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JA Building a Financially Capable Generation

04 March 2022

HSBC and JA Worldwide expand global partnership to empower youth to manage their financial future.

Thousands of students in 17 countries will participate in the JA Building a Financially Capable GenerationTM learning experience and gain skill sets and mindsets for sustainable living.

March 04, 2022, London: HSBC and JA Worldwide are expanding a new financial education experience that teaches young people how to save, budget, and make smart decisions with their money.

The JA Building a Financially Capable GenerationTM initiative pairs educators from JA and volunteers from HSBC with groups of students in classrooms, community centers, and online. Educators and volunteers work together to teach, coach, and mentor young people to increase their knowledge, skills, and experience with money, promote their self-confidence, and build relationships that support financial health and resiliency.

Financial education experiences like this are rare for most young people.“This is such an important topic,” explains Liam, a student participating with the JAYE Foundation in Malta. “It is not the typical subject you learn in school, or the typical thing you talk about with your friends.”

This year, a grant from HSBC will enable the JA network to engage more students in the learning experience and to launch the program in four more countries: Oman, Turkey, Thailand, and Vietnam.

“This partnership is about helping youth build the future skills they need to be resilient, live sustainably, and thrive in a global economy,” said William Chiu, Global Head of Future Skills Group Corporate Sustainability at HSBC. “As one of the world’s largest banks, we owe it to the next generation to understand how to manage their own finances and take ownership of their financial futures.”

The JA Building a Financially Capable GenerationTM program is designed for youth ages 12-16 and includes three components:

  • An educational foundational session, delivered by teachers and volunteers
  • A mobile app, FinQuest, designed for youth
  • A team-based project and innovation competition, the Global FinCap Challenge

An independent evaluation of the program pilot found evidence that the learning experience is working.  Researchers found a key benefit of the program is introducing young people to financial capability content and concepts they don't get anywhere else.  Data from pre- and post-program surveys, quizzes from the FinQuest app, and volunteer surveys and interviews showed that the program increased:

  • Knowledge scores related to financial capabilities
  • Attitude scores related to savings and insurance
  • Behavioural intent related to budgeting and accessing financial services
  • Self-efficacy scores related to setting financial goals and managing money

“As a parent, I want my children to have a better understanding of how to manage their money than I had when I was a teenager,” explained Asheesh Advani, CEO, JA Worldwide. “Young people are coming of age with digital banking, trading apps, micro-investing, and crypto. Let’s equip them with the skill sets and mindsets so they can navigate their financial environment, make smart decisions, and thrive in the global economy.”

Participating Independent JA Locations

About JA Worldwide

Junior Achievement (JA) Worldwide empowers young people to create economic opportunity for themselves, their families, and their communities.  JA began in 1919 when a group of entrepreneurs began teaching and coaching young people how to start a business.  Now, JA is mobilizing 500,000 volunteers and teachers in 100+ countries to reach 10 million young people each year.  JA programs help young people gain skill sets and mindsets that prepare them for the future of work, teach them to think entrepreneurially, and equip them to build thriving communities.

JA Worldwide is the headquarters of a global federation of independent JA locations and regional operating centers.  Our team develops and tests educational programs and drives learning and improvement throughout the network.  We support JA locations in program delivery, evaluation, fundraising, and communication.

About HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of US$2,958 billion at 31 December 2021, HSBC is one of the world’s largest banking and financial services organizations.

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