HSBC and Injaz-UAE 'More than Money' teach financial skills to 6th and 7th graders

The program teaches young students about earning, sharing, saving and conscientious spending of money as well as about businesses they can start or jobs they can consider for their future.

The initiative is part of HSBC's global commitment to expand on JA Worldwide's successful financial literacy programs for young students. It involves HSBC staff from across 15 countries including the UAE, Oman and Egypt in the Middle East.

The six session program is packaged in a portfolio containing detailed session plans, informative Take-Home Flyers for students and families, and additional learning materials to ensure a successful experience for students and volunteers.

"This program addresses the changing needs of young students in the UAE at an age when financial literacy is not being offered. It will have a positive impact on their behaviour as future professionals and conscious consumers. It can also help students apply their mathematical teachings to everyday life, resulting in more comprehensive and practical learning experience," said Sheikh Khaled Bin Zayed Al-Nehayan, Vice Chairman of Injaz Al-Arab and Chairman of Injaz -UAE.

Junior Achievement Worldwide is the world's largest non-profit business education organization that teaches entrepreneurship, workforce readiness and financial literacy courses to 9,326,748 students. Over 384,925 Junior Achievement volunteers teach 367,305 classes annually. In the Middle East, Injaz Al-Arab, the regional branch of JA, has trained over 300,000 Arab students since 1999.

In the UAE, JA More than Money has been piloted in seven government schools in Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah and Al Ain. Over 40 HSBC staff participated in delivering six sessions to each school.

Kaltham Al Koheji, Chairperson of HSBC in the Community Middle East Foundation commented, "HSBC is committed to improving financial literacy in the countries in which we operate for the benefit of both local communities and our shareholders. Our bank volunteers have clearly understood this priority and are key to making this partnership beneficial and effective for the young children. The program reached over 400 students in government schools across the UAE."

When assessed by an independent evaluator in 2007, results showed conclusively that the seven to 11 year old students who had participated in this curriculum in the United States demonstrated significantly greater knowledge and retention of financial concepts compared to their non-participating peers.

With funding from HSBC, the program will be rolled out to many more schools across the Middle East in the following academic year 2009/2010.