A Quick Recap
We had discussed in a previous blog article that financial literacy levels among the Lebanese population are much lower than what they should be.
We had also discussed that financial literacy is essential for individuals and groups to make informed financial decisions, manage their finances effectively, and feel financially secure.
The economic crisis Lebanon is facing has caused a decline in financial literacy and inclusion. As a result, many people are facing difficulty in accessing their basic financial needs, as well obtaining financial education and information.
The improvement of financial literacy in Lebanon necessitates a complex strategy. Helping the population in making wise and informed decisions about the usage and management of financial resources depends on the cooperation between several parties.
Solutions and Initiatives to Increase Financial Literacy in Lebanon
There are several solutions and initiatives that different parties can implement to increase financial literacy in Lebanon. These include:
- Initiatives by the government and nonprofits to offer financial education and resources: This can include in-class financial education lessons, public awareness campaigns, and adult training programs.
- Financial education in families and schools: Financial education is important because it teaches kids how to manage their money and how to use financial products and services. It should be a component of the family’s education as well as the formal education system.
- The media and the private sector may play a significant role in fostering financial literacy. They can do so by developing financial education programs and facilitating access to financial resources and services. Through public awareness initiatives and advertising, they can also advance financial literacy.
- Technology can be utilized to deliver financial education in a more approachable and interesting way. For example through mobile apps, webinars, and e-learning platforms. People who might not have access to conventional financial education materials might benefit from these by receiving financial education.
- Targeting specific groups: like women, young people, and low-income workers should receive extra attention because they may face unique difficulties with inclusion and financial literacy. This may entail developing financial services and solutions that are suited to their needs. Offering personalized financial education programs and resources may also be necessary.
Some initiatives to improve financial literacy like the one by INJAZ in collaboration with Bank Audi had already started taking the steps towards improvement of financial literacy. Similarly, the Institute of Finance in Lebanon has also taken the initiative to provide financial literacy resources. They also implemented youth visit programs to the institute in efforts to increase financial literacy.
In conclusion, financial literacy is essential for both people and the economy as a whole. This would enhance their overall economic well-being and lower the likelihood of running into financial issues. On the other side, a more financially aware population can support a stronger and more productive economy.
Therefore, it is crucial that both individuals and organizations give financial literacy education and resources top priority. It is critical to take action to overcome the obstacles and challenges; and invest in programs and projects that advance financial inclusion and literacy.
We at Purpl intend to contribute to these efforts as much as possible. We have started small initiatives like offline presentations discussing the current economic crisis and the importance of financial literacy and inclusion. Our team also makes sure that some of our social media posts are informative and educational. Additionally, there are many upcoming plans and ideas for initiatives to contribute further! All of this comes with the aim of educating and empowering our users and the Lebanese population.
Written by: Maria Sawaya