The program is written and presented by the Arab Economic Forum for
April 2023
Introduction
Financial education is one of the tools available today to accommodate the need for healthier and wiser financial behavior among the general public. Financial education tools, combined with biased public organization and mobilization of elected officials and business entities, can improve the economic situation and quality of life of many citizens. This document is presented as a proposal for implementing a financial education tool among citizens of the State of Israel living in the Arab community. The tools that will be learned according to this proposal are expected to help learners acquire the skills and habits necessary for the proper use of money and making better financial decisions.
Program Leadership
The program will be managed by the Arab Economic Forum, an independent, non-profit center for social and economic policy research. The forum aims to research social and economic issues, and conduct applied studies and policy studies in the fields of economics and society, with the aim of bringing about a radical change in the social and economic situation of the Arab Palestinian community in Israel.
The Forum is financially and administratively independent, and has no party or sectarian affiliation. It operates under the supervision of a Board of Trustees consisting of well-known academics and public figures in Israel and abroad. The Board of Trustees determines the Center’s research policy, approves its plans and budget, and supervises the implementation of the plans. The Center is managed on an ongoing basis by the Board of Trustees, Dr. Sami Miari, and its work is supervised by an independent auditor who is also appointed by the Board of Trustees.
The Forum’s vision is equal opportunities for the entire Arab community in Israel in all areas of life, and full integration in transferring the values of financial education to the Arab population in Israel.
Background
Financial education is a process by which consumers improve their understanding of financial products and the principles by which financial markets operate. Financial education develops the skills and self-confidence to make informed decisions, recognize the need for professional assistance, and know where to turn to achieve this goal. Financial education increases the knowledge and awareness necessary to deal properly with financial markets based on the individual’s need to accept broad and significant responsibility in managing his or her financial affairs.
Financial education is appropriate for different ages according to the circle of life in which they live – from the early ages where the foundations of sound financial behavior are laid, to the older ages where financial decisions are directly translated into the quality of life of the individual and his family.
It is expected that the absorption of financial education values among young people will improve the quality of their lives and the lives of their relatives. Developing awareness of opportunities and risks on the other hand, the importance of wise consumerism, comparing prices, delaying gratification, and dealing with the culture of abundance are just some of the benefits of financial education.
Absorbing the values of financial education at an early age will enable the acquisition of the right habits and tools to deal with different situations in order to make wiser decisions in the financial economic field. For example, transferring knowledge, skills and values that will instill the correct behavioral values of wise and enlightened consumerism for saving and investing throughout their lives.
Vision
Young people in the Arab community have the financial and consumer awareness that enables them to make informed decisions in various areas of life.
