2018 the Banking Supervision Department will focus on digital education for senior citizens, with the goal of reducing the technology gap and assisting them in adjusting to, and benefiting from, digital banking. This program will also be carried out by volunteers from all the banks and from the Bank of Israel.
The Banking Supervision Department, in collaboration with the Ministry of Education, and through employees of the banking system, held Financial Awareness Month in November 2017. Within the framework of this month, classes were held in hundreds of ninth grades throughout the country. The goal of the classes was to enhance the students’ financial awareness, by giving practical and relevant tools for financial conduct—daily banking for promoting their independence and financial gain.
In a discussion held today in the Knesset’s Education, Culture and Sports Committee, Tal Harel Matityahu, the Chief of Staff of the Supervisor of Banks, noted that one of the Banking Supervision Department’s main goals is to increase financial awareness among various population groups (among other things to reduce information gaps, improve economic welfare, and enhance awareness of rights).
In 2016, the Banking Supervision Department held “Financial Awareness Week” for customers of the banking system. Within the framework of that week, training activities were held in branches around the country. In 2017, the program for ninth graders was launched. During the course of 2018, the Banking Supervision Department will work to promote digital education for senior citizens, with the goal of reducing the digital gap and assisting them in adjusting to digital banking. This will be by, among other things, providing them with tools and learning programs, and improving skills in the use of digital services offered by the banking system. Acquiring the digital skills will help the senior citizens benefit from banking service that is accessible and less expensive.
With regard to the financial education program for ninth graders, added Harel Matityahu, the Banking Supervision Department created an infrastructure for enhancing banking and financial awareness and for transmitting basic financial education. The positive feedback received from school administrations and students proved that there is strong demand for the financial education, and that the knowledge of practical tools for financial conduct provided to the students was very effective.
The Banking Supervision Department sees utmost importance in integrating the issue of financial education in the school system and in creating continuity. Therefore, the resources and professionalism of the Banking Supervision Department and the employees of the banking system will be made available to train facilitators nationwide in financial education, and there will be close guidance, as necessary, based on the infrastructure established.
We would like to thank our partners in this important project, chief among them Minister of Education Mr. Naftali Bennett and the Director General of the ministry, Mr. Shmuel Abuav, the National Student and Youth Council and the Forum of Community Parents Committees.