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Financial Education and the Transforming Education Agenda

Posted in Blogs on September 14, 2022

On 16,17 and 19 September 2022, the Transforming Education Summit will take place at the UN Headquarters in New York. This high-level event responds to the global crisis of education, which is having a disastrous effect on children and young people across the world.  

During the Summit, 5 Thematic Areas that need action and attention to advance progress regarding education on the Agenda2030 are going to be addressed.  

In the context of the Summit, Aflatoun and its network partners decided to write a letter to the organisers of the event, in order to call for increased visibility and recognition of financial education as a key priority within the Transforming Education Agenda. The letter was co-signed by 121 partner organisations across the globe.  

Below is the text of the letter:  

 

31 August 2022 

Dear Ms. Amina J. Mohammed, UN Deputy Secretary-General,
Dear Mr. David Moinina Sengeh, Minister of Basic Education of Sierra Leone,
Dear Mr. Leonardo Garnier, Special Adviser on the Transforming Education Summit,

We are writing on behalf of the Aflatoun network to thank you for your leadership in the Transforming Education discussion and the upcoming Transforming Education Summit (TES) in September 2022. We join you in the need to elevate education to the top of the global political agenda and to mobilize action, ambition, solidarity and solutions to recover pandemic-related learning losses and sow the seeds to transform education in a rapidly changing world. 

The UN Secretary-General describes transforming education as the process where learners are empowered with knowledge, skills, values and attitudes to be resilient, adaptable and prepared for the uncertain future while contributing to human and planetary well-being and sustainable development. 

We welcome the spotlight on Thematic Track 2: Learning and skills for life, work and sustainable development. The central focus of the final draft position paper for Track 2 is on “empowering individuals as agents of change to lead the twin transitions towards digital and green economies”. This is very timely as the new State of the Global Learning Poverty: 2022 Update expresses “deep concerns about the reduction of productivity and earnings of today’s children once they enter the workforce”. We see that there are two key priorities within this track: (i) emphasis on foundational learning for basic literacy and numeracy; and (ii) stressing the importance of education for sustainable development, which encompasses a number of key 21st century skills. The position paper talks about climate skills, and digital skills. We also welcome the reference to skills for employment and entrepreneurship. However, there is no specific mention of financial literacy as a core 21st century skill despite the fact that recent comprehensive scientific reviews have confirmed the power of Financial Education. 

How can we expect future generations to be agents of change in transitioning economies if they lack basic financial literacy skills? 

A commitment to transforming education without including financial education as a core element of a country’s curriculum would be incomplete and neither sustainable nor credible. We firmly believe that Financial Education has to be a key component of any successful transformed education system that prioritizes Learning and Skills for Life, Work, and Sustainable Development. Therefore, we would like to advocate to clearly articulate the role of financial education in the global transforming education discussion in a manner that recognises its role to empower our learners, to understand money as part of responsible resource management, to deal with the most fundamental challenges of our time.

Ahead of the upcoming Transforming Education Summit, we ask you as co-Chairs and Special Advisor of the TES Advisory Committee to: (i) Increase the visibility of financial education as a key priority within the Transforming Education Agenda through the inclusion of the topic in Partners Sessions and other fora in preparation, during and post-TES; (ii) We are also asking you to communicate to the SDG 4 High-Level Steering Committee to include financial education as core 21st century competency/skill in the official documentation of the Transforming Education Summit; and (iii) We would welcome a dedicated technical discussion with the authors of Track 2 to ensure all stakeholders agree on the role of financial education, in combination with other life skills, to transform education around the world and ensure learners access relevant and quality education which empowers them with the knowledge, skills, values and attitudes required to address individual, economic and societal demands.

We thank you for your attention to this issue and are looking forward to hear what action will be taken to ensure that learners will get the required financial skills to lead the twin transitions towards digital and green economies. 

 

Yours Sincerely,  

Roeland Monasch, CEO Aflatoun International 

Ana Yris Guzman, Americas Regional Representative 

Brian Lariche, Asia Regional Representative 

Félix Yao, Francophone Africa Regional Representative 

Patricia Fafa Formadi, Anglophone Africa Regional Representative 

Jan Orlovsky, Europe & Central Asia Regional Representative 

Muhannad Jarrah, Middle East & North Africa Regional Representative 

Alan Wang, Special Representative for China 

Rishad Byramjee, Special Representative for India 

The 121 Co-Signatories: 

From the Americas 

▪Asociación Ak’Tenamit, Guatemala 

▪CARE International, Peru 

▪ChildFund, Brazil 

▪Fundación Ayuda en Acción, Honduras 

▪Fundación Coogranada, Colombia 

▪ Fundación Cooperativa Financiera de Antioquia, Colombia 

▪ Fundación EDUCA, Mexico 

▪ Fundación Educativa Mons. Cándido Rada – FUNDER, Ecuador 

▪ Fundación Ficohsa, Honduras 

▪ Fundación FinSocial, Colombia 

▪ Fundación Paniamor, Costa Rica 

▪ Gloria de Kriete Fundación – Programa Oportunidades, El Salvador 

▪ Nuestra Escuela Inc., Puerto Rico 

▪ Parole et Action, Haiti 

▪ VISOS Perú, Peru 

 

From sub-Saharan Africa 

▪ Adzina Foundation, Zimbabwe 

▪ APPROCEC, Democratic Republic of the Congo 

▪ Associação Comunitária De Chamanculo (ASSCODECHA), Mozambique 

▪ Associação Wona Sanana, Mozambique 

▪ Association des Jeunes pour le Développement Communautaire (AJDC), Democratic Republic of the Congo 

▪ Centre d’Encadrement et d’Appui en Faveur des Personnes Démunies, Democratic Republic of the Congo 

