Children are increasingly familiar with basic financial ideas. While 44% need explanations on how a bank account works and 52% on what a budget is, 71% are unfamiliar with stocks and shares and 69% with financial investments. Furthermore, they all mainly talk about money with their parents (93%), with their friends (76%) and at school (66%).
This tells us that financial education is essential.
What do you think? Watch this video find out what Group employees think about financial education.
Crédit Agricole is committed to answering young people’s questions and familiarising them with financial issues, both in France and abroad. Let’s take a look at some initiatives.
In the classroom
Every year since 2015, the French Banking Federation (FBF), in conjunction with Educfi and the Ministry of Education, has run “There’s a banker in my classroom”, a programme that gives bankers the opportunity to help educate 9-12-year-olds by playing a board game designed to promote financial literacy. Spurred on by Crédit Agricole S.A.’s Youth Market department, Crédit Agricole is once again taking part this year, with 741 employees – making up nearly a quarter of all volunteers – not only raising financial awareness among young people but also sharing with them what it’s like to work in banking.
Crédit Agricole Nord Midi-Pyrénées runs budget management workshops and dedicated sessions on starting a business in partnership with Fond’Actions Jeunes.
In partnership with the Luxembourg Bankers’ Association, employees from Indosuez are taking part in European Money Week and introducing 10-12-year-olds to the world of money at primary schools and through specially created mobile app Money Odyssey. The bank is also involved in sustainable finance presentations aimed at high school students.
Workshops and events
Crédit Agricole Centre Loire, which aims to become a key player in financial education, organised a talk titled “Save today, benefit tomorrow” at LAB’O Village by CA in Orléans. The talk was given by start-up Iziwup, founded by three wealth management experts convinced that everyone needs an understanding of basic financial concepts to be able to make informed decisions. They created a financial education exercise book aimed at children aged seven and over and organise talks.
Crédit Agricole des Savoie is planning an interactive webinar to help parents and teenagers learn how to manage a budget and spot frauds and scams.
Group entities are also stepping up in other countries. In Singapore, 12 Indosuez employees ran a financial education workshop for teenagers at Sunbeam Place, which provides shelter for children and families in need of protection.
Videos
Crédit Agricole Assurances noticed that young people often struggle to understand insurance. It decided to help by making a series of educational videos available to the Regional Banks. The series is made of up 7 videos, each 30 seconds long, aimed at raising awareness among young people and explaining the role of an insurer, various insurance products (including life insurance), and when might be the best time to take them out.
Games
In February, non-profit Association Passerelle Solidarité and Crédit Agricole Centre France ran their first “Escape Budget by Passerelle” workshop to help 20 or so 17-21-year-olds undertaking voluntary civic service learn how to manage a budget. They were told to imagine they were living in a shared housing facility and had to manage a budget while planning a trip without going overdrawn and while taking into account loan repayments, taxes and other deductions.
CAPFM has for several years run financial education workshops for young people from schools in priority education zones in Roubaix. This initiative is led by non-profit ViensVoirMonTaf, with which CAPFM has entered into a partnership.
As part of efforts to promote its new junior account for under-13s, CA Bank Polska came up with a family board game called “Mission: Cash” designed to help players gain a better understanding of personal finance concepts and financial terms.
Crédit Agricole Ukraine offers a finance quiz for children who have lost their parents because of the war. The initiative is part of charitable project Children of Heroes, backed by the Crédit Agricole group.
On social media
This week on its Instagram account, Crédit Agricole du Morbihan is launching "€xplicite, ton rendez-vous de l’éducation financière" a bimonthly series of financial education videos aimed at young people.
Crédit Agricole Alsace Vosges has launched the Ça s’explique (“That explains it”) series on Tik tok and Instagram to share educational content designed to help students and young working people choose the right bank. Bimonthly videos will cover topics including the stock market, managing a budget, insurance and savings.
Employees at Crédit Agricole Nord Midi-Pyrénées post on social media on topics related to savings, life insurance and consumer credit.
* Survey on financial and budget education among children, French Banking Federation, March 2024.
Find the entire financial education topic:
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Financial education at Crédit AgricoleToday marks the start in France of Financial Education Week, part of Global Money Week, an initiative coordinated by the OECD than has been running in 176 countries since 2012. Its twin goals are to encourage young people to take an interest in money matters and to raise awareness among adults and entrepreneurs of issues related to their finances and risk. -
Financial education for all customersEnsuring our customers are financially informed is a constant concern for the Group, particularly when it comes to the most complex financial concepts. This type of financial education comes in various forms.Below are just a few examples. -
People facing financial difficultiesMore than 90 Crédit Agricole Points Passerelle, available at most of the Regional Banks, help people facing financial difficulties as a result of unforeseen circumstances by working with them to put together personalised solutions. -
Training: a key priorityIFCAM, the Crédit Agricole group’s university, plays a key role in financial education by offering training tailored to the needs of employees, directors and sometimes even customers of the Group: