Global Money Week 2018'Money Matter Matters'
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UN YOUTH SEYCHELLES
248 2619092
P.O.Box 8015
What is Global Money Week?GMW is an annual global awareness-raising campaign on the importance of ensuring that young people are financially aware from an early age, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience. The 2021 edition of GMW will take place from 22-28 March.
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Celebration of Global Money Week in Seychelles
Seychelles celebrated Global Money Week for the first time. As part of the celebration, a Financial Educational Tour was organised and took place over two days. Students visited seven Institutions, including the Mauritius Commercial Bank, Barclays Bank, Al Salam Bank, NOUVOBANQ, the Central Bank of Seychelles, H Savy Insurance, and Seychelles Pension Fund. A group of 40 students from the Seychelles Independent School, Seychelles International School, School of Advance Level Studies, Plaisance Secondary, Beau Vallon Secondary, Mont Fleuri Secondary, English River Secondary, Pointe Larue Secondary, and Belonie Secondary accompanied by UNYS members took part in the tour. The group enjoyed both touring the premises of the institutions and attending a presentation, where they learnt about the institution’s function, role, products and impact in the society. An online campaign was launched where financial tips where posted on social media. Similarly, events were published in a daily newspaper along with professional articles and a video production by Well of Inspiration and AIESEC Seychelles on personal finance.
UN Youth Seychelles officially launched Global Money Week (GMW) in a ceremony at the SITE Auditorium, with a crowd of about 150 people. The celebration was attended by high-level representatives from the Government, including the Principal Secretary for Youth, Special Advisor for Education. Students and teachers gathered to learn about the importance of financial education and ways to manage personal finance.
The event commenced with the key note address from the First Deputy Governor of the Central Bank who termed this initiative as a commendable one. Mr Edmond addressed the youth in particular and urge that they take advantage of the opportunities being offered to them, to read wisely to acquire knowledge and be inquisitive and ask questions to either parents or others in the financial sector.
This was followed by a presentation from Founder and President of UN youth Seychelles Ms Annarose Clarisse who opened with a reflection on how we spend money. The thought that we spend money we have not earned on things we do not need, to impress people we do not like, highlighted the need for financial education. In view that desire and fear of losing money drive people’s way of life leading to poor financial decision making. She further explained the importance of
Celebrating Global Money week and what other countries does to celebrate it and enlightened the crowd about activities prepared for this week. A financial educational tour has been organized for over 30 students to visit various financial institutions including banks, Insurance Companies, the Central Bank and the Seychelles Pension Fund. The response from these institutions were quick and much appreciated.
The Principle Secretary for youth Mr Fabien Palmyre made an interactive address and got the group thinking about various aspects of financial behavior. He posed the question to the students as to whether they could save atleast 5 rupees a day that would be SCR1,800 in saving an amount you cannot even pay a bus fare with.. He went further to get them to think about doing this for 10 years and that would be SCR18,000. The audience responded positively mentioning that they could actually save more.
The Managing Director of MCB Mr Bernard Jackson delivered a presentation on Bank products and services and explained how different products can fit people’s needs. Mr Jackson shared a bit about his journey to being a banker and eventually a Managing Director and advised the students in the room to let their struggles or that of their parents be their drive, their ambition and thus one day aspire us to take up a better lifestyle.
Ms Anna Yang, Project and Events officer of UN youth Seychelles and a recent A level graduate from independent school delivered an informative session titled “ You may not be rich but dare to think like a millionaire” Her presentation touched on good money habits, importance of saving and ways to save as a student. Her points of advice were; To think like a boss, budget and plan, think before you spend, tackle debts immediately, know your taxes, investments are a must and soak up all the knowledge.
Lastly Mrs Sarah Lang a Senior Financial Stability analyst at the central bank gave a presentation on the ways Financial Education impacts the economy. She talked about exchange rates, inflation or interest rate, changes in monetary policy so we know when to watch out on spending and prepare for harder economic times. How the public reacts to financial events, economics and shocks is dictated by financial literacy. Lower levels of financial literacy have been associated with lower rates of planning for retirement, lower rates of asset accumulation, paying more for your financial and banking services than you need to. Lower participation in the stock market, high level of debt.
