AraratBank: Think about tomorrow a bit more. Why save?

The World Savings Day – October 31– is yet another opportunity to reflect on the financial literacy classes organized by AraratBank for young people throughout the year in an interactive format, on the questions posed and views shared by participants, and the vibrant discussions about the importance of saving.

“The level of savings in developed countries is really high, which is important for the state, as it “works” for the benefit of the economic development of the country” notes Ara Chalabyan, AraratBank Board Member and Finance Lecturer at the American University of Armenia, who has held lively, engaging conversations about financial literacy with young people countrywide.

At the Horizon camp organized by the Strong Mind NGO, around 80 young people learnt tips on income and expenses, what money is – a goal or a means, how to manage a budget, and other interesting topics. Summer recreation at the camp was combined with financial literacy and skills development events.

With the support of the Bank, in the vicinity of the village of Gargar, a tent camp was organized for 260 young people from Yerevan and regions of Armenia. Due to the joint efforts of the two organizations, the young people gained valuable insights into financial literacy while enjoying the outdoors.

The online courses under the financial literacy program developed by Oogway Superhero School were successfully completed with AraratBank’s support, engaging participants aged 14-17. The early feedback received from the teenagers already indicates that the courses are fundamentally transforming their understanding of finance, making them more confident and financially literate as they look toward the future.

The Bank pays special attention to the continuity of financial literacy courses. The latest initiative is a series of financial literacy videos within the framework of the “Parzits Parz” podcast.

The video featuring the idea of the importance of saving – “Think about tomorrow a bit more” – is one of dozens of videos created with the support of AraratBank within the framework of the “Parzits Parz” podcast.

The podcast host is Ara Chalabyan, who talks about the emergency fund – the financial cushion – and explains why you need to build yours – even if you live a well-to-do life and have a steady salary.

“The role of financial literacy cannot be underrated, because it basically addresses the need to educate, instruct, and raise responsible citizens, and a responsible citizen contributes to the development of the country and the establishment of various institutions,” says Ara Chalabyan, noting that AraratBank, as a company that has assumed corporate social responsibility and is aware of its role within this context, attaches great importance to the appropriate and competent development of the young citizens and makes investments to this end.

This is critically important, because children are our future, members of society, whose financial education and awareness will ultimately transform into responsibility. They need to think about how to make good money and spend it on their well-being, while at the same time saving and investing for the future.

AraratBank is regulated by the Central Bank of Armenia.