2014 ─ Europe & Central Asia Regional Meeting Report 2014

National Bank of the Republic of Macedonia

REPORT Third Annual Child and Youth Finance Regional Meeting for Europe and Central Asia 2-3 October 2014 Skopje, Macedonia

Regional meeting for Europe and Central Asia on financial inclusion and financial education for children and youth Hosted by: European Central Bank - Child and Youth Finance International Monday, 4 and Tuesday 5 November 2013 Frankfurt am Main, Germany UNSGSA quote for event Program 7 October 2013

“One billion children live in poverty today. We need to find pathways away from vulnerability and exclusion, and toward a brighter future for every child, in every country. Equipping young people with the full set of financial tools they will need to save safely, transact conveniently and affordably, invest in opportunities and protect themselves against risk is a first step. Financial services will only help young people maximize personal and business opportunities if they are delivered together with training and education on how to use them. Financial inclusion and financial capability are issues for every country, at all stages of economic development.”

H.M. Queen Máxima of the Netherlands UN Secretary-General’s Special Advocate for Inclusive Finance for Development

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The Third Child and Youth Finance Regional Meeting for Europe and Central Asia 2-3 October 2014 Skopje, Macedonia

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Executive Summary The Third Annual CYFI Regional Meeting for Europe and Central Asia, hosted and organized in collaboration with the National Bank of the Republic of Macedonia, was held on October 2nd and 3rd in Skopje, Macedonia. In parallel, a youth meeting gathered 61 youth representatives from across the region that met and created policy recommendations to be taken further by the meeting participants.

The meeting gathered policy makers representing Central Banks, Ministries of Education, Ministries of Finance and Social Policy, civil society and private sector, but also 61 youth delegates from across the region. During the two day Regional meeting, policy makers and youth representatives discussed on topics related to financial education, financial inclusion, youth unemployment and entrepreneurship.

Day 1 – October 2nd The first day of the Meeting was inaugurated by the Governor of the National Bank of the Republic of Macedonia, Mr. Dimitar Bogov, who stressed the importance of improving access to financial services for the overall population and in particular for youngsters, especially in the developing countries. As access to financial services and financial education can have a positive impact on savings, it is government’s role to make sure the population is enabled towards savings, mentioned Mr. Tevfik Kinik in his speech. The same message was given to the audience by the Vice-President of the European Commission Mr. Barnier, who stressed the importance of financial access and financial education as a tool to ensure growth and sustainability.

Moreover, during the first plenary session, youth had the opportunity to present their first findings and recommendations that they had agreed upon during the previous two days of training and discussions. The discussed issues included: access to infrastructural and financial resources, relevant and quality education for youth, which includes financial education, financial access for youth, the need to enhance the environment for youth employment and entrepreneurship.

The day continued with discussions around the importance of financial capability for children and young people. The speakers, representing various sectors, outlined the importance of promoting financial education, financial access and strengthening financial capacity in the young generation and the essential role played by the Movement in furthering these objectives.

In the second part of the day youth representatives challenged policy makers’ creativity in the Global Money Week session and directly asked governments in Europe and Central Asia to join the Global Money Week celebrations, representing a unique opportunity for youth across the world to virtually come together and connect on what most matters to them.

The first day of the Meeting concluded with 2 specific workshops focusing, on the one side, on how governments can overcome difficulties when drafting a national strategy for financial education and financial inclusion and introducing Economic Citizenship Education elements in the national curriculum, and, on the other side, on how technology can help overcoming some challenges related to financial inclusion of the youngsters.

The day ended with a dinner hosted by MasterCard. Mr. Artur Turemka welcomed the guests and emphasized that MasterCard shares the same belief as Children and Youth Finance International that enabling financial inclusion and economic citizenship education for children and youth is critical for a more inclusive economy.

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Day 2 – October 3rd The final day of the meeting was opened with a discussion around methodologies to evaluate financial capabilities.

Contributors to the session shared various approaches to evaluating financial capability, financial literacy and the effectiveness of financial education programs with the audience and engaged in the interactive discussions of how these methods can be used by policy-makers in different countries.

The three parallel sessions followed addressing the following topics: how to create a youth-friendly entrepreneurship ecosystem, the role of the private sector in delivering financial education programs for children and youth and relevant teacher training methodologies.

The meeting was concluded with the youth recommendations and commitments towards making a difference in their own countries. Supporting the youth requests, the concluding remarks by Vice-Governor of the National Bank of Macedonia Ms. Maja Kadievska encouraged the attendees to take further the recommendations coming from the youth representatives and make an extra mile for furthering financial education and financial inclusion in their own countries.

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Contents Executive Summary

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Program Schedule

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About the Regional Meeting for Europe and Central Asia

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Day 1 - Thursday, October 1, 2014

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Inaugural Speech – Governor Dimitar Bogov

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Official Inauguration Opening

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Insights from the Youth Meeting

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Financial Capability: examples, best practices and policy recommendations

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Insights from the Youth Meeting

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Global Money Week

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1.1. National financial education strategies and curriculum integration

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1.2. SchoolBank: Examples from the region

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Day 2 - Friday, October 3, 2014

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Assessing the state of the field in youth financial capabilities: process evaluation and its use for policy

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2.1. Creating a youth entrepreneurship ecosystem

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2.2. Financial education programs and the role of the private sector

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2.3. Teacher training capacity-building

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Concluding Session: Advancing the Region

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Youth Recommendations

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Program Schedule An overview of the meeting agenda can be seen below:

Time

Morning

Day 1: Thursday, October 2, 2014

Day 2: Friday, October 3, 2014

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Official Inaugural Ceremony

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Assessing the State of the Field: process evaluation and its use for policy

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Financial Capability: examples and policy recommendations

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Workshops: Youth entrepreneurship and employment Financial education programs and the role of the private sector Teacher training

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Closing Ceremony

Afternoon  Global Money Week  Workshops: National financial education strategies and curriculum integration SchoolBank: examples from the region

Evening

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Inaugural Dinner hosted by MasterCard

The CYFI Secretariat would like to thank the staff and management of the National Bank of the Republic of Macedonia for their invaluable support in making this meeting a success. Special thanks to Governor Mr. Dimitar Bogov, Vice-Governor Ms. Maja Kadievska, and Advisor to the Governor and Financial Education Project Manager Ms. Kristina Nikolovska. nd CYFI would also like to thank MasterCard for hosting the inaugural dinner of 2 of October and the Erasmus+ program for the financial support to the youth meeting.