▪ Centre Sportif Fayda, Senegal 

▪ Charter Academy, South Africa 

▪ Children International – Zambia, Zambia 

▪ Development Expertise Centre, Ethiopia 

▪ Elevation Zimbabwe, Zimbabwe 

▪ EMERGENCE Afrique, Burkina Faso 

▪ Espoir des Enfants Nafoore, Senegal 

▪ Fédération des Syndicats de l’Education Nationale, Togo 

▪ Fondation PCR, Democratic Republic of the Congo 

▪ Future Hopes Integrated Development Organization (FHIDO), Ethiopia 

▪ Girls in Red Organization, Uganda 

▪ Groupe d’Appui aux Programmes, Mali 

▪ Hiwot Integrated Development Organization, Ethiopia 

▪ I Profile Foundation, Uganda 

▪ Le Cadre de concertation des ONG et associations actives en éducation de base au Burkina Faso (CCEB-BF), Burkina Faso 

▪ Mama’s for Burundi Association, Burundi 

▪ Ministry of Basic and Secondary Education, The Gambia 

▪ New Dawn for Social Development, Ghana 

▪ Nweti, Mozambique 

▪ Programme Education Financière, Côte d’Ivoire 

▪ REPAFER Burkina, Burkina Faso 

▪ Rightway Nursery and Primary School, Tanzania 

▪ Siaya Education Project, Kenya 

▪ SIF Group, Benin 

▪ Singida Paralegal Aid Centre, Tanzania 

▪ SOLIFEDE-RDC, Democratic Republic of the Congo 

▪ Syndicat National Autonome de l’Enseignement Secondaire, Cameroon 

▪ Tariro Foundation, Zimbabwe 

▪ Thubutu Africa Initiatives, Tanzania 

▪ United Humanitarian Development Organization, South Sudan 

▪ Women and Children Protection (WCP), Democratic Republic of the Congo 

▪ Zenü Network, Cameroon 

 

From Asia 

▪ Amal Khair Yasmin, Indonesia 

▪ Be Better, China 

▪ Center for Education and Development, Vietnam 

▪ Childfund Indonesia, Indonesia 

▪ Children International Bicol, Philippines 

▪ Children International Delhi, India 

▪ Children International Kolkota, India 

▪ Children International Manila, Philippines 

▪ Ekphathana Microfinance Institution, Laos 

▪ Finish Refugee Council, Myanmar 

▪ Futuresense foundation, Thailand 

▪ Gender and Empowerment Organization (GEO), Pakistan 

▪ Global Alliance for Mass Entrepreneurship (GAME), India 

▪ Humana Child Aid, Malaysia 

▪ Lao Micro Finance Association, Laos 

▪ Lekdis, Indonesia 

▪ Make it Right Movement, Malaysia 

▪ Meljol, India 

▪ National Confederation of Cooperatives, Philippines 

▪ Network for Education, Children and Youth-NECY, Sri Lanka 

▪ NGO Education Partnership, Cambodia 

▪ Primary Education Project of the Diocese of Hyderabad, Pakistan 

▪ Riverside Development Organization (RDO), Pakistan 

▪ SAHIL, Pakistan 

▪ Samunat, Nepal 

▪ Reformist’s Social Welfare and Development Organization (WORDS), Pakistan 

 

From Europe & Central Asia 

▪ Department of Insurance, Banking and Risk Management (IBRM), Taras Shevchenko National University of Kyiv, Ukraine 

▪ Association ATINATI, Georgia 

▪ Association of Teachers working with Gifted Children “PROD”, Russian Federation 

▪ Centre for Human Rights and Conflict Resolution, Macedonia 

▪ Csoport-téka Association, Hungary 

▪ Dorcas Aid, Albania 

▪ Dorcas Aid. Moldova 

▪ ERGO, Greece 

▪ Foundation PACT – Partnership for Community Action and Transformation, Romania 

▪ Hub for Development, Georgia 

▪ Lithuanian Children’s Fund, Lithuania 

▪ Ministry of Education, Belarus 

▪ Open Society Foundation, Slovakia 

▪ ORAV, Turkey 

▪ Organisaton Students’ Lab, Italy 

▪ Partnere per femijet, Albania 

▪ Pomoc Deci (Udruzenje gradjana), Serbia 

▪ Science for Environment Foundation, Poland 

▪ Skola Dokoran (Wide Open School), Slovakia 

▪ Vinnytysa Regional Public Organisation “School of Equal Opportunities”, Ukraine 

 

From Middle East & North Africa 

▪ Ajialouna, Lebanon 

▪ AL Tawasol Forum Society, Palestine 

▪ Arab Urban Development Institute, Saudi Arabia 

▪ Central Bank of Libya, Libya 

▪ Enda inter-arabe, Tunisia 

▪ Erteqa House for Exhibitions & Consultancy, Bahrain 

▪ For All Foundation, Yemen 

▪ Global Organization for the Family and Child Welfare, Sudan 

▪ Global Steps, Lebanon 

▪ Ibtikar for Empowerment and Social Entrepreneurship, Palestine 

▪ Mobaderoon, Syria 

▪ INJAZ, Jordan 

▪ Palestine Sports For Life, Palestine 

▪ Réseau algérien pour la défense des droits de l’enfant (NADA), Algeria 

▪ Sanid for Relief and Development, Yemen 

▪ Solidarity Youth Voluntary Organization (SOYVO), Somalia 

▪ Somali Center for Women Empowerment (SOCWE), Somalia 

▪ Sudanese Coalition for Education for All, Sudan 

▪ Sustainable Development Foundation, Yemen 

▪ Unlimited Friends Association, Palestine 

▪ Yemen Peace School Organization, Yemen 

▪ Young Men’s Christian Association Lebanon, Lebanon 

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