Oman Banks Association (OBA) celebrates Global Money week

Roundup Sunday 21/April/2024 10:10 AM
By: Times News Service
Oman Banks Association (OBA) celebrates Global Money week

The Oman Banks Association (OBA) celebrates Global Money week by promoting financial literacy and inclusion among its youth. Through this campaign, OBA’s goal is to spread the required knowledge and skills to society on how to make financial decisions and navigate through the modern economy by conducting a series of engaging activities and initiatives.

Global Money Week is an international campaign launched by the OECD (Organization for Economic Co-operation and Development) that is held every year and aims to equip the youth with the knowledge and skills they need to manage their finances effectively and responsibly, where organizations worldwide run series of activities and initiatives coordinated by financial institutions to spread financial knowledge.

The week-long campaign will be under the theme of “Protect your money, plant your future”. The events and activities will be mainly focused on topics related to encouraging saving, budgeting, investing, entrepreneurship, and financial inclusion. The theme was chosen to highlight the importance of safe money management and the importance of adopting a responsible and uniformed approach to personal finances.

Global Money Week plays a crucial role every year in promoting financial literacy and inclusion worldwide, with several key aspects contributing to its importance:

Financial Inclusion:  The initiative helps promote financial inclusion by reaching out to the communities and ensuring that all young people have access to financial education and resources. Breaking down barriers to financial access and participation, Global Money Week contributes to creating more inclusive financial systems.

Youth Empowerment:  Global Money Week focuses on equipping young people with the knowledge and skills they need to make in financial decisions.

Long-term Financial Well-being
: By instilling good financial habits and behaviors early in life, Global Money Week sets young people on a path toward long-term financial security. The skills and knowledge gained during the week can have a lasting impact, helping individuals make better financial decisions, avoid debt, and plan for the future effectively.

Economic Development: Global Money Week contributes to building a more economically empowered society by fostering a culture of financial responsibility, and innovation among young people, which in turn can drive economic growth and stability.

Global Collaboration:  Global Money Week brings together financial institutions, educators, and other stakeholders from around the world to collaborate on a shared mission of promoting financial inclusion. This global collaboration enables the sharing of best practices, resources, and experiences, fostering innovation and driving positive change on a global scale.

OBA’s continued celebration in Global Money Week reflects its ongoing commitment to foster financial literacy and empowering generation that contributes to the country's economic development through giving the individuals early access to the right financial knowledge. The association helps young Omanis to build the necessary skills and confidence to manage their finances effectively, and plan their future, especially after the recent government initiative that led to kids having access to finances and financial tools at early ages.

OBA aims to extend beyond a single week of the Global Money Week and contribute to long-term improvements in financial literacy and well-being for individuals and communities in the Sultanate of Oman.