Future Skills Camp 2020. An insight into financial literacy. A 3-day camp in rural areas of Armenia for teens.

To increase financial literacy among the teens in rural areas of Armenia in a 3-day camp format.

Photo of Sona Koshetsian
0 2

Written by

Eligibility

  • Yes, I fulfill all of the eligibility criteria.

Initiative's representative name

Sona Koshetsian, Executive Director

Initiative's representative date of birth

November 11, 1984

Initiative’s representative gender

  • Woman

Which eligible market are you based in?

  • Armenia

Where are you making a difference?

Project venue: Dilijan city, Tavush region, Armenia.

Website or social media url(s)

Sona Koshetsian's profile on Facebook: https://www.facebook.com/sona.koshetsian Linkedin: https://www.linkedin.com/in/sona-koshetsyan-8b950714 Ayb Educational Foundation's Website: https://foundation.ayb.am/ Facebook page: https://www.facebook.com/AybFoundation/ Partner: https://startuparmenia.am/, with projects of https://www.startupclub.am/ and https://www.seasidestartupsummit.com/

When was your organisation founded?

Ayb was founded in 02/2006 by visionaries, who wanted to improve the educational environment in Armenia through joint efforts. Ayb unites people around the idea of education, who are willing to establish a qualitative, universal, exemplary system of education in the country and to mold an educated and virtuous generation of young people connected to their roots and committed to assume responsibility for the future.

Focus areas

  • Financial skills and capability

Project Stage

  • Pilot (have done first proof of concept)

Yearly Budget: How much capital do you need to accomplish your proposed project?

  • $10k - $50k

Organisation Type

  • Non-profit / NGO

1. Founding story: Share a story about the "Aha!" moment that led the founder(s) to get started or the story of how you saw the potential for this to succeed

I've been working with teens since 2011. I admire their talent, maturity, creativity and believe they’ll bring innovation and big social impact into our lives if they receive quality education and are provided with a chance to practice their knowledge. Since 2013 I started to work with the teens from Dilijan. I saw much more motivation and willingness to bring the change to their community, many ideas which can become local start-ups. Their possibilities are often limited with the lack of financial literacy (no subject taught in schools). I came to think of a project, which can boost their potential, provide basic knowledge in personal finance, create engaging atmosphere to practice their skills with peers and with the guidance of experts.

2. The problem: What problem surrounding employability or financial capability are you helping to solve?

Armenian teens are not financially literate as the subject is not properly covered in schools. Hence they are not ready to make informed financial decisions and weight their risks. The outcomes of these decisions have a long-term impact on the quality of their lives and society in general. We believe that at least basic understanding in finances may be helpful for overcoming real-life challenges and making better choices for future profession.

3. Your Solution: How are you planning to solve this problem? Share your specific approach.

We plan to implement a 3-day Future Skills Camp 2020, together with Startup Armenia Foundation, specialized in youth empowerment projects (e.g. Startup Academy, Sevan Start Up Summit). The pilot event will take place in the regional city Dilijan, enroll about 60-70 young students of 14-18 ages. During the camp various financial topics would be introduced on smart usage of financial instruments. Teens will get to understand how they can apply their knowledge and skills in financial literacy to make better career choices, increase chances of their employability. The main theory will come from Khan Academy Armenia platform, which uncovers a line of financial topics (we would teach how to learn with it independently). The event would also host acknowledged guests with key-note speeches, success stories, live Q&A sessions, have mentorship sessions for knowledge share and practice, entertaining components, etc. We aim to organize the camp on an annual basis – based on the results of the pilot, scale it up - by involving more youngsters from regions, to instill personal finance habits and provide insight into life-long financial learning.

4. How are you innovating or using unique approaches to solving the problem?

We have 3 innovative components. First, we have an interactive format to transfer the knowledge and skills – a summer camp with discussions, insight sessions and opportunities to practice the skills with the guidance of experts. Second, the content of the camp is based on Khan Academy Armenia platform, which enlists various financial topics in Armenian. The platform is easy to use, is free and provides innovative, more personalized approach to learning by means of videos, exercises and stories. Third, the camp creates a community of young learners and mentors interested in financial topics who may continue their learning path together and support each other’s initiatives.

