Presented by the Arab Economic Forum
April 2023
Foreword
Financial education is essential for fostering wiser and more effective financial behaviour among the general public. When combined with public-oriented regulation and the mobilization of elected officials and business entities, financial education can significantly improve many citizens’ economic situation and quality of life.
This document serves as a proposal for implementing a financial education program among Arab citizens of Israel. The tools and knowledge provided through this program are designed to equip participants with the skills and habits necessary for sound money management and better financial decision-making.
Program Leadership
The program will be managed by the Arab Economic Forum, an independent, non-profit center for socio-economic policy research. The Forum is dedicated to studying socio-economic issues and conducting applied research and policy studies in economics and society to drive fundamental change in the socio-economic status of the Palestinian Arab community in Israel.
The Forum operates financially and administratively independently, with no party or sectarian affiliation. It is overseen by a Board of Directors composed of academics and recognized public figures from Israel and abroad. The Board determines the Forum’s research policies, approves its plans and budgets, and supervises its implementation. Dr. Sami Miaari manages the day-to-day operations under the Board’s guidance. An independent auditor appointed by the Board oversees the Forum’s activities.
The Forum’s vision is to promote equal opportunities for the Arab community in Israel in all areas of life and fully integrate the values of financial education into Arab society.
Chapter One: Background
Financial education is a process that helps individuals improve their understanding of financial products and the principles by which financial markets operate. It develops the skills and self-confidence needed to make informed decisions, recognize the need for professional assistance, and know where to seek such guidance. Financial education enhances the knowledge and awareness necessary to navigate financial markets responsibly, empowering individuals to take significant responsibility for managing their financial affairs effectively.
Financial education is relevant at different stages of life:
- Young Ages: Laying the foundation for sound financial behaviour.
- Older Ages: These are the years when financial decisions directly impact the quality of life for individuals and their families.
Raising awareness of financial education values among parents of children and teenagers can improve the quality of life within family units. Awareness of opportunities and risks, the importance of wise consumerism, price comparison, delayed gratification, and managing a culture of abundance are just some benefits of financial education.
Incorporating financial education values into family life will enable the adoption of correct habits and tools to handle various financial situations. This will support informed economic and financial decision-making, such as acquiring knowledge, skills, and values that foster responsible consumer behaviour and encourage saving and investing throughout life.
Vision
Parents in Arab society will have the tools and financial knowledge needed to make informed decisions that enhance their family’s quality of life.
Acre:
Tur’an:
Tamra:
Ein Hod:
