In fact, in our annual Gen-E entrepreneurship event, which sees student teams across Europe compete, utilising their business ideas, Fistrat, a team from Albania, created an app that is a simulation of the financial world and enables players to explore stocks and shares and explore the banking system.
While young people may turn to educational apps for financial literacy, there is also a massive concern that they will resort increasingly to social media sites like TikTok, where thousands of digital content creators under the #moneytok and #investmenttok headings share financial "advice".
For those young people from lower socio-economic backgrounds, the risks online can be more intense given increased financial pressures and less guidance in schools and communities around the issue.
While there are reputable, free financial resources available online for young people to self-educate – including some exciting potential around generative AI financial advice – without the basic financial literacy skills to tell right from wrong, the next generation is likely more at risk of falling into the trap of sophisticated scams or ill-advised investment opportunities promoted through social media.
When considering how financial education can be successfully reformed, countries should start by pledging to introduce it into their national curriculums for all primary-aged children.
This should be reinforced by a commitment that financial education is delivered in a real-world context that makes it engaging and useful for students.
Across EU countries, the formative ages of five to 10 are also being considered for the implementation of financial programmes, as evidence shows these are the years we first start considering money matters.
And in the UK, similar steps are being taken to reinforce financial education at an earlier stage.
It is also critical that under this reformed approach, Ofsted and respective education inspection boards in Europe are funded to oversee financial education provision and ensure standards are upheld across the board.
Centralising and guaranteeing the delivery of financial education in schools will go a long way to help support underserved children from lower socio-economic backgrounds in making the right financial decisions and breaking the cycle.
From navigating student loans to managing credit, investments and savings, the challenges faced by today's youth demand a solid foundation in financial education, especially for those underserved youths who need the extra support, resources and education to help make informed decisions.
By bolstering financial literacy among as many school-aged children as possible, we can pave the way for a generation better equipped to navigate the intricacies of the financial world and secure a prosperous future amidst the trials and tribulations of the ever-changing economic landscape.
