Finance

Financial Education Can Empower Young People in Kazakhstan – The Astana Times

Published

1 year ago

December 2, 2024

Financial Education Can Empower Young People in Kazakhstan – The Astana Times

Editor’s note: The Astana Times continues a section featuring articles by our readers. As a platform that values diverse perspectives and meaningful conversations, we believe that this new section will provide space for readers to share their thoughts and insights on various topics that matter to them and the AT audience.

Think about joining the work force right out of university, only to realize that you have no clue how to handle your salary, pay rent, or even save for the future. This is the reality that many young people in Kazakhstan face today. Without even basic financial knowledge, individuals are forced to make difficult decisions on their own and frequently end up making mistakes that have long-term consequences.

Aigerim Kosbayeva.

Overall, financial illiteracy has emerged as a long-term threat to the stability of the nation’s economy as well as the economic prospects of its citizens, and it deserves serious attention.

Most young people in Kazakhstan lack elementary skills of managing small amounts of cash, saving or handling credit. Although the curriculum of education comprises many subject areas, it lacks a focus on imparting important life experiences. As a result, young people enter adulthood without basic skills on how to manage debt or budget for future expenses. Financial instability among a sizable section of the populace has an adverse effect on economic growth and stability in addition to personal struggles.

The first strategic actions taken in personal finance, such as borrowing money or using credit cards, often set young people on either good or bad financial paths. For instance, a significant portion of the youth in Kazakhstan applies for loans either for personal use or informal financial loans without understanding the implications of such actions. This can result in deep debt, to the extent that they cannot finance other activities such as starting a business or buying a home.

To address this issue, financial literacy should be incorporated into the curriculum at all levels of education. Young people should be taught about issues concerning budgeting, saving and investing at an early stage so that they are well-prepared to manage these processes throughout their lives. Useful knowledge about effective budgeting, objectives for everyday expenses, saving, and other practices can help build a solid foundation that avoids excessive use of credit and other risky financial decisions.

Establishing such programs is not enough; we require qualified teachers who can effectively explain these concepts to achieve the desired results. Currently, there is a lack of qualified teachers in Kazakhstan at schools and universities who can competently and confidently teach the principles of financial literacy. Additionally, involving professionals from the finance sector to conduct workshops or seminars could help bring both theory and practice to life.

Furthermore, Kazakhstan can learn from examples of other countries. Singapore, for instance, integrates financial education into its school system, resulting in a financially literate generation. Similarly, schools in Finland emphasize mastering good financial skills at an early age, ensuring students grow up with sound financial knowledge.

However, some may argue against introducing yet another subject to the curriculum, citing the already heavy demands on students and the scarcity of funding for schools. Others might argue that teaching children how to use, save, invest, and manage money should be the responsibility of parents. Financial literacy is not just another addition to the formal education system; it is a part of personal life experience that significantly impacts every aspect of an individual’s future.

One of the tools that could enhance financial literacy includes financial applications and online classes. Such platforms would democratize knowledge and ensure that young people can learn various aspects of personal finance at their own pace.

Investing in personal financial capability is not only an investment in the population but also in the future of Kazakhstan. By ensuring people understand finances, we can foster increased commonwealth, greater investment and more informed decision-making, which will contribute to national growth.

It is crucial for Kazakhstan to promote financial literacy as part of formal education, organize special workshops for teachers, and encourage families to engage with financial topics together with their children. In doing so, we can ensure that our younger generation creates better and safer lives for themselves and contributes to building a stronger nation.

The author is Aigerim Kosbayeva, a graduate student of the Nazarbayev University Graduate School of Public Policy.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of The Astana Times.

Finance

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Published

5 hours ago

April 21, 2026

Press Room

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments.

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.”

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.”

Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.

Finance

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

Published

18 hours ago

April 20, 2026

Press Room

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

Switzerland’s reputation as a magnet for the world’s financial elite is nothing new. In 2025, the country recorded the “densest concentration of millionaires” with an estimated 146 per 1,000 adults last year, said The Times. Now home to around 135,000 people, Zug’s canton – also named Zug – used to be the “poorest corner of Switzerland” until it lowered its tax rates in the 1950s. “Now it has corporate tax rates of 16.2% compared with 40% in the US and 33.3% in France.”

“In almost all ways Zug is unremarkable”, with its traditional Swiss architecture and cobbled waterfront lanes. But if its “Alpine lake water is clear”, the financial scene is more “murky”. Many credit Marc Rich and Pincus “Pinky” Green, founders of metals and minerals trading firm Glencore, with the transformation of Zug from a “Swiss backwater” to its status as the “Swiss Monaco”. The multinational is headquartered just outside Zug, and has made the town a “global powerhouse for trading crude and refined oil products”. It should be “no surprise” that the “1% of the world’s 1%” are taking shelter there, and at the same time, hoping to still “keep a hand in the oil business”.

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“Industry estimates suggest that tens of billions of dollars could flow into Switzerland depending on how the current conflict evolves,” said the Outbound Investment Group. The “immediate trigger” for the “surge in interest” from Gulf-based investors is the war in the Middle East. However, Switzerland’s underlying appeal is its unwavering “Swissness”: “political neutrality”, “strong legal frameworks”, and reputation for wealth preservation. It’s a safe bet with no sign of slowing.

