“You can’t teach kids about money soon enough”
29 March 2017
Countless ING employees all over the globe head back to school this week to tell children how money works. The sooner they get the basics, the better.
“Do you drive a Porsche? Can I borrow some money?”
Kids certainly aren’t afraid to ask questions, says Jeroen Prevo, regional director for ING Private Banking in the Netherlands.
Prevo is one of many employees across ING from the Netherlands to Turkey to Spain participating in activities for Global Money Week. This year marks the seventh time he volunteered, one of more than 500 employees in the Netherlands giving more than 800 lessons.
“You can’t teach kids about money soon enough,” said Prevo. He plays the “Cash Quiz” with a class of kids aged 9-12, which includes questions about using your card at bank machines, interest rates, and some math.
“One example I like is the question, ‘what does a warm bath cost?’ It’s a simple way to teach that free doesn’t always mean free.”
Held between 27 March and 2 April this year, Global Money Week helps children learn how money works. It covers saving, creating livelihoods, gaining employment, and entrepreneurship. The aim is to “empower the next generation to be confident, responsible and skilled economic citizens”.
Close to our purpose
ING’s been involved with Global Money Week for some time, since it is so close to our purpose of empowering people to stay a step ahead in life and in business. Various initiatives across the bank are already in line with the Money Week’s goal.
For example, Luxembourg has been doing European Money Week for three years and ING has been in it from the start. This year ING in Luxembourg has over a dozen volunteers meeting almost 300 students in public schools across the country for about two hours during the week of 27 March.
“The first year we had a lot of reluctance and scepticism from the schools, even from the inspectors and politicians,” said Barbara Daroca of ING Luxembourg
“In the meantime the tables have turned: right now there are 10 ‘orphan’ classes as we cannot come up with enough volunteers to cater to all of them!”
In Spain, ING will participate for a third year in “Tus finanzas, tu futuro” (Your finances, your future), part of European Money Week. Forty employees will go to schools in March to teach kids basic financial concepts like saving and how to make a budget. The message to get across is that planning long-term financial decisions is essential for a better quality of life.
ING Belgium is partnering in Money Week through Wikifin, the Belgian independent foundation that helps consumers with financial matters, and FSMA, the Belgian regulator. They’re organising activities in schools, markets and exhibitions all over the country with a focus on “saving… or not?”
But these are just a few of the initiatives. There’s similar activities happening across ING all year round, such as “Orange Drops” in Turkey, “Grow your dreams” in Italy and “Pocket Money” in Romania.