My Finance Coach is a non-profit initiative founded in Munich, Germany in 2010 which aims to improve and increase the financial literacy of children and youth. It is run with the support of over 60 partner and supporter companies including but not limited to, Allianz, Deutsche Börse AG, Deutsche Kredit Bank, Giesecke & Devrient, KPMG, McKinsey, and Volkswagen Bank. MFC’s endeavors to instruct youth in smart money management and raise awareness about the real-life outcomes of financial decisions. The aim of this approach is to arm youth with the tools to be financially capable citizens and to create a financially stable future themselves.
A study concluded that very few students are capable of making simple decisions about everyday spending. Beyond this assessment, the reality is that every day more and more youth struggle with debt. The results of the PISA 2012 Student Assessment conducted by the OECD to determine current levels of worldwide financial literacy in youth demonstrates the continuous need for comprehensive financial education. This is where My Finance Coach steps in.
Who is My Finance Coach’s target?
My Finance Coach’s target audience is pupils in aged 10-16. The initiative uses interactive, practical examples and exercises to help children and youth learn about business and finance in a way that is relevant to their everyday lives.
What is the My Finance Coach philosophy?
My Finance Coach does much more than simply provide information on business and finance. My Finance Coach wants to equip children and young people with the abilities and skills that are essential for an informed and responsible approach to money matters. My Finance Coach aims for long-term sustainability through three core goals: to spark interest, to impart knowledge, and to boost skills.
How does MFC do this?
My Finance Coach has 3 approaches to achieve the goal of increasing financial literacy amongst children and youth: class visits, teacher training, and extracurricular activities. The class visits are conducted by Finance Coaches who are “experts” from the private sector that volunteer their time to teach one of the seven My Finance Coach modules which range from “Shopping” to “Planning” to “Online and Finance” to “Business and the Environment”. The My Finance Coach modules were developed in line with the curriculum and by educational experts in cooperation with the German textbook publishers, Klett MINT and Universum. The teacher training approach targets teachers by conducting seminars with them to provide them with the tools to teach the My Finance Coach modules. Extracurricular activities are My Finance Coach’s most diverse approach, including activities such as, the year-long National Finance Competition or the “Money Manager” and “Quizmaster” Apps which enable children and youth to learn about business and finance on the go.
Where is MFC active?
Since starting in 2010, MFC has expanded beyond Germany to 10 other countries including, Argentina, Brazil, England, Indonesia, Ireland, Malaysia, Poland, Singapore, Sri Lanka, and Thailand.