Financial games and special bank deposit offers: UBA to raise financial literacy of citizens
23.08.2019,
16:59
The Union of Banks of Armenia (UBA) will hold a series of events to raise the level of financial literacy and skills of citizens, the head of the UBA and CEO of Ameriabank Artak Hanesyan told reporters today.
YEREVAN, August 23. /ARKA/. The Union of Banks of Armenia (UBA) will hold a series of events to raise the level of financial literacy and skills of citizens, the head of the UBA and CEO of Ameriabank Artak Hanesyan told reporters today.
Speaking at a news conference he said the idea is prompted by rapid development of the financial system which in turn is bringing about new banking tools and services, and many ordinary citizens have no idea how to handle them.
“Financial literacy is the guarantor of the financial well-being of the nation and a financially literate client is less likely to be a victim of fraudsters. Based on this, the Union of Banks of Armenia launches a program designed for public at large, but the emphasis will be on young potential clients, students and journalists," Hanesyan said.
According to him, the planned events include theatrical performances, games, incentive prizes, television programs and videos to present various banking services in a language accessible to the population.
Hanesyan said the program will be running until the end of the year, but is very likely to continue into next years.
For his part, UBA Executive Director Seyran Sargsyan said that raising the financial literacy contributes to the development of the banking system, and on the other hand helps citizens choose the right and the best product that meets exactly their needs.
He added that the higher the financial literacy level is , the lower is the demand for the services of financial intermediaries, which reduces the time and money, as well as possible risks.
"Worldwide statistics show that customer dissatisfaction is often caused by a low level financial literacy: the higher the level, the fewer complaints. It is also important that people understand the consequences of financial transactions, since many make decisions on financial transactions without realizing the possible consequences," said Sargsyan.
He said as part of the program, 70 children from Artsakh have already spent vacations in a boarding house in the Lori region, taking part in various financial games and learning concomitantly financial literacy.
The second event were seminars for journalists whose relevant stories may help citizens orient themselves correctly in finances.
Plans for the autumn include financial lectures for students, which will be conducted by the best experts in the banking sector. The second target group is senior school students from Yerevan and the regions who will visit banks to see how they operate. The plans also include educational financial games for them, essay competitions on how they imagine banks' operation in future and also videos. For university students a competition to draw up business plans will be announced.
"On October 31, marked as the Savings Day, Armenian banks will offer high interest rates for small-sized deposits. They will also hold an exhibition, master classes, seminars and various competitions," Sargsyan said.
A cycle of television programs and commercials are also planned for autumn. They will tell about various banking services and financial issues, which are interesting for the population. For the youngest viewers theatrical performances are planned.
The cycle of events will end with awarding the best authors of analytical articles on financial literacy. They will be selected by means of monitoring television, radio, print and electronic media stories. - 0--
Speaking at a news conference he said the idea is prompted by rapid development of the financial system which in turn is bringing about new banking tools and services, and many ordinary citizens have no idea how to handle them.
“Financial literacy is the guarantor of the financial well-being of the nation and a financially literate client is less likely to be a victim of fraudsters. Based on this, the Union of Banks of Armenia launches a program designed for public at large, but the emphasis will be on young potential clients, students and journalists," Hanesyan said.
According to him, the planned events include theatrical performances, games, incentive prizes, television programs and videos to present various banking services in a language accessible to the population.
Hanesyan said the program will be running until the end of the year, but is very likely to continue into next years.
For his part, UBA Executive Director Seyran Sargsyan said that raising the financial literacy contributes to the development of the banking system, and on the other hand helps citizens choose the right and the best product that meets exactly their needs.
He added that the higher the financial literacy level is , the lower is the demand for the services of financial intermediaries, which reduces the time and money, as well as possible risks.
"Worldwide statistics show that customer dissatisfaction is often caused by a low level financial literacy: the higher the level, the fewer complaints. It is also important that people understand the consequences of financial transactions, since many make decisions on financial transactions without realizing the possible consequences," said Sargsyan.
He said as part of the program, 70 children from Artsakh have already spent vacations in a boarding house in the Lori region, taking part in various financial games and learning concomitantly financial literacy.
The second event were seminars for journalists whose relevant stories may help citizens orient themselves correctly in finances.
Plans for the autumn include financial lectures for students, which will be conducted by the best experts in the banking sector. The second target group is senior school students from Yerevan and the regions who will visit banks to see how they operate. The plans also include educational financial games for them, essay competitions on how they imagine banks' operation in future and also videos. For university students a competition to draw up business plans will be announced.
"On October 31, marked as the Savings Day, Armenian banks will offer high interest rates for small-sized deposits. They will also hold an exhibition, master classes, seminars and various competitions," Sargsyan said.
A cycle of television programs and commercials are also planned for autumn. They will tell about various banking services and financial issues, which are interesting for the population. For the youngest viewers theatrical performances are planned.
The cycle of events will end with awarding the best authors of analytical articles on financial literacy. They will be selected by means of monitoring television, radio, print and electronic media stories. - 0--
