As teenagers approach adulthood, how can they make informed decisions without any financial education?

The MAIA judges, and co-founder Michael Gilmore, noted that even though this was an age when young are about to enter the adult world, they are rarely offered any financial education and so lack basic knowledge.

“Teens are expected to pick colleges and courses that will affect their lives. They are starting jobs, being offered credit cards, and hopefully opening savings accounts. Yet many lack basic financial knowledge,” Gilmore says. 

KFI Global has identified this problem and has set out to rectify it. Its solution won it a MAIA!

KFI Global is a programme specifically curated and designed for teenagers. Its founder, Marilyn Lydia Pinto, explains, “We believe teens are an under-served community and one we consider ’at risk’ because they will soon be making major financial decisions but with zero training in money. We believe that’s unfair, unkind, and disingenuous.

“Imagine how different most people’s lives would be if they had graduated school understanding how money works. If from the start, they knew how to make smarter money decisions and avoid making stupid ones. To enter the workforce knowing the importance of saving and of investing early. It would be life-changing.”

What makes the approach so successful is that it is free and easily accessible. “The programme is sponsored, so there is no cost barrier for schools. This grants students from all economic backgrounds access to a world-class financial education program. It is taught online or in person, keeping the courses engaging while creating a personal connection between programme facilitator and student,” Pinto says.

“The programme teaches teens using a five-step methodology. First is RECOGNIZE, where the financial gap in knowledge is identified. REASON informs the students why understanding money is so important and how they will benefit. RELATE ensures the material is relatable, relevant, and fun.”

She continues, “The next we call RAISE THE BAR as, unlike many programmes, we go beyond a focus on knowledge and delve into mindset and behaviour. Finally, there’s REFLECTION, which ensures students remember what they’ve learned and store the information in their long-term memories.”

Although KFI Global is sponsored, they only partner with institutions that aren’t trying to push a product. Partners also have no say on programme content to maintain integrity and independence.

The education provided has proved effective and popular. Thanks to its accessibility and reach, almost 2000 students have completed the course in Q1 2022 alone. These numbers will continue throughout the year.

“The aim is to have 7000 students go through this financial education program, for free, by the end of the year. Once this objective is achieved, the sponsor will sign up for the following year,” Pinto says.

“Looking ahead, we see this project running for a minimum of two to three years. That’s 15,000 students who will have received this crucial education free of cost. And as a result of what they have learned, they will be set up for a life of financial security. We promise to deliver smarter, richer, braver teens. This is a win for everyone involved – the students, sponsor, and schools.”

Michael Gilmore, MAIA co-founder, said, “Financial knowledge is crucial at any age, but if people understand money while young, the benefits are felt for life. Educating teens is a way to ensure financial stability and security as they enter the next stage of life. We’re delighted that KFI Global found us, and we fully support what they are doing. Starting out can be tough, and people need more programmes like this.”

If you want to know more, visit the KFI Global website or email us at michael@maiawards.org.