Be Smart with BeeSmart

In keeping with our apiology theme (ie. the study of bees), one company that is using the stripey stingers to support a major financial literacy initiative is Koenig & Bauer Banknote Solutions, who presented the BeeSmart educational platform at the recent HSP EMEA conference in Basel.

In a nutshell, BeeSmart uses banknotes as a tool to improve financial literacy among communities where digital banknote is in the minority.

Financial literacy involves understanding how to use banknotes as a payment tool, store of value, unit of account, and assignment of value. It includes skills like counting, budgeting, saving, borrowing, repaying, understanding prices, using financial services, and avoiding scams and financial abuse.

Despite its importance, financial literacy is in short supply. Over 50% of the world's population lacks basic financial literacy, affecting both developing and developed nations, according to the Global Financial Literacy Excellence Center. Meanwhile, an OECD study in 2020 put the percentage of financially illiterate people in the EU at 50%. Moreover , the situation isn’t improving, with only a 0.5% improvement since 1985.