About the Regional Meeting for Europe and Central Asia Currently 31.9% of youth (15-25 years old) in Europe hold an account at a formal financial institution. This means that almost two thirds of Europe’s youth are excluded from the formal financial system. The recent financial crisis has highlighted the importance of having a financially educated and included population.

Through the Regional Meeting, the CYFI Secretariat urged policy makers to acknowledge the urgency of these issues and spur them towards action. Moreover, by ensuring youth participation and consultation, the Regional Meeting has the potential of helping countries identify issues and potential solutions which are shaped together with the direct beneficiaries of the policies that are put in place - the youth themselves.

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The Youth Regional Meeting took place in Skopje simultaneously to the Regional Meeting. While the Regional Meeting lasted 2 days, the youth gathered for 5 days, in order to have time to deepen their knowledge on the issues, discuss problems facing the region and develop potential solutions. After 2 days of participatory workshops on financial education, financial inclusion, employability and entrepreneurship, they had the chance to present their ideas and their results to the policy makers.

Youth participation in this event helped focus attention on the European and Central Asian national and regional policy objectives which they found to be the most relevant to them. The main purpose of the Youth Meeting was to give young people a space to voice their opinions on the challenges and potential solutions related to financial education, financial inclusion, employment and entrepreneurship. The youth delegates were carefully selected by the partner organizations of CYFI based on their engagement with, experience and knowledge of the topics discussed in the meeting, as well as their commitment to engaging their local and national communities during the month preceding and following the Regional Meeting. Finally, thanks to the Erasmus+ funding, CYFI has had the possibility of supporting the 60 youth delegates selected, representing 13 organizations from 11 countries.

The Regional Meeting became a platform for children and youth to engage with adults in policy dialogue. While discussions during plenary sessions focused on how national authorities, Central Banks, and Ministries of Education can collaborate in order to ensure sustainability of financial education and financial inclusion programs, the youth engaged directly with policy makers during the workshops and parallel sessions. The youth contributed to shaping concrete ideas for furthering financial inclusion: through child-friendly banking products through CYFI’s SchoolBank project and facilitating youth entrepreneurship thanks to platforms such as CYFI’s online entrepreneurship platform Youth-Co.

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Day 1 Thursday, October 1, 2014 09:30 – 10:30 11:00 –12:30 13:30 – 14:30 15:00 – 17:30 Workshop 1.1 Workshop 1.2

Official inauguration Financial capability, examples, best practices and policy recommendations Global Money Week Workshops National financial education strategies and curriculum integration School Bank: examples from the region

naugural Ceremony 3rd Child & Youth Finance Regional Meeting for Europe and Central Asia 2014

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Inaugural Speech – Governor Mr. Dimitar Bogov Dear Ministers, esteemed guests, ladies and gentlemen, It is my honor and privilege to welcome you all here in Skopje, Macedonia to this important event for the region of Europe and Central Asia. The aim of this meeting is to gather together the regional leading policy-makers, financial institutions and experts that are engaged in the issues of children and youth access to financial services, financial inclusion and financial education, employability and entrepreneurship opportunities, to share success stories and challenges.

There has been some progress made in these fields because of the existence of international movements such as Child and Youth Finance International that are keen to develop a generation that will be better prepared to prevent future financial crisis by increasing the financial education, access to finance, employability and entrepreneurship skills of children and youth. On a global level, significant progress has been achieved in advancing the mentioned priorities.

Important steps have already been made in the area of improving access to financial services in the previous years.

Access needs to be complemented by the quality of the financial services. The quality of financial services and the participation in the financial system is equally important for all participants in the system. Children and youth are participants as well. They are undoubtedly part of every economy, part of the societies and their opinion matters.

What we need to do today and tomorrow, is to make sure that all 70 children and youth participants from across Europe and Central Asia will present to the policy makers their action points for creating appropriate and sustainable youth economic opportunities. As the mission of Child and Youth Finance International states: “By ensuring youth are included as active participants in the decision-making process we believe that the policies shaped will be more youth-focused and inclusive, and the youth themselves will be more inclined to agree with the policies as they helped create them.�

There is an existence of appreciation that the level and quality of financial education and financial inclusion of youth in every economy will have a significant impact on the prospect for sustainable growth. Financial inclusion will also provide an opportunity for further advancement that would support and facilitate sustainability of financial stability. A key point for ensuring the financial stability is the financial capability of consumers itself so that they can meaningfully participate in the financial system.

Financial education is a powerful driver of empowerment of consumers' skills. It empowers them with tools and knowledge on how to manage and make their personal financial decisions and budget. Smart financial planning such as the personal budget, savings, investments and retirement can help every household to enjoy better lives while diminishing financial shocks at the same time. Financial education can play a key role in getting to these outcomes. The financial education supports not only the individual well-being, but also the financial stability in one economy. Referring to the recent financial crisis, consumers that can make informed and sound decisions about financial products and services are helping to promote sounder economic stability. Not only the consumers will gain knowledge through financial education, but more importantly is that they are assured of fair treatment.

Consumers need to apply this economic way of thinking while making their important financial decisions. In order to develop important skills, we need to provide them with good quality education that will enrich their behavior with critical thinking and decision making skills as well. To provide contextual and conceptual effective financial education, we need to include financial education in the schools curriculums. Financially literate consumers can assess risks and make informed decisions about the suitability of financial products to their specific situation. The individual responsibility for financial planning takes on greater importance. Consumers need to clearly understand how the system works and what the new products really offer.

At the institutional level, in 2011, the National Bank of the Republic of Macedonia launched its own Financial Education Project that has been growing and developing year after year, embracing many different activities mainly focusing on financial education for children and youth. We are trying to build financial capabilities among the population lunching the project that has a goal to raise the awareness for the importance of savings.

At the national level, by improving the cooperation between the regulatory authorities, it is vital to ensure that the respective strategies are aligned to achieving the common goals of financial education and financial inclusion. Since last year, there have been some efforts for institutional arrangements to bring authorities together in the Coordinating Body

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of the Regulatory Authorities for Financial Education in Macedonia to secure a joint commitment towards clearly defined and measurable financial education and financial inclusion goals. With joint strength, we will establish national coordination frameworks, and our main goal is to define the national financial education and financial inclusion strategies.

While we focus on financial education initiatives at the national level, equally important is that adequate attention be accorded at the global level.