6. Financial capability: how is your organization or project creating innovative solutions that arm people with ability to optimize their current and future financial health

We provide a free accessible platform, Khan Academy Armenia, which uncovers topics and articles from different subject areas – from mathematics and finance to computer science, the content is localized in Armenian language. The platform aims to develop and promote an individualized learning culture and is a handy life-long learning tool. Among financial literacy topics are taxes, accounting, financial statements, money, banks, central banks, consumer/producer surplus, supply/demand market, basic economic concepts, international trade and finance, investments vehicles, types, etc. The requirements of adequate financial literacy skills tend to increase over time. The life-long learning skills transferred, community of mentors and peers and constantly updated content of the platform will enable the participants to meet requirements and make quality financial decisions for their future.

6a. Please describe what aspect of financial capability your organization is focused on fostering and how you have measured / plan to measure progress.

We focus on provision of financial literacy basics for the teens in Armenia. There is a big interest in free non-academic learning in Armenia (78% - in finance, STEM subjects). Our Project’s progress will be measured by the number of interested youth (64%), by the level of their integration into learning on Khan Academy (it had 75.3% increase in the number of unique users studying STEM subjects in 2018-2019), by their active involvement in mentorships, Q&A, aimed to involve the lessons learned, by the number of users coming back to Khan Academy Armenia and to project generally.

7. Marketplace: Who else is addressing the same problem? How does the proposed project differ from these approaches?

Since 2014 certain governmental and public initiatives started to promote financial literacy in Armenia. The importance to increase financial literacy among adults and the youngsters is also one of the strategic priorities of the Central Bank of Armenia. Programs have been elaborated to involve adults and the youngsters into both academic and non-academic learning activities to raise the level of at least basic financial literacy among the engaged circles. However, less resources are allocated for the support and promotion of financial literacy among the youth in rural areas.

8. Impact: How has your project made a difference so far?

Ayb Educational Foundation’s Khan Academy Armenia project has about 5000 active monthly users and more than 500,000 views of video tutorials. The platform has showcased active increase in the number of registered users since its launch in Armenian in 2017. Khan Academy Armenia has also conducted trainings in the Tavush region of Armenia, where about 300 schoolchildren were enrolled with the result of more than 3 hours of weekly independent learning in average. The Startup Clubs operate in 6 regional locations and engage in early entrepreneurship activities more than 300 teens from 13-17 ages. We believe the expertise of the camp co-organizers will create greater synergistic effect while introduced together within the new format.

9. Financial Sustainability Plan. Can you tell us about you plan to fund your project and how that plan will be sustainable in the short, medium, and long term?

The importance of financial literacy in Armenia has come under a strong highlight and we plan to develop our project profoundly by the involvement of more beneficiaries. We plan to make it a long-lasting project, not a one-time solution. For this, we tend to enlarge the scope of engaged youth, regions, where our project would enroll, the number and type of beneficiaries, interested in this type of cooperation, starting from education-supportive organizations, other foundations and institutions, to build a community over it. Even at this stage we plan to launch our project together with the Startup Armenia Foundation, to make our project more sustainable, to scale its impact both in terms of number of participants and level of event.

10. Team

Ayb Educational Foundation: 3 full-time members on the project. Sona Koshetsian, Executive Director, Olga Arefeva, Head of Fundraising Department, Tatevik Sargsyan, Senior Coordinator, Fundraising Projects Ayb has 23 full-time, 9 part-time employees. Team is comprised of both Project Managers and Event Coordinators to handle the organizational issues. Partnert - Startup Armenia Foundation: 2 full-time members Hakob Hakobyan, Co-Founder, Arsen Harutyunyan, Co-Founder

Help Us Support Diversity! Are you a member of an under-served , under-represented, or marginalized group in your country of residence? (yes/no) (this question is optional – if you choose to fill it out, the response will not be shared with your fellow contestants)

  • This does not apply to me

How did you hear about this challenge?

  • HBSC page or contact
View more

Team (3)

Tatevik's profile
Tatevik

Role added on team:

"Senior Coordinator of Fundraising Projects, she would be one of the managers of the project"

Olga's profile
Olga

Role added on team:

"Head of Fundraising Department, she would manage the project"

Sona's profile

Inspired by (1)

UpShift

0 comments

Join the conversation:

Comment