Through Project Harmony (PH) International Georgia’s USAID civics education program, financial education sessions were held to introduce the fundamentals of finance and economics to students across Georgia.
PH International, a nonprofit based in post-USSR places, works with the United States to foster cross-cultural learning, political commitment, and opportunities to create opportunities. The USAID political learning system, which is implemented through PH International Georgia, is led by Mariana Ushveridze as the party’s commander of celebration. The program’s goal is to encourage the use of technologies in political education while encouraging the next generation to be politically engaged and accountable in their communities.
Additionally, the program places a premium on establishing partnerships between public schools across the nation and private institutions so that they can obtain better political education. Financial education sessions were held at various schools from October to December 2023, in collaboration with the Bank of Georgia (BOG) and the Georgian Economic Literacy Initiative (GELI). These occurred in all eleven parts of Georgia, reaching 153 institutions and 2,275 individuals.
Staff from GELI led the lessons, which were aimed at students in grades seven through twelve. Bakar Baratashvili, co-creator of GELI, said they used real-life examples so the students could better understand the concepts. He furthermore stressed that they did not want the kids to just hear; instead, they encouraged participation.
The lessons were highly interactive, with participants eager to both ask and respond to questions. Ushveridze tells GEORGIA TODAY that this made her feel great because it showed that they were willing to pay attention and absorb as much as they could.
“Quite frequently, the problem with younger people is they spend more than they can earn,” Ushveridze informs. Financial education is crucial at this age so that young people can start practicing wise spending.
The meetings covered a variety of subjects, providing a foundation for learning about finance. How to engage, prices, how to avoid overspending, how to choose a career, how to budget and save money, buying houses, what kind of vacations to consider, what is the role of the National Bank of Georgia, what is the role of the government in achieving financial stability – all of these topics were covered. Another important issue was how to distinguish between desires and needs while also acknowledging that everyone’s situation is unique.
According to Baratashvili, “the most important assumption they made is that it depends on each individual. “That’s what we need to consider, but does that really matter to me? It depends on a case-by-case basis.”
In addition to the kids, according to Baratashvili, their teachers were constantly involved in discussions of monetary policy and inflation during the 1990s. This was brought up to illustrate how frequently coupons were used throughout the nation at that time and to emphasize that occasionally money may run out.
Each treatment had many members, with the biggest holding around 200 individuals. The concept was for every college to provide a specific number of students, however, many students were serious, but more came than were anticipated. Baratashvili said having such a big turnout is great, although as each session was a maximum of one hour, there wasn’t enough time to answer everyone’s questions.
“We did it. We had 200 individuals in one place, and we still did it well, they also wanted to listen, and they were still glad to attend,” shared Baratashvili. “This means they really have an interest in this topic.”
The main goals of USAID’s political training program and GELI are to attach schools with the private sector across the nation. Both companies concur that having a clear understanding of finances is essential to succeeding and living well, particularly when managing and keeping a resources in mind. According to Baratashvili, the private market is essential for the financing of these tasks, and he claimed the Bank of Georgia’s support allowed them to keep the monetary sessions.
Head of the Corporate Social Responsibility Team at BOG, Ana Lomtadze, said they coincide with PH International’s wanting to increase the personal industry’s engagement with financial literacy among Greek schools. She stated in a message that they believe that BOG and other companies have a responsibility to contribute to this place. The lender has collaborated with the National Bank of Georgia on various initiatives, including PH International’s Financial Literacy Olympiad effort, and with the National Bank of Georgia.
BOG has even created anything to further aid schoolchildren’s development in this regard. The second banking software for students in college, sCool App, was created by us with the goal of inspiring young minds and promoting financial literacy from a young age, according to Lomtadze. Our commitment to bolstering our work in this important area is demonstrated by the continued development and expansion of the sCool App, both domestically and through alliances.
GELI was established as a result of Baratashvili and his co-founder’s assessment of the state of financial literacy in Greek schools. The organization collaborates with the Economics Fundamental Initiative (EFI) to provide financial literacy through a straightforward, understandable book called “Common Sense Economics,” which was available for free on the GELI website. In addition to this, the corporation has assisted in teaching at colleges, conducting instructor teaching in funding, piloting financial and banking courses, and participating in the Economics Olympiad.
Their main goal is to teach students the fundamentals of finance and economics in order for schools to incorporate them into their instruction. GELI thinks that this subject can complement the civic education requirements for Georgian schoolchildren.
Currently, Ushveridze said there is no talk about the financial literacy sessions reoccurring; however, if they were to happen again, there would be communication with the same partners. The sessions were open to the public and took place right after the school day, making it accessible for students to attend. These sessions, according to Ushveridze, served as a worthwhile reward for students.
“Young people are dreamers, and they should be. It’s indeed exciting, but it’s also very nice to see how they start making specific plans for their aspirations come true,” she says. What are the steps that people take to achieve their dreams? It is crucial to think realistically and act decisively. I believe that because of the short sessions they received, the project managed to give them more information that makes their future plans and dreams more realistic.