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Society

Horizon Camp: With AraratBank's Support - Towards Leadership and Financial Literacy

AraratBank has supported the development of leadership skills and professional orientation for approximately 80 young people from various regions of Armenia, as well as from Javakhk, who gathered at the Horizon Camp organized by the Strong Mind NGO.

In this camp, summer recreation was combined with financial literacy and skills development activities. The camp's daily routine was enriched with meetings and seminars, skills development games, national dance classes, debates, and excursions.

A pleasant surprise for the campers was the visit of AraratBank representatives and the financial literacy class organized in an interactive format, which was conducted by Ara Chalabyan, AraratBank Board Member and Finance Lecturer at the American University of Armenia.

AraratBank, in collaboration with Ara Chalabyan, is implementing a series of financial literacy videos within the framework of the “Parzits Parz” podcast (a series of video explainers on hard stuff in simple words), which addresses phone and online fraud, phishing and social engineering, risks and benefits of digital mobile services, credit history improvement, smart borrowing, BNPL (Buy Now, Pay Later) tools, and other important financial literacy topics.

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 - as well as shared their thoughts and raised questions.

"We had a quite lively and dynamic conversation about financial education. This is of vital importance because children are our future, members of society whose financial education and awareness will ultimately transform into responsibility. It is very important for them to think about both earning well and spending on well-being, saving, and investing. In developed countries, the savings rate is very high, which is important for the state since it “works” for the country's economic development," noted Ara Chalabyan.

15-year-old camper Davit Abrahamyan is already the author of a physics-related collection, but he doesn't miss opportunities for continuous learning. He joined the financial literacy course with great interest and activity: "It expanded my knowledge significantly while also introducing me to a platform that will help me streamline various financial transactions."

The Horizon camp is not the only project in the collaboration between AraratBank and the Strong Mind NGO. Jointly with the NGO, the bank has implemented financial literacy courses for Student Home residents. The courses launched with the theme “Business from Scratch”, which was attended by students from the regions, and through an online format.

Mher Mkrtchyan, Chairman of the Strong Mind NGO, emphasized the importance of the 5-year collaboration with AraratBank in various projects - whether within the Student Home, or in the context of future profession - oriented STEM and leadership Horizon camps.

AraratBank's support enables the expansion of young generation's participation in non-formal education programs, thanks to which dozens of young people return to their communities with new knowledge, ideas, and values.

AraratBank is regulated by the Central Bank of the Republic of Armenia.