We begin this 2-day regional conference with our vision firmly focused on our long-term goal of universal access for children and youth to financial services. This event provides an opportunity that brings together knowledge, expertise and best practices from all across the Europe and Central Asia that I am sure will prove useful for all of you here and will provide fruitful meetings, interesting sessions and most importantly - will make an impact!

Thank you for listening and participating in this important meeting.

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Official inauguration opening This session explored the importance of the Child and Youth Finance Movement, financial education and financial inclusion for children and youth in the region and the urgency for immediate action towards youth empowerment.

Official Inauguration Opening:  Mr. Dimitar Bogov, Governor, National Bank, Macedonia  Mr. Ibrahim Ibrahimi, Deputy Minister of Labor and Social Policy, Macedonia  Mr. Tevfik Kinik, Executive Vice Chairman, Capital Markets Board of Turkey  Ms. Jeroo Billimoria, Managing Director, Child and Youth Finance International  Mr. Michel Barnier, Vice-President, European Commission – video message  Youth Representatives The meeting was inaugurated by Mr. Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, who stressed the importance of improving access to financial services, especially for developing countries. Governor Bogov moreover incentivized Ministries of Education to consider including financial education in the mandatory school curricula, as this is the only way of providing contextual and conceptual effective financial education. Governor Bogov underlined how, at the national level, it is vital to ensure that the strategies of different regulatory authorities are aligned to achieving the common goals of financial education and financial inclusion and spur represented countries at the meeting and from the region to align with the NBRM’s vision, firmly focused on the long-term goal of universal access for children and youth to financial services.

Mr. Ibrahim Ibrahimi, Deputy Minister of Labor and Social Policy of Macedonia focused on the issue of youth unemployment and low entrepreneurship levels in Macedonia. Macedonia has developed a National Employment Strategy of the Republic of Macedonia for 2015, defining a priority target for 2015 as being a national youth unemployment rate of 29%, i.e. reduction of the current multiplied index rate of 45,7%. Examples of the projects supported by the strategy include onsite training at a known employer, self-employment program, education for starting up a business, support for active job search and vocational guidance, employment subsidies for young people up to 29 years old, employment of a single parent, orphans and other people from various target groups.

Mr. Tevfik Kinik, Executive Vice Chairman, Capital Markets Board of Turkey, representing the Regional Representative of the Child and Youth Finance International Board, stressed the importance of financial inclusion in Turkey, as well as in Europe and Central Asia as a region. Referring to the Turkish experience Mr. Kinik underlined how, notwithstanding a high level of economic growth, the decline registered in Turkey of the savings rate (from 20% to 13%) represented a worrying statistic for the Turkish government. They have decided to address this challenge by investing in financial education. In fact, according to a World Bank study conducted in 2012, more than half of the population of Turkey does not save for the future and their level of indebtedness is very high compared to other countries. In June 2014, the efforts of the Capital Markets Board and other national stakeholders collaborated on Turkey’s National Strategy on Financial Inclusion, Financial Education and Protection of Financial Consumers which is now approved for the next 4 years. Mr. Kinik underlined how children and youth represent the most important target group of the national strategy and mentioned some of the planned activities for the years to come, such as enhancing basic financial subjects in kindergartens, primary and secondary education curricula, informing and training teachers on financial subjects, and conducting financial simulation games appropriate to each school level.

Ms. Jeroo Billimoria, Managing Director of Child and Youth Finance International (CYFI), explained why promoting a positive financial culture in young people is an essential step to create a financially capable population. She stated that the CYFI Movement was on a mission to reshape the future of finance by freeing youth from debt and poverty. As the first step, the Movement has partnered with stakeholders from around the world to ensure that 100 million children and youth in 100 countries will have access to the appropriate financial education and financial products by 2015.

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In his video message to the Third Regional Meeting for Europe and Central Asia, Mr. Michel Barnier, Vice-President of the European Commission indicated that financial inclusion and education have been a priority on the European Commission‘s agenda, especially following the recent financial crisis. Mr. Barnier highlighted financial education as being a perfect complement to the financial regulation as it helps consumers to make better financial decisions. The European Commission fully supports member states and NGOs developing financial education and inclusion strategies, stated Mr. Barnier. He went on to urge policy-makers to help create a market with simple and transparent financial products by continuing their focus in this area as inclusiveness is not just about financial access to a savings account but it should also support vulnerable members of a society, like children and youth.

Youth representatives Dana Gradinaru, Behzod Ikromov, Cristina Partenie, Christopher-Tudor Uglea, Robert Lupitu, Nena Petrovska and Teemu Hautala from Romania, Macedonia, Finland and Tajikistan presented their views on the meeting agenda and policy priority, and set the tone for the meeting with their passion and enthusiasm for solving the issues facing their generation. The youth delegates highlighted the major issues that they fear are hindering their own and their region’s development and proposed potential solutions for these problems. The issues discussed included: access to resources, both financial and infrastructural, relevant and quality education for youth which includes financial education, financial access for youth, the need to enhance the environment for youth employment and entrepreneurship.

Insights from the Youth Meeting Running parallel to the Regional Meeting for Europe and Central Asia CYFI’s Youth Meeting gathered 61 youth representatives from the region, selected over a span of 2 months. The Youth Meeting, which lasted 5 days, offered the youngsters the opportunity to actively participate in workshops on financial education, financial inclusion, employability and entrepreneurship, and to present their ideas to policy makers.

During the first day of the Regional Meeting for Europe and Central Asia, youth representatives presented their first findings and recommendations to policy makers, with the purpose of shaping the discussions over the following 2 days.

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Financial Capability: examples, best practices and policy recommendations This first plenary session highlighted the importance of financial capability for children and young people, as discussed by representatives from a variety of sectors. The speakers outlined the importance of promoting financial education, financial access and strengthening financial capacity in the young generation and the essential role played by the Movement in furthering these objectives.

Chair Ms. Elita Zulbeari Masha, CEO, Woodrow Wilson School, Macedonia Speakers  Ms. Susana Narciso, Head of Division of Banking Conduct Regulation, Banco do Portugal  Ms. Kristina Nikolovska, Assistant to the Governor, National Bank of the Republic of Macedonia  Mr. Artur Turemka, General Manager for the Balkan region, MasterCard Europe Ms. Susana Narciso, Head of Banking Conduct Regulation Division, Banco do Portugal highlighted the importance of the national-level efforts and explained the process that the Banco do Portugal has adopted in support of the national strategy on financial education in Portugal. She emphasized that the creation of the national plan is the framework which implies the collaborative process of a large number of stakeholders in the country. The national plan should serve the instrument for everyone in the country to achieve the overall success of financial education strategy in the country.

