Haider Jalil Khalaf / Researcher
Financial literacy is crucial for enhancing individual empowerment, economic stability, and social progress. It plays a decisive role in shaping economic welfare, social mobility, and overall prosperity. Financial literacy enables Iraqi youth to better prepare for seizing economic opportunities and facing financial challenges, actively contributing to the country’s long-term prosperity.
The country faces significant challenges due to limited access to education and economic fluctuations, making the enhancement of financial literacy a pressing need for empowering individuals and achieving economic resilience and comprehensive prosperity. This paper particularly focuses on Iraqi youth due to their demographic importance and their impact by financial obstacles.
This paper aims to identify strategies derived from best international practices and local insights to enhance the financial culture among Iraqi youth. It seeks to provide young people with the necessary competencies to navigate complex financial environments, promote a culture of wise financial decision-making, and thereby contribute to sustainable social progress and stability.
Enhancing the financial literacy of youth in Iraq aims to empower them to make informed financial decisions and manage their finances effectively to achieve their goals, contributing to financial stability at both individual and community levels. Financial literacy contributes to wealth creation and economic growth by encouraging entrepreneurship, investment, and innovation. It enhances social justice by reducing disparities in wealth and opportunities within society, protects consumers, promotes financial inclusion, and encourages individuals and communities to adopt a long-term perspective on financial planning, thereby increasing economic resilience in the face of obstacles and crises. However, youth face challenges such as limited access to quality education and formal financial services, economic instability, a lack of awareness of financial concepts, cultural norms that hinder discussions about money, and high levels of poverty.
To achieve the proposed goals, awareness and understanding of financial concepts must be increased, and education and financial resources must be provided to the youth, enabling them to make informed financial decisions and promote a culture of financial responsibility and entrepreneurship. Recommendations include integrating financial education into school curricula, expanding access to financial education resources, enhancing financial inclusion and access to banking services, empowering youth through entrepreneurship and skill development, and engaging parents, teachers, and community leaders in financial literacy processes for the youth. The implementation plan requires defining timelines, allocating resources, adopting strategies to monitor progress and adjust policies as needed, with cooperation between government institutions, NGOs, international organizations, and the private sector to financially empower Iraqi youth.
