×

Managing the Future through “I Can Manage My Money”

By Merve Tezel, General Manager, Turkey • Visa

July 22, 2014

It is clear to us that a financially literate population enables more sustainable growth and a less vulnerable economy through better financial decisions, stronger wealth creation potential and less risky behavior. However our research indicates that young people in Turkey are having difficulty understanding financial terms and tools and how they can benefit from these. Our findings further show that most of their financial decisions are based not on knowledge, but rather on hearsay. Then how do we make sure that our youth is financially literate enough to manage their money well and ensure a more sustainable and strong economy for the future?

This is the question that led us to launch Visa Europe Turkey’s CSR project “I Can Manage My Money” five years ago. Through a partnership with the United Nations Development Program (UNDP),Habitat Center for Development and Governance, Republic of Turkey Ministry of Development and with the support of 23 Turkish member banks, I Can Manage My Money has become an industry leading CSR project that trains youth on financial concepts and terminology, budget management and the impact of financial developments on their personal finances. The program is co-funded by our Turkish members who also support us with the program’s public relations and consumer reach. With more than 500 peers as volunteers committed to train young people across 71 cities in Turkey, a total of 35,000 young people have received face-to-face trainings with an estimated halo effect of 350,000 additional impacts in the last 5 years. Our monitoring shows that the training creates a very measurable impact on how much people save, how they plan for big purchases, how confident they feel in managing their budgets and overall increase in their comfort with dealing with financial matters. We have many tangible success stories from trainees such as managing to buy their first professional camera, being able to pay off their family’s debts, being able to save money for summer vacation and language school and being able to pay their rent without support from their families.

We have launched our digital platforms including social media channels and a newly customized web site offering online trainings last December and this had a phenomenal effect on our online reach, almost doubling our total reach with our trainings.

We have built an inspiring training model based on volunteerism and peer education. The program steadily proved its success over the years with its content and engaging model and set an example for Romania, Israel, Bulgaria and many other countries within Visa Europe. Our success shines through in the following; we have been invited to present I Can Manage My Money at the OECD conferences for the last two years in Paris and Istanbul as the lone private sector initiative. Recently, the United Nations Development Programme broadcasted our project video on their official YouTube channel.

As we celebrate the project’s fifth anniversary, we are also succeeding with our vision of triggering a policy change in financial education. I am very proud to share that I Can Manage My Money Project is being recognized and last month was included in the National Strategy for Financial Literacy and Action Plan. Step by step we have been moving towards creating an awareness at both national and international level through our commitment. All these achievements lead us to go even further and further, strive on being recognized at the World Economic Forum in Davos or referenced as a case study on Harvard Business Review. So stay tuned for more exciting news on the program’s development!

Share this post

Like this post

Related Articles

Has the time arrived for biometrics?

July 14, 2016

Recent Visa research shows that 73% of people would like to use biometrics as a form of two-factor authentication. So how are we responding to the exciting opportunities offered by biometrics?

Jonathan Vaux Read More

This connected life: from phones to clones

August 31, 2016

Technology is pervading all aspects of our life, making our daily chores and interactions more convenient. Looking to the future, what technologies will enable the innovation that will lead to truly “connected lives”.

Applied futurist Tom Cheesewright explores the evolution of technology and the internet and their impact on our daily lives. He also looks at the role that tokenisation technology will play in enabling this connected future, and how it can power innovation, as well as security.

Tom Cheesewright Read More

Open the window and let innovation into payments

July 04, 2014

We‘ve spent years doing the security piece. We’ve upgraded our systems time and time again to keep consumers’ money safe.

Peter Bayley Read More

How should retailers embrace social commerce?

January 12, 2016

How does social media impact the retail landscape today, and how will this affect social commerce in the future? In November, Visa Europe France invited a panel of business experts and thought leaders to the Crédit Agricole incubator to help answer this question.

Charlotte Desbons Read More

Cashless Catwalks

July 16, 2015

The worlds of fashion and tech have never been closer, and as mobile payments continue to build market momentum, designers are looking to their SS16 collections to showcase new innovations.

Nick Jones Read More

Nicolas Huss at Money2020 Europe

April 14, 2016

It’s a century since the checkout was invented, at the Piggly Wiggly store. In a keynote for the recent Money 2020 Europe event, Visa Europe CEO Nicolas analysed how good ideas take hold in a world of viral trends and passing fads. And what it means as Visa Europe strives to create the killer environment for payments.

Nicolas Huss Read More

In Trust We Trust

July 13, 2015

When I moved house recently, I took the opportunity to clear out some stuff and placed some unused boxes of Star Wars Lego my son had never opened onto ebay. Having sat in my attic for three years, I wasn’t expecting much, started the sales at 99p, and waited a week.

Jonathan Vaux Read More