According to Banco do Portugal, collaboration with various stakeholders, such as the Ministry of Education and industry associations, are key to achieving the goals of the national plan. Through collaboration with Banco do Portugal the Ministry of Education supports the introduction of comprehensive and gradual financial education strategy for schools. A special emphasis of the national plan on financial education in Portugal is on accountability and transparency, so all initiatives of the National Plan are disclosed in the annual report and are public to all stakeholders. Ms. Narciso acknowledged the importance of awareness-raising campaigns and events like financial education competition in schools, Financial Literacy Day and Global Money Week.

Ms. Kristina Nikolovska, Assistant to the Governor and Financial Education Project Manager, National Bank of the Republic of Macedonia devoted her presentation to the importance of increasing financial literacy levels of population and financial education for youngsters. She emphasized that financially capable people are able to improve their own financial situations and ultimately contribute to a stable economic and financial system. She emphasized that people have to make different financial decisions at different stages of life thus national authorities need to ensure that access to appropriate financial education is readily available at each stage. Ms. Nikolovska pointed out that institutional level efforts on financial education started in Macedonia in 2012 with the launch of the financial education project which included exhibitions, organized visits, lecturing, educational programs, creative workshops and other events. The National Bank of Macedonia has already identified the future challenges on the way to further financial education efforts in the country, which includes measuring the level of financial literacy of their population, building the national strategy on financial education, and integrating financial education into the national school curriculum.

Mr. Artur Turemka, General Manager for the Balkan Region, MasterCard Europe talked about the challenges and solutions regarding financial capability and financial inclusion for children and youth. In his speech, he stressed the importance of public-private partnerships by combining government’s resources with digital technology innovations from private companies as the key solution to advancing youth financial inclusion. In support of this thesis, Mr. Turemka described 3 unique and successful MasterCard projects in Mexico, South Africa and Russia. In these different scenarios MasterCard implemented projects together with local governments. In summary, these projects created an ecosystem for social payments in Mexico; created a biometric-based payment system in South Africa; and, realized a SchoolBank project, by combining financial education with multi-functional payment card for school students, in one of the regions of Russia. Leveraging partnerships, expertise and innovative technological solutions proved to be crucial in all 3 of these projects.

Mr. Turemka highlighted the usefulness of product development guides such as the “Banking a New Generation” – a recent joint publication by MasterCard and CYFI. Created for financial service providers this guide defines responsible and appropriate financial access for children and youth and the responsibility of service providers to provide financial education. Mr. Turemka reflected on the youth presentation during the inaugural session, emphasizing that policymakers should take their points forward and react on the challenges that the young people put forward to them (himself

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included!), and should take these requests seriously. He closed his speech with a quote by Mr. Ajay Banga, CEO of MasterCard - “Every child and youth has a right to safe, accessible financial services, and we need to empower them to grow into productive economic citizens.�

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Insights from the Youth Meeting During the first 2 days of the meeting, youth representatives were engaged in workshops and activities on youth unemployment, youth entrepreneurship and access to finance. They had the chance to interact with their peer from other countries in the region: exchanging their opinions and discussing challenges and solutions for the problems their each of their countries face.

After the inaugural ceremony, where their recommendations were presented to the plenary, the youth participated in a workshop on life skills and employability, provided by EDC Macedonia. The workshop focused on active-learning methodology with a special emphasis on developing skills to find matching employment, how to conduct a job search and how to be self-evaluative.

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Global Money Week The aim of this session was to engage the audience in an interactive discussion around Global Money Week, the money matters awareness campaign led by the Child and Youth Finance International Secretariat, and to give the youth an opportunity to present a roadmap for all policy-makers who want to participate in Global Money Week 2015.

Led by the youth representatives with support from Jeroo Billimoria the session had the objective of engaging and inspiring the audience with both new and already implemented ideas from countries during previous Global Money Week.

During their presentation the youth representatives reported on their brainstorming sessions from their Youth Meeting and online via social media networks. They discussed how it is often not a priority for youth to understand financial concepts, managing their own finances and how important it is to have a savings account therefore money matters awareness campaigns such as Global Money Week is crucial.

The youth delegates suggested adopting a theme for the 2015 Global Money Week – one which is in particular related to savings with the underlying idea that behind every dream there should be a savings account. The motto that was chosen for Global Money Week 2015 was Save Today, Safe Tomorrow!

During the Youth Meeting the youth representatives came up with innovative ideas of events and activities that could be implemented at the national level, such as banks issuing special pre-paid cards with the logo of Global Money Week, the Isave challenge, peer-to-peer education workshops and so on. They also created a 4-step implementation roadmap which every government, central bank or governmental organizations can follow in order to join Global Money Week 2015 and to encourage savings among the youth. The youth presented these ideas to the policy-makers during this session.

The steps that the youth representatives suggested that the countries could follow to implement their ideas are outlined below:

Step 1: Create the foundation  

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Support from policy makers Creating a working which can work together: NGOs, private sector, banks, teacher associations, sports clubs, schools…

Children’s right to open a bank account implemented in legislation Engagement of banking sector

Step 2: Create a country kit Promotion toolkit (to raise awareness):  Check list for bankers  Approach letter to school  Customized letter to parents

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Toolkit for lesson (approved by the an education authority)  5-7 grade  8-10 grade  11-12 grade

Step 3: The savings account challenge 

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The savings challenge: competition between the banks have to create the best products Parent to child bank account at birth ( for university) Mock bank accounts for every young children (between 3 to 8) Child Friendly bank accounts( 8-18yrs) with better interest rates, the prototype is created

Step 4: Let’s do it! (implementation ideas) • Social network engagement: #iSave4 • Young ambassadors Advertising • Talking to your favorite cartoon character

Activities

• Financial incentives for youth when opening bank accounts during GMW • Organize special awareness conferences during GMW • Bankers & specialized people teaching through non-formal education and encouraging children to open accounts

• Replacing classical with financial courses • Financial comics for children Crazy ideas! • Thematic contests & prizes

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1.1. National financial education strategies and curriculum integration The aim of this workshop was to identify potential alternative solutions going from drafting and implementing national strategies for financial education and inclusion to designing financial education curricula and introducing financial education in schools.

