Association of Banks in Jordan Conducts Two Savings Simulation Exercises in Salt and Zarqa
The Association of Banks in Jordan (ABJ), in cooperation with the Central Bank of Jordan and the German Sparkassenstiftung for International Cooperation (DSIK), conducted two savings simulation exercises in the cities of Salt and Zarqa. The activities were held with the participation of 37 attendees in Salt and 27 in Zarqa, as part of a training initiative launched by the Association in cooperation with the Ministry of Social Development. The initiative aims to promote financial literacy and awareness and strengthen the financial skills of target groups across several governorates in the Kingdom.
The first exercise was held at the Musa Al-Saket Cultural Center in Salt, in the presence of Nasser Al-Shraideh, Secretary General of the Societies Registry, representing the Minister of Social Development. The second exercise was held at the Zarqa Comprehensive Center for Special Education in Zarqa Governorate. Each exercise ran over two days and included a series of interactive sessions, activities, and practical applications simulating the financial decisions and situations that individuals and families encounter in their daily lives.
The Savings Simulation exercise is an interactive training program based on experiential learning and practical simulation. It aims to enhance financial literacy and develop skills in financial planning, resource management, and sound financial decision-making. The exercise simulates everyday life through the management of a hypothetical household budget, with participants planning income and expenses, making decisions related to saving and spending, responding to expected and unexpected financial events, and weighing available alternatives in a way that balances current needs with future goals.
The exercise also gives participants a practical opportunity to understand how different financial decisions affect a household’s standard of living and financial well-being. It strengthens their ability to distinguish between needs and wants, set financial priorities, prepare and manage a household budget, and plan for financial goals. It also reinforces the concept of regular saving, the importance of building an emergency fund, and preparedness for unexpected events.
The program also addresses the trade-offs between saving and borrowing and helps participants understand the benefits and costs of each. In addition, it introduces the role of banks and financial institutions and emphasizes the importance of dealing with formal and trusted financial institutions, thereby helping participants make more informed and responsible financial decisions.
The program also introduced participants to the MyMal application, which helps users manage personal budgets, track income and expenses, establish savings plans, and work toward financial goals. Participants were also introduced to FinApp, a digital platform dedicated to promoting financial awareness by providing simplified financial and banking content, as well as practical resources and tools for young people, women, entrepreneurs, and other segments of society. These tools contribute to promoting financial inclusion and increasing the effective use of financial services.
At the conclusion of each exercise, participants were awarded certificates of participation.
These programs form part of the Association of Banks in Jordan’s role in supporting efforts to spread financial literacy and strengthen financial awareness. They also reflect the Association’s collaborative approach with various partners in implementing training and awareness initiatives that help individuals acquire the knowledge and skills needed to manage their financial affairs efficiently, adopt sound financial practices, and strengthen a culture of saving and planning for the future.
