International Bank Promotes Financial Education for Young People

For Generation Z, managing money extends beyond simple saving; it involves navigating digital financial tools, understanding credit, and planning for independence. Despite having more options, they face a complex environment for decision-making, with nearly half reporting personal instability and daily costs as major concerns, according to Deloitte's Global Gen Z and Millennial Survey.

This generation shows a growing interest in saving, investing, and generating additional income for greater security. In Ecuador, the challenge is significant. The National Financial Education Strategy (ENEF) identifies strengthening monetary capabilities as a priority for economic inclusion and well-being. In 2024, Ecuador scored 12.2 out of 21 on the economic preparedness indicator, revealing opportunities for enhanced financial knowledge.

The need for improved financial education is also evident in academia. A study of 1,011 Ecuadorian university students found that while most possess sufficient skills for managing resources, they still struggle with investment and long-term planning. These financial competencies are evolving from specialized knowledge to fundamental life skills, enabling better decisions, risk reduction, and future foresight.

To mark World Youth Skills Day, Banco Internacional shared key recommendations for financial literacy. These include saving with a clear purpose by setting goals first, using a budget to understand income and spending patterns for better decision-making and identifying savings opportunities, and programming the future by defining long-term objectives like postgraduate studies or entrepreneurship. Building an emergency fund and regularly reviewing goals are practices that contribute to greater stability, emphasizing informed decision-making and anticipatory skills.