Chair Ms. Bianca Isaincu, Regional Advisor for Europe and Central Asia, Child and Youth Finance International Speakers  Ms. Ieva Upleja, Head of Working Group for Implementation of National Financial Literacy Strategy, FCMC Latvia  Ms. Nora Sabani, UNICEF, Macedonia  Ms. Zhaneta Chonteva, Bureau for Education Development Macedonia  Mr. Sebastian Faryniarz, Acting Team Leader Microfinance and Financial Instruments, Program Framework and Finance for Private Sector Development in Tajikistan, GIZ  Mr. Mircea Muresan, Deputy Director, Communications Division, National Bank of Romania The session discussed the steps that a national committee for financial education and inclusion should consider when starting the process of creation a national strategy for financial education and the integration of the Economic Citizenship Education elements (financial, social and livelihoods education) into national curricula. The below topics have been addressed during the session:  What are the steps that need to be taken for a country to design and implement a national strategy for financial education  Reaching consensus on the relevant content for the target group and its introduction in the national curriculum  Securing buy in from key education authorities and other stakeholders  Innovative methodologies for bringing ECE content to schools that are both fun and effective.

Ms. Ieva Upleja from the Financial and Capital Market Comission (FCMC) in Latvia set the tone of the discussions in the session, by presenting the Latvian roadmap which leaded the country to the adoption of the National Strategy for financial education in 2014.

Ms. Upleja explained how the process, which started in 2012, went from an unofficial enhancement in which the FCMC and other national authorities conducted pools and investigated the level of financial literacy of the Latvian population, to the official enhancement which occurred in 2014 when a strategic partnership was signed on the implementation of the national strategy for financial literacy in Latvia (for the years 2014-2020). This was the first step towards the creation of the working group which drafted and approved the national strategy for financial literacy in Latvia in 2014 and started working towards the incorporation of financial literacy components as cross-curricular subjects in all levels of the mandatory education.

The following speakers focused on explaining the process of implementation of financial education in the curricula in their countries. Ms. Nora Sabani from UNICEF and Ms. Zhaneta Chonteva from the Bureau for Education Development of Macedonia explained the rationale behind the decision of the Ministry of Education of introducing child social and financial education in the national curriculum and the process which leaded to the introduction of social and financial education in the life skills curriculum for 7 to 9 primary education grades, a subject that is mandatory in both primary and secondary education.

In Tajikistan the project of introducing financial education in the school curriculum is still in the exploratory phase as alliances still need to be strengthen with the Ministry of Education. But Mr. Sebastian Faryniarz from GIZ Tajikistan, explained how this project is part of a wider program that is actually looking at effectively developing the financial sector in Tajikistan. Therefore, financial education is seen as a fundamental step towards engaging the population and, in particular the youngest part of it, in understanding the benefits of being financially included. In fact, the objective of the program would be the one of, firstly, create awareness of population about basics of finance in teenage years and about financial products and services but also enhancing the ability of the students to make responsible financial decisions. The steps identified to proceed with the implementation of the module into the high schools curricula in Tajikistan are the

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following - negotiation with the Ministry of Education to select of pilot schools, development of study materials, training of the teachers, pilot the lessons and finally, implementation of the project.

Mr. Mircea Muresan shared the experience of Romania, where notwithstanding the lack of a nationwide financial education and inclusion strategy, many programs that are targeting children and youth with financial education concepts and activities have been developed. In fact, the National Bank of Romania started already in 2008 to consider implementing programs that would educate the general public, but also particularly focusing on youth, about financial matters and the economic system. During the years, different programs had been developed and a memorandum of understanding with the Ministry of Education was signed, recognizing the value of such programs. Though, only in 2014 the National Bank of Romania has decided, together with the Ministry of Education, to join Global Money Week with the goal of raising awareness about its programs and about the importance of financial education at the national level. The events during the week involved around 7000 youngsters around the entire country, from high-school students to primary school children. The success of the celebrations and the CYFI Country Award that the country has managed to secure, had a significative impact: in September 2014 (3 months after winning the Award), the Ministers of Education, Higher Education and Technology of Romania, the Governor of the National Bank of Romania and representatives of the CYFI Secretariat had gathered in Constanta, Romania to discuss the next steps that Romania should take in the field of financial education and inclusion for the youngsters, as well as for spurring the entrepreneurial spirit in the young population. Agreement has been reached to create the white paper assessing the status of the field in Romania, which will become the basis of a national strategy has been reached. The National Bank of Romania, the Ministry of Education and local partners, with the support of CYFI, are now mapping the current situation of financial education programs and financial products available for the youth in Romania and discussing the details of a Schoolbank pilot to start in the country in 2015. The mapping exercise will be at the basis of a national strategy for financial education.

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1.2. SchoolBank: Examples from the region The goal of the session was to review and discuss how financial education and access to finance for children and youth can be provided through schools, using innovative technology. The concept of a Schoolbank was introduced and the framework for a successful Schoolbank implementation was discussed.

Chair Child and Youth Finance International / MasterCard Speakers  Ms. Ana-Maria Pochi, MasterCard Romania  Mr. Rohnny Swennen, Business Leader Global Youth Product Development, MasterCard  Mr. Ron Van den Akker, Innovations Manager, Child & Youth Finance International Objectives The session aimed to:  Introduce the SchoolBank concept  Start the design of a concept SchoolBank for two countries  Discuss challenges and mitigating actions for SchoolBanks in these countries  Inspire participants to start a SchoolBank in their respective countries After a short introduction of the SchoolBank framework and some inspiring examples from Russia (Tatarstan), Romania, and Camden, the session continued in two break-out groups. Both groups selected a country (Macedonia and Armenia respectively) for which the current challenges in terms of the educational system, financial education, and financial inclusion were discussed. The next step was to see how technology (e.g. smartcard technology) could be used to tackle some of these challenges. Finally, potential obstacles that could hinder these solutions were discussed, as well as actions to mitigate these obstacles.

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A small selection of the ideas that emerged during the discussions:      

A Smart school card can be used as security ID in the schools; The card could also collect information on school attendance; Reward points could be collected on the cards for self-study activities (e.g. online tests on financial education. These points could then be used in the school cafeteria for healthy snacks; The card can be used for disbursements of student benefits (transport, books, food, extracurricular classes); The card could be linked to a current and savings account; The data on school attendance and performance (potentially anonymously) could be used to improve educational and social policies.