UNYS is honoured to lead this initiative in collaboration with other stakeholders and partners at this launch event and extend their appreciation for the support of the Ministry of Education and Human resource, The Youth Department, The Seychelles Bankers Association., The Central Bank of Seychelles, participating commercial banks, H savy Insurance and the Seychelles pension fund and youth who have shown interest in this new initiative.
UN Youth Seychelles officially launched Global Money Week (GMW) in a ceremony at the SITE Auditorium, with a crowd of about 150 people. The celebration was attended by high-level representatives from the Government, including the Principal Secretary for Youth, Special Advisor for Education. Students and teachers gathered to learn about the importance of financial education and ways to manage personal finance.
The event commenced with the key note address from the First Deputy Governor of the Central Bank who termed this initiative as a commendable one. Mr Edmond addressed the youth in particular and urge that they take advantage of the opportunities being offered to them, to read wisely to acquire knowledge and be inquisitive and ask questions to either parents or others in the financial sector.
This was followed by a presentation from Founder and President of UN youth Seychelles Ms Annarose Clarisse who opened with a reflection on how we spend money. The thought that we spend money we have not earned on things we do not need, to impress people we do not like, highlighted the need for financial education. In view that desire and fear of losing money drive people’s way of life leading to poor financial decision making. She further explained the importance of
Celebrating Global Money week and what other countries does to celebrate it and enlightened the crowd about activities prepared for this week. A financial educational tour has been organized for over 30 students to visit various financial institutions including banks, Insurance Companies, the Central Bank and the Seychelles Pension Fund. The response from these institutions were quick and much appreciated.
The Principle Secretary for youth Mr Fabien Palmyre made an interactive address and got the group thinking about various aspects of financial behavior. He posed the question to the students as to whether they could save atleast 5 rupees a day that would be SCR1,800 in saving an amount you cannot even pay a bus fare with.. He went further to get them to think about doing this for 10 years and that would be SCR18,000. The audience responded positively mentioning that they could actually save more.
The Managing Director of MCB Mr Bernard Jackson delivered a presentation on Bank products and services and explained how different products can fit people’s needs. Mr Jackson shared a bit about his journey to being a banker and eventually a Managing Director and advised the students in the room to let their struggles or that of their parents be their drive, their ambition and thus one day aspire us to take up a better lifestyle.
Ms Anna Yang, Project and Events officer of UN youth Seychelles and a recent A level graduate from independent school delivered an informative session titled “ You may not be rich but dare to think like a millionaire” Her presentation touched on good money habits, importance of saving and ways to save as a student. Her points of advice were; To think like a boss, budget and plan, think before you spend, tackle debts immediately, know your taxes, investments are a must and soak up all the knowledge.
Lastly Mrs Sarah Lang a Senior Financial Stability analyst at the central bank gave a presentation on the ways Financial Education impacts the economy. She talked about exchange rates, inflation or interest rate, changes in monetary policy so we know when to watch out on spending and prepare for harder economic times. How the public reacts to financial events, economics and shocks is dictated by financial literacy. Lower levels of financial literacy have been associated with lower rates of planning for retirement, lower rates of asset accumulation, paying more for your financial and banking services than you need to. Lower participation in the stock market, high level of debt.
UNYS is honoured to lead this initiative in collaboration with other stakeholders and partners at this launch event and extend their appreciation for the support of the Ministry of Education and Human resource, The Youth Department, The Seychelles Bankers Association., The Central Bank of Seychelles, participating commercial banks, H savy Insurance and the Seychelles pension fund and youth who have shown interest in this new initiative.
Participating Organisations
- UN Youth Seychelles
- AIESEC in Seychelles,
- Al Salam Bank,
- Barclays Bank Seychelles Limited,
- Central Bank of Seychelles (CBS),
- Savy Insurance,
- International School Seychelles,
- Mauritius Commercial Bank (MCB),
- Ministry of Education,
- Nation Seychelles,
- Nouvobanq,
- Seychelles Broadcasting Corporation,
- Seychelles Independent School,
- Seychelles Office of the Poverty Alleviation,
- Seychelles Pension Fund,
- Seychelles Bankers Association,
- Well of Inspiration.
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