‘Availability tightening’

There are some drawbacks, said the FT. For “would-be arrivals”, the appeal of the region for Middle Eastern residents comes with “practical constraints”. Those outside the EU “face a higher bar”. Usually, the condition of residency is “tied” to employment or company formation. For the “very wealthy”, there is the added option of “negotiated lump-sum taxation agreements with cantonal authorities” that allow individuals to “pay a flat annual tax based on living expenses rather than global income”.

Even if they are holders of EU passports, the “main bottleneck” is the availability of property. Competition is “intense” and “rental supply is extremely limited, with properties often snapped up within days”. With Zug’s “availability tightening”, other cantons in the region with similar tax arrangements could benefit, such as Lugano, an Italian-speaking city in the Ticino region.

The uncertainty of the duration of the conflict is one of the most pressing concerns, said Bloomberg. The recent breakdown of ceasefire talks risks “forcing a reckoning for the professional and expat classes considering options after putting down roots in the Middle East”.

The short-term benefits of physical safety from leaving the Gulf are clear, but changing tax residency “takes time” and practicalities such as finding schools and “conforming to national requirements such as opening local bank accounts” is often “complicated and time-consuming”. The region’s ultra-wealthy are facing “uncomfortable decisions on whether to make the move permanent, especially with the end of the school year in sight”.

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Finance

How much will Social Security go up next year? See latest forecast

Published

1 day ago

April 20, 2026

Press Room

How much will Social Security go up next year? See latest forecast

Before Social Security payments are posted this week, many retirees are looking ahead at the potential Cost of Living Adjustment for 2027 with an advocacy group predicting a similar increase to 2026.

On April 10, The Senior Citizens League — a nongovernmental advocacy group for seniors — released its monthly COLA forecast for 2027, saying data showed a 2.8% increase is likely.

“Over the last seven weeks, crude oil prices have soared, and fuel prices have followed suit. Consumers are getting pinched at the pump as gas prices soar, while businesses are paying more for transportation and/or production costs. This energy price shock is beginning to show up in the monthly U.S. inflation report, and it’s having a tangible impact on 2027 COLA forecasts,” The Motley Fool, a financial and investing advice company, and USA TODAY content partner, reported on April 18.

The official announcement will come in October, as it’s based on third-quarter inflation data.

According to Consumer Price Index data published last week, the annual inflation rate reached a two-year high of 3.3%, up 0.9% over the last month. This is largely due to soaring oil prices caused by the war in Iran.

Social Security payments are always scheduled on Wednesdays, with the final wave of this month scheduled for April 22, according to the Social Security Administration. The schedule is based on the birth dates of the recipients — retired, disabled workers or survivors.

Here’s who will get a Social Security check this week and more on the 2027 COLA forecast:

When is the final Social Security in April 2026?

Social Security benefits are sent out based on the recipients’ birth dates. Wednesday, April 22, is the final wave of payments for those with birth dates between the 21st and the 31st of April.

What is the 2027 COLA forecast?

The 2027 COLA increase is forecast to be 2.8% due to continuing inflation prices, according to The Senior Citizens League’s April 10 press release. If the SSA approves that rate of increase, average payment for retired workers would go up by $56 per month in January 2027.

The SCL releases a COLA prediction each month based on the Consumer Price Index, Federal Reserve interest rate and the National Unemployment rate from the U.S. Bureau of Labor Statistics.

Beneficiaries who want to stay updated with the monthly predictions may visit the SCL’s “COLA Watch” webpage that includes the forecast, calculations, historical trends and more.

The official COLA increase for 2027 will be announced in October 2026.

What were the big Social Security changes in 2026?

At the beginning of 2026 recipients received a 2.8% COLA for Social Security and Supplemental Security Income (SSI) payments, according to the SSA’s COLA Fact Sheet and American Association of Retired Persons, increasing payments about $56 per month.

Here are more details on the 2026 COLA increase, per the SSA:

The maximum amount of earnings subject to the Social Security tax increased to $184,500.
The earnings limit for workers who are younger than full retirement age (67 years old) increased to $24,480. (There will be a $1 deduction for each $2 earned over $24,480.)
The earnings limit for people reaching their full retirement age in 2026 increased to $65,160. (There will be a $1 deduction for each $3 earned over $65,160, until the month the worker turns full retirement age.)
There is no limit on earnings for workers who are at full retirement age or older for the entire year.

What should I do if I don’t get my Social Security payment?

According to the SSA, if you don’t receive your payment on the scheduled date, wait three days additional days, then call their office.

Where are the Social Security offices in Michigan?

There are 48 offices in Michigan, and to find an office near you, recipients may use the office locator via the Social Security’s website by entering your zip code for office hours, numbers, available services and more.

How can I replace my Social Security card?

The personal account, “my Social Security” allows recipients to manage their personal records, including a request for a replacement Social Security card and benefit statements for taxes and more. New accounts are created using ID.me or Login.gov as a multifactor authentication.