Figure 1: The CYFI/MasterCard SchoolBank framework

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Day 2 Friday, October 3, 2014 09:00 – 09:15 09:15 – 10:15 10:45 – 12:15 Workshop 2.1 Workshop 2.2 Workshop 2.3 12:30 – 13:00

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Welcome and Program presentation Assessing the state of the field in youth financial capabilities Parallel workshops: Youth entrepreneurship and employment Financial education programs and the role of the private sector Teacher training Closing remarks

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Assessing the state of the field in youth financial capabilities: process evaluation and its use for policy This plenary session was devoted to another important part of any financial education or inclusion initiative in any country – assessing the state and level of financial capabilities of young people, and various methods and technics to measure that. Contributors to the session shared various approaches to evaluating financial capability, financial literacy and the effectiveness of financial education programs with the audience and engaged in the interactive discussions of how these methods can be used by policy-makers in different countries.

Chair Ms. Sue Lewis, Personal Finance Education Group, United Kingdom Speakers  Ms. Sona Lalayan, Coordinator of financial education, Consumer Rights Protection and Financial Education Center Central Bank of Armenia  Ms. Kirsty Bowman-Vaughan, Young People Policy Manager, The Money Advice Service, United Kingdom

Ms. Sue Lewis, representing the Personal Finance Education Group from the United Kingdom, moderated the session on assessing the state of youth financial capabilities. She started the session with introducing the PISA (the Program for International Student Assessment), which has developed the first international framework for financial literacy assessment of school students, including content of the assessment, processes and contexts. So far 18 countries have taken part in the PISA financial literacy assessment exercise, and efforts are being done to expand the number of countries to take part in it. The important finding of the PISA assessment is that income level and GDP per capita of the country does not have a direct influence on the level of financial literacy of school children so further research and assessments need to be conducted in this regard.

Ms. Sona Lalayan, Financial Education Coordinator from the Central Bank of Armenia has presented the situation with financial education in Armenia and the newly developed index on the measurement of financial capability in Armenia.

The Central Bank of Armenia started different educational initiatives from 2007 with the mandate to create the necessary environment to protect financial sector consumers. From 2012 the Steering Committee for Development and Implementation of National Strategy of Financial Education was established with the membership from governmental bodies, private sector and civil society under the leadership of the Central Bank. Monitoring and evaluation of the national strategy for financial education in Armenia is conducted in two dimensions - continuous assessment of the level of financial capability of population and impact assessment of separate programs for financial education. While defining the national strategy, it was found that the tool measuring financial capability tailored to the Armenian context is needed for policy priority setting, effectiveness monitoring and public accountability. That is why Central Bank of Armenia, in cooperation with AFI, initiated a project aimed at elaborating a new methodology for financial capability measurement, which will provide 4 major outcomes - competency matrix of a financially capable person, scoring matrix, financial capability index and design of the relevant questionnaire. Ms. Lalayan emphasized that developing such measurement will provide a flexible framework for policy makers to analyse the situation in the country and perform effective policy priority setting, evaluate the effectiveness of the national strategy and keep public accountability. It will also help to evaluate the best practices of other countries and implement them locally as such a methodology provides a universal base for this. Armenia will have such an assessment for different groups target groups, including the young people.

The next presentation was delivered by Ms. Kirsty Bowman-Vaughan, Young People Policy Manager of the Money Advice Service, UK. Ms. Bowman-Vaughan presented the Money Advice Service and the overview of the UK national strategy for financial capability, which has children and young people as the evaluation priority area and is planned to be launched in spring 2015. Despite vibrant and diverse practitioner sector in the UK and many initiatives on financial education and financial inclusion of the youth, there is a wide lack of engagement of the young people, with the statistics that over one third of UK’s youth between 18 and 24 being over-indebted, and poor money management is recognized as one of the key factors. Money Advice Service (MAS) have found out that notwithstanding pieces of excellent evaluation practices in the UK with regards to youth financial capability, the common evaluation framework that will

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benefit everyone is still missing. Therefore, the MAS is going through the consultation process with various stakeholders in the UK to develop the necessary tools to measure outcomes and frameworks for adult and young people, as well as step-by-step guide and toolkits or templates for various organizations on how to measure them. She mentioned that after developing such guidance and practical measurement tools, the next challenge will be to encourage organisations to sign up in principle to using them, including outcome frameworks, and to agree to work with the Money Advice Service to pilot them. The second version of the toolkit should also include support and training, based on the outcomes of the first pilots.

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2.1. Creating a youth entrepreneurship ecosystem The aim of this session was to discuss the question on how to create an eco-system that is conducive to youth entrepreneurship. This includes questions on regulation, access to finance, and capacity building.

Chair Mr. Ron van den Akker, Innovations Manager, Child and Youth Finance International Experts  Regulation: Mr. Gligor Mihailovski, Manager SEG Holding  Access to finance: Mr. Lazar Nedanoski, Macedonian Enterprise Development Foundation  Capacity building: Ms. Isidora Sidorovska, Management Support Institute Objectives The objectives for this session were as follows:  Inspire participants to work to create a youth entrepreneurship ecosystem in their respective networks and countries;  Exchange best practices / innovations in developing an youth entrepreneurship ecosystem in terms of - Regulation: What are barriers young entrepreneurs face and how to solve them?

- Access to finance: How can we link young entrepreneurs to attractive funding opportunities?

- Capacity building: What are some good practices of capacity building initiatives form the government or private sector?  Introduce the CYFI entrepreneurship platform Youth-Co to the participants (official launch is expected in December 2014).

In three break-out groups the discussions were facilitated by three experts, who started the discussions with a short summary of the challenges faced by young entrepreneurs and some best practices from the field. Thereafter, interactive group debates followed. Below you can find a selection of the main points discussed in the session: Challenges to young entrepreneurs Among the reasons related to the high failure rates of young enterprises, the following aspects were discussed:  Lack of support by family, teachers and society;  Education and training do not nurture entrepreneurial attitude but rather prepare for employment;  Lack of business and management skills to set up a business;  Low financial resources and limited access to external finance;  Limited business network and business related to social capital.

Discussion points Potential solutions were discussed around three main themes:  Regulation - Make programs for failed entrepreneurs – get them back again into the labour market and self-employment, don’t judge failure and give support to failed entrepreneurs.

- More intense support per entrepreneur over approaches that spread support thinly.

- In particular, financing should be sufficient to allow young people to start businesses outside the low entry barrier but high competition sectors towards which youth entrepreneurship is currently skewed, and this finance should be associated with more intensive business development support for these enterprises.

- Provide integrated packages of support rather than relying on a single narrowly defined support instrument.

For example, entrepreneurship teaching supports the development of more entrepreneurial intentions and competences, but may need to be followed up with start-up support to turn these intentions and competences into business ventures, while the effectiveness of supplying finance will be enhanced when it is complemented by advice, coaching and networking.

