Let’s talk money: “Woch vun de Suen”, an initiative linked to“European Money Week”

During the week of 18 to 22 March 2024, Fondation ABBL pour l’éducation financière (ABBL Foundation for Financial Education) is organising the 10th Woch vun de Suen (Money Week) for pupils in cycle 4 (aged 10 to 12) in primary schools in Luxembourg, with the aim of developing a better understanding of the value of money and the importance of knowing how to manage a budget through a fun activity. Angèle Schmitz, staff member of the Marketing business unit at Spuerkeess, has been our in-house coordinator since the beginning of this initiative. Find out more about this initiative, which is one of many activities focusing on financial education in Luxembourg.

The origins of the Luxembourg WDS lie in EUROPEAN MONEY WEEK - EBF initiated by the European Banking Federation and aligned globally with the OECD’s Global Money Week.

Global Money Week focuses on efforts to improve financial education among young people. The aim of the campaign is to ensure that all children and young people have access to quality financial education, enabling them to learn about money and make sound financial decisions that will improve their future financial resilience and well-being. More than 60 million children and young people in 176 countries have taken part in the 11 editions of the campaign since its launch in 2012.

European Money Week is an annual event that coincides with Global Money Week. It involves young people from over 35 European nations in a variety of activities, including classroom sessions, seminars and conferences, as well as a money quiz...European Money Week is a key component of the European Banking Federation’s (EBF) aim to promote financial literacy in Europe through events, publications and partnerships.

WDS is therefore part of these two global and international initiatives. Since its creation, it has been organised first by ABBL and for the last five years by Fondation ABBL pour l’éducation financière. The event in Luxembourg is supported by the Ministry of Education, Children and Youth.

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Wholly dedicated to financial education, with no commercial intent whatsoever, the volunteer trainers from various ABBL member banks undertake to remain neutral and not to disseminate any marketing or advertising messages, either about their institution, their range of services or their bank’s products. No logos, no goodies ????

I remember very clearly the early days of the initiative, when we were discussing the target audience and saying how important it was to help young people gain a better understanding of the various concepts around money, so they would become well-informed customers/consumers in the future.

This is why we have chosen cycle 4 in primary schools in Luxembourg, children aged between 10 and 12; they are beginning their last years at primary school and will become more independent once they start secondary school.

The aim from the outset has been to help pupils “better understand the value of money and the importance of managing their budget through a fun two-hour educational activity”.

The trainers raise awareness of the importance of thoughtful, responsible consumption. In an environment of increasing incentive-based (over)consumption and almost immediate gratification, it is essential to introduce the basics of financial literacy from an early age.

Activities have evolved over the last few years. At the beginning, the programme still included visits to the Central Bank and activities at the Bank Museum, alongside fun activities in the classroom.

I still have fond memories of my own contributions at the Museum and in the classroom. The pupils were always interested and fascinated by the subject and grateful that someone was talking to them about a topic that was quite unfamiliar to them.

Since 2023, trainers have been using Money Odyssey, a mobile app developed by Fondation ABBL pour l’éducation financière.

The proposed topics over the week are:

The importance of money in everyday life and developing a critical mind before deciding to buy anything.
The difference between needs and wants.
Budget management.
The role of a bank and the characteristics of the various means of payment.
Savings and investments.
Sustainable and responsible finance.
Raising awareness of financial scams.
Cryptocurrencies.

I have to say that throughout the various editions, I have never had any problems motivating volunteer trainers among my colleagues. Most of the trainers returned from the classes with very good experiences, and their discussions with the students were a real eye-opener for them.

Their enthusiasm for sharing their knowledge with the students has never flagged, and feedback has been extremely positive.

One aspect I love is the community spirit during the week, with trainers from different banking institutions working together to run the classes as effectively as possible, in cooperation with the teachers from the various primary schools.

Connections and friendships were forged beyond our day-to-day bank activities.

I hope that WDS will continue for a long time to come and that more and more students will benefit from this important financial education initiative.

Like everywhere else in the world, lifting the taboo around money would be an excellent place to start. Studies show that people prefer to say how much they weigh rather than how much they have in their savings account! Then supporting the youngest consumers of today and tomorrow in their everyday behaviour. Raising awareness of sustainable consumption overall.

Congratulations to Fondation ABBL pour l’éducation financière for ensuring the continuity of this initiative, and many thanks to the volunteer trainers for their continued efforts. Raising young people’s awareness about sound, resilient financial management will save them a lot of trouble in their adult lives.

Watch a replay of the seminar “Building financial resilience in turbulent times: financial literacy in the 2020s” on the EBF website Building Financial Resilience in Turbulent Times: online EBF seminar - EBF
Link to the European Money Quiz 2024 EMQ - EBF
The ABC vun de Suen in PDF on the ABBL - The Luxembourg Banker’s Association website
The launch of GLOBAL MONEY WEEK by the OECD GMW2024 Launch (globalmoneyweek.org)