Presented by the Arab Economic Forum
April 2023
Introduction
Financial education is an essential tool for fostering healthier and wiser financial behaviour among the general public. When combined with public organization efforts and the mobilization of elected officials and business entities, financial education can significantly improve many citizens’ economic well-being and quality of life.
This document outlines a proposal for implementing a financial education program targeting the Arab community in Israel. The tools and knowledge imparted through this program are designed to help participants acquire the skills and habits necessary for responsible money management and informed financial decision-making.
Program Leadership
The program will be overseen by the Arab Economic Forum, an independent, non-profit research center specializing in social and economic policy. The Forum’s mission is to address social and economic challenges through applied research and policy studies, aiming to bring about significant improvements in the social and economic conditions of the Arab Palestinian community in Israel.
The Forum operates with financial and administrative independence, free from party or sectarian affiliations. It is governed by a Board of Directors composed of distinguished academics and public figures from Israel and abroad. The Board sets research policies, approves plans and budgets, and supervises implementation. Day-to-day management is handled by Dr. Sami Miaari, with oversight provided by an independent auditor appointed by the Board.
The Forum’s vision is to ensure equal opportunities for the Arab community in Israel in all areas of life, including the full integration of financial education values within the community.
Background
Financial education equips individuals with the knowledge and skills necessary to understand financial products, navigate financial markets, and make informed decisions. It instils self-confidence, enabling individuals to seek professional assistance and identify trustworthy sources for achieving their financial goals.
This type of education is relevant to individuals across all stages of life:
- Children and Adolescents: Building the foundation for sound financial behaviour.
- Adults: Making critical financial decisions directly impacting their quality of life and their families.
Early adoption of financial education principles can improve individuals’ lives by fostering awareness of opportunities and risks, emphasizing the importance of wise consumer behaviour, price comparison, delayed gratification, and managing a culture of abundance. The values taught will encourage lifelong habits of saving, investing, and responsible spending.
For example, this program aims to impart knowledge, skills, and values that promote wise and enlightened consumer behaviour, enabling participants to make sound financial decisions.
Vision
Young people in the Arab community will develop the financial and consumer awareness necessary to make informed decisions in various areas of life. This will empower them to improve their individual circumstances and contribute to the well-being of their families and communities.