- Improve the evidence base on the impact of policy on youth labour market insertion, involving more robust evaluations based on clear targets and objectives for the programs.

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-

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Definition of strategic areas / national priorities for the next 15-30 years in the areas of economic development (e.g. ICT, agriculture, automotive industry, renewable energy, etc.) in order to forecast further profiles and opportunities for development.

Implement tax cuts for young entrepreneurs.

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Access to Finance - Young entrepreneurs encounter multiple obstacles while accessing finance. For instance, young entrepreneurs have no or limited business and credit track record, making them less bankable; - Access to credit in Macedonia and the region (mostly bank credit, smaller amounts for youth, hardships in obtaining guarantees etc.) as well as to non-credit funding opportunities (venture funds, business angels, guarantee mechanisms) were discussed; - In addition, some government and donor-led projects for young entrepreneurs were discussed – for example, the soft loan of up to 3,000 EUR for self-employment bundled with vocational and entrepreneurship training or newly established Innovation Fund in Macedonia; - EU has committed to the improvement of access to finance with the introduction of new financial instruments through JEREMIE program; - The US is frontrunner in creating synergies between universities, teaching staff, students with entrepreneurship ideas and funding options.

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Capability building - There are a number of key traits for youth entrepreneurship programs, including strong selection criteria; intensive support for a smaller target than thin for larger and comprehensive support package.

- Governments should consider promoting entrepreneurship and building entrepreneurial skills through formal as well as the informal system.

- Some examples of successful entrepreneurship programs were discussed, including Think Big (UK), GATE (US), Bridging Allowance (Germany), Empretec (UNCTAD), SIYB (ILO), Environmental Rally (YES project).

Figure 2: Youth-Co prototype

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2.2. Financial education programs and the role of the private sector This workshop was devoted to the role of the banking sector and financial institutions in delivering relevant financial education programs to children and youth. The main challenges that financial institutions are facing while providing such programs were discussed, as well as various models and potential solutions relevant to the topic. The views and models on delivering such programs of two different banks were presented, as well as representative of the education sector shared their views on such involvement. After the presentations, two discussion groups were formed with both adult and youth participants who debated different aspects of the topic.

Chair Ms. Karina Avakyan, Regional Advisor for Eastern Europe and Central Asia, Child and Youth Finance International Speakers  Ms. Irina Sheikina, Head of PR, Home Credit Bank Kazakhstan  Ms. Mari-Liis Laaniste, Marketing Manager, Swedbank Estonia  Mr. Ivan Novakovski, Business Manager, NOVA International Schools Ms. Irina Sheikina from Home Credit Bank Kazakhstan presented the overall stand of the Home Credit Group on financial inclusion and complementary financial education. As part of the program for promoting financial literacy, educational seminars are being hosted in bank branches, but also in shopping centers, factories and other accessible areas for the potential banking clients. The Group devotes special attention to young generation, so special efforts are being put to educate children on the importance of dealing with money responsibly. The Group’s project “Kids and Money” in Eastern Europe became the first financial literacy project for children by the banking institution in Russia, which became a big success in online downloads and social media. In Kazakhstan the Bank has also published a children’s book about the national currency that explains the history and role of tenge. At the moment the Group is realizing financial literacy projects for children and youth not only in Russia and Kazakhstan, but also in Belarus and China and future projects in other countries of the Group’s presence are being planned.

Ms. Mari-Liis Laaniste, Marketing Manager from Swedbank Estonia, talked about her bank’s approach to financial education in the country. As one of the biggest companies in Estonia, Swedbank sees its purpose in education of the population regarding responsible lending, broader promotion of financial literacy in education system, and active participation in campaigns of public institutions, associations’ projects and social campaigns. The specific program for targeting the youth involves several projects. Firstly, Swedbank is the strategic partner of the “Back to School” program in Estonia, as part of which Swedbank employees are giving lectures to more than 10 000 school children. They are also the main sponsor of the Junior Achievement Estonia student companies by providing young people a great opportunity to peek into the world of business and get some exciting, risk-free experience in setting up their own business. Moreover, Swedbank leads the youth Facebook campaign where it teaches young people about finance. As part of this youth program, the Bank also provides responsible financial products and bank cards for children and youth so they can also exercise the acquired knowledge.

Mr. Ivan Novakovski represented NOVA Business Schools, which is an independent, co-educational day school that offers an educational program from pre-kindergarten through grade 12 for students from different countries. In NOVA schools financial education is integrated into the school curriculum since elementary school, and it was also the first school in Macedonia to adapt the Junior Achievement curriculum. Mr. Novakovski expressed the idea that schools can serve as filters to the financial education programs offered by banking institutions, thus limiting chances for purely marketing purposes of education programs and dealing with narrow curriculum offering. Therefore, schools serve as the link between pupils and financial institution, which are willing to offer financial literacy programs and access to preapproved financial products, and governments can subsequently select from functional collaborative models and implement such initiatives on the national level.

After three presentations, the audience, consisting of youth and adult participants, was invited for the interactive brainstorming session. The audience was split into 2 groups for the group discussion focusing on two main topics – innovative solutions for banks to provide financial education for younger generation and complementing financial education with financial access for young people. In the first group youth was actively participating in the discussions and

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proposing various solutions for the banking sector –online games, applications and other technological solutions, while also engaging in the debate with the policy-makers on the overall role and models of functioning for the banking sector with regards to children and youth.

The second group, which focused on exploring how the private sector could ensure that financial education is delivered with access to appropriate financial services, as well engaged in discussions around how young people can have a direct role also in creating financial products that are appropriate for them though a consultation process which proved to be very successful already in countries like Macedonia. Moreover, the participants in the discussion agreed upon the fact that, notwithstanding the essential role of the private sector, the national bank and the national authorities are still the most important stakeholders when it comes to coordination and ensuring impartiality in the delivery process of the private institutions.

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2.3. Teacher training capacity-building This session reviewed initiatives in Europe and Central Asia related to building the capacity of teacher and trainers to address aspects of ECE (financial, social, or livelihoods education) in both formal and non-formal education environments. Especial attention to active learning methodologies and alternative pathways of teaching practices.

Chair Ms. Irene Diaz Soto, Civil Society Engagement Coordinator, Child and Youth Finance International Speakers  Mr. Paul Moclair, Aflatoun, Project Leader Afla-Academy in the Netherlands  Ms. Ivana Georgievska, Senior Technical Specialist for Vocational Education and Training at Education Development Center (EDC), Macedonia  Ms. Sharan Jaswal, Education Director at MyBnk, United Kingdom of Great Britain and Northern Ireland This session examined how organizations throughout Europe and Central Asia have been able to successfully equip teachers and trainers with the knowledge and skills necessary to address Economic Citizenship Education (financial, social and livelihoods education) in their classrooms. The session focused on three specific themes related to teacher training:   

Technology and alternative pathways to improve teacher training capacity; Active learning Methodologies that enhance the willingness and motivation of teachers and trainers to address ECE in classrooms and workshops ; Ongoing support networks and resource provision for teachers to build ongoing community and systems of support from peers, mentors, and experts.

Mr. Paul Moclair, Project Leader Afla-Academy at Aflatoun, demonstrated the active-learning methods used by Aflatoun in Aflatoun Academy through various activities. The objective of the session was to explain briefly the circumstances that led Aflatoun to begin teacher training in 2008 and trace the evolution of the training strategy.

Starting with 3-day workshops to NGO partners it has developed into working directly with teacher training institutions and to provide participants with experiential learning on how Aflatoun’s active-learning methods function.

Rather than talking about the theory behind active-learning methods, the session was structured so as to use those very methods to shed light on the training strategy.

Outcomes of the session  Participants learned that Aflatoun only decided to engage with teacher-training when they discovered that the reliance of many teachers on lecture-based teaching meant our books was not being used to their full potential.  Participants heard how since 2008 Aflatoun had devolved training responsibility and capacity to a global network of trainers drawn from the ranks of the NGO partners.  The audience went through a selection of Aflatoun’s preferred action-learning methods including KWL charts, running dictation and memory cards.  Through engaging in these active-learning sessions, they also heard more about how a practical, experiential approach has more tangible outcomes for children in terms of financial education.

Ms. Ivana Georgievska, from the Education Development Center (EDC) of Macedonia, described the strategies used by Education Development Center to deliver and engage teachers in work skills curriculum. Education Development Center offers a program tailored teacher training in an interactive way, just the way teachers are expected to deliver the school program content to their students. EDC provides youth with the foundational skills and knowledge necessary to become healthy, productive workers and participants in civic and community affairs. Within the YES Network Program, this workforce readiness curriculum serves as a foundation for youth participating in programs offered by YES in selected labor market areas across the country. During discussion following the presentations, panelists and attendees discussed challenges and opportunities when training the trainers.

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MyBnk directly delivers financial and enterprise education programs to young people aged 11-25 years, explained Ms. Sharan Jaswal, Education Director for MyBnk in the UK. They have a network of trainers locally (London), nationally (UK) and globally who are trained and quality assured to deliver the MyBnk 'SUPER' way (Specialist, Unique, Participatory, Effective & Relevant). The session looked at MyBnk's holistic training methodology, and aimed to: 

Inform participants of MyBnk's unique and comprehensive training methodology, including them taking part in sample training activities;  Have participants explore what the 'perfect' financial education trainer looks like;  Ensure participants understand the need for engaging and interactive training to deliver effective results.

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Concluding Session: Advancing the region During the concluding session, youth present at the meeting expressed their personal commitment to engage with the youth organizations of which they are part, with their schools and with the national policy makers, to transform and set financial education and financial inclusion in a priority on the national policy agenda and create awareness among their peers and parents on the importance of these topics.

Youth delegates Leva Perkona from Latvia, and Laze Gjorgiev and Maria Stojkovska from Macedonia asked for the support of the policy makers to contribute to the change in their countries and communities by engaging, for example, in Global Money Week, a global awareness campaign that reaches yearly more than 3 million children worldwide. They also spur the policy makers to continue the practice of engaging youth in dialogue and consultations when drafting and approving policies that affect the young people directly and communicate the results and discussions in a child-friendly way to those affected by the policies adopted.

The concluding remarks by the Vice-governor of the National Bank of Macedonia Ms. Maja Kadievska, in line with youth representatives’ requests, highlighted the main discussion areas of the Meeting and encouraged attendees to take further especially the recommendations coming from the youth representatives in their own countries in order to, in a year time, be able to report on the advancements of financial education and its introduction in the national curricula, on the creation of child-friendly banking products and on reduced levels of youth unemployment.

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Youth Recommendations Equitable growth and sustainable growth is not related only to financial access and resources. And the youth representatives at the Third Regional Meeting for Europe and Central Asia have made this clear through discussing and proposing recommendations which looked at ways of creating a sustainable environment at 360ᵒ. A summary of their recommendations is available below, it is up to the policy-makers to make it a reality.

Access to resources  

Limited access to water and electricity Lack of infrastructure and rational development

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Policies for citizenship in the shape of Long Term Strategies wit dialogue of Youth Encouragement of High Human Capital Mobility Promotion and Support of Youth for Ecofriendliness. Via Innovations and Technology development

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Education: Economic citizenship education and financial access   

No financial education knowledge Limited access to financial services for youth Lack of savings accounts for children and youth

• Every school should have economic citizenship education as a compulsory subject • Free financial education courses • Access to child and youth friendly bank accounts • Youth friendly language

Job oriented Education & Employment 

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The lack of a rounded market oriented education is the root of all problems in a society especially for the youth Address not the quantity, but the quality of education Education specially designed for each individual

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Not enough jobs No job security Mismatch between market needs and education curriculums Youth in the black market

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Drafting policies to ensure competitiveness and talent retention Lowering tuition fees for higher education and removing barriers to access higher education Internationalizing education Lessening course work Career counseling

Matching education frameworks to employment needs and gaps Promoting more internships and volunteering to pupils and students in preparation for the job market Improving business - university collaboration Designing policies for inclusive job market

Youth entrepreneurship environment  

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Not enough resources put in R&D. Lack of specialized hubs and incubators.

Hubs for all lines of entrepreneurs, not only university graduates.

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More assets should be invested in R&D. The innovations are results from R&D! Each country should have business incubators that would encourage entrepreneurs.

Education: Economic citizenship education and financial access     

Youth and child poverty; Youth and child dropout and home abandon; Youth and child illnesses; Youth vices; Social exclusion of youth and vulnerable groups;

     

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Raise awareness about quality of life among parents by building parents councils; Promote public health and a clean and safe environment; Improve access to opportunities and daily necessities; Ensure free access to national public services; Provide governmental social inclusion programs; Organize training mandatory sessions in school regarding quality of life and its challenges.

Improve life satisfaction and expectancy

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