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EPALE - Електронна платформа за учене на възрастни в Европа

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Финансова грамотност по време на криза

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Margarita Petrova

Присъединете се към нашите експерти и се потопете в света на финансовите политики и тяхното въздействие върху обществото.

В четвъртък, 27 септември, от 10 до 16 ч. централноевропейско време EPALE ще бъде домакин на онлайн дискусия за финансовата грамотност по време на криза.

Ще започнем в 10:00 ч. централноевропейско време с обмен на мнения между експерти на живо и ще продължим разговора с потребителите на EPALE в писмена дискусия в раздела за коментари до 16:00 ч. централноевропейско време.

Гост на дискусията ще бъде Калвин Лийс от L&W Institute, а модератори ще бъдат Джина Ебнер, генерален секретар на EAEA, и Кристин Сиеслак, ръководител на отдел "Програми и ангажиране на заинтересованите страни" в EAEA.

Гледайте стрийминга тук:

Нашите гост-лектори ще хвърлят светлина върху настоящия финансов пейзаж и предизвикателствата, с които се сблъскват хората и общностите по време на периоди на икономически сътресения. Ще се запознаем с финансовите политики и практики, като анализираме тяхното въздействие върху обществото и общите ценности.

По време на дискусията ще оценим и ролята на Европейския съюз за справяне с финансовите предизвикателства и насърчаване на финансовата грамотност. Примерите от реалния живот ще дадат ценна информация за това как общностите успешно са се справили с финансовите трудности в миналото.

Водещите въпроси ще бъдат:

  • Като се имат предвид бързите промени във финансовия пейзаж, как можем да гарантираме, че обучението по финансова грамотност остава актуално и адаптивно към променящите се нужди на хората и общностите?

  • Как програмите за финансова грамотност могат да бъдат адаптирани, за да отговорят на специфичните нужди на уязвимите общности по време на икономическа криза?

  • По какъв начин Европейският съюз може да си сътрудничи с местни организации и правителства, за да подобри инициативите за финансова грамотност и да подпомогне хората да вземат информирани финансови решения?

Коментарите вече са отворени, така че можете да започнете да споделяте своите мисли, опит и предложения!

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Коментар

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Lauma Celma
Community Collaborator (Silver Member).
Вт., 01/11/2024 - 07:39

Financial literacy is very important. I think that it should be learned in childhood. Initially in the form of games, but gaining an idea of financial flows, the importance of planning them. Because the skills acquired in childhood are the most permanent throughout life. Even on a subconscious level. And often cause problems later in life. Especially if we want to change something.

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Angeliki Giannakopoulou
Ср., 09/27/2023 - 14:44

What do we take under consideration when talking about financial literacy? It would be interesting to reflect on which financial processes we include in the scope of financial literacy including challenges in access or control over one's funds case in point for many women and members of the LGBTQIA+ community in restricting environments, homeless people, people in confinement etc. 

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Regina EBNER
Ср., 09/27/2023 - 14:26

Financial literacy overlaps at least partly with consumer education. Does anyone have examples?

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Regina EBNER
Ср., 09/27/2023 - 13:58

We do need to keep in mind that the best financial literacy doesn't help if people just don't have enough money. I think we need to see what adult education can (and can't) do when it comes to poverty

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The discussion suggests that the understanding of the content of financial literacy varies depending on the context of the problem. Since we are talking about poor people with low basic skills, then financial literacy should include critical thinking so that they cannot be defrauded, good calculation skills and entrepreneurial skills. For people who want to feel generous and stable, financial literacy should include income and expenditure planning and a general idea of the mechanisms of financial circulation in society and the risks and benefits associated with them. People who want to improve their financial position would benefit from a deeper understanding of financial tools and the skills to evaluate and use them.

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Regina EBNER
Ср., 09/27/2023 - 13:56

Hi everyone,

I'm not surprised that people need help with more complex issues. Taking a mortgage or borrowing money for other reasons, making investments etc is indeed difficult, and help is useful!

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Raffaela Kihrer
Ср., 09/27/2023 - 14:33

In reply to by Regina EBNER

In the complexity of financial markets - and the complexity of the resulting decisions that one has to make - it is probably also difficult and possibly even counterproductive if financial processes are oversimplified. This could potentially lead to wrong and harmful decisions due to misguided confidence. While I do believe that basic financial literacy is key for everyone, e.g. for managing one's household budget, but also things like understanding the balance sheets of companies (e.g. if you need a construction company for renovation works of your house and you want to check whether the company is financially sound), there are certain limits to what is achievable. When it comes to decisions about forms of savings or investments, it becomes more complex already: for instance, having a savings account versus investing in ETFs; understanding what percentage of the profit on the private pension fund is actually left after taxes are deducted at the end; understanding how sustainable "sustainable banking" really is, etc. I find this article by the speaker Katarzyna Hanula-Bobitt very informative: https://www.finance-watch.org/financial-education-the-what-the-how-the-…. Trustworthy help and guidance are, therefore, very important, especially when it comes to more complex financial operations. These can't be replaced (entirely) by financial literacy.

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Christin CIESLAK
Ср., 09/27/2023 - 12:11

What innovative approaches and collaborative efforts can be employed to ensure that financial literacy programmes are:

  • inclusive,
  • reach disadvantaged groups,
  • and promote sustainability in financial practices? 

Please share your insights, experiences, and ideas on how we can collectively enhance financial literacy to benefit individuals, businesses, and society as a whole.

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llze Šūmane
Ср., 09/27/2023 - 11:32

 They empower individuals to navigate the complexities of personal finances, enabling informed decisions and long-term financial security. Whether budgeting, investing, or understanding economic trends, these skills are foundational for a stable life. 

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Renāte Zīverte
Ср., 09/27/2023 - 10:50

Financial literacy is very important. I completely agree that need to learn spending, saving, borrowing, and planning.

Looking at social media of rich lives, also different coaches suggest “Live the life as you would like to live”, people arrived at different loans, and underestimate the financial reality of themselves. In some countries, companies salary is paid out weekly which helps to plan finances, because through month people are not able to plan their finance.  

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Financial literacy is indeed crucial, and I wholeheartedly concur with the importance of learning about spending, saving, borrowing, and financial planning.

It's interesting how social media and various life coaches often advocate for living a lifestyle that aligns with one's desires. While this can be inspiring, it's essential to strike a balance between aspirations and financial reality. Many people may be tempted to take on loans or make extravagant purchases to emulate the lifestyles they see online, potentially overlooking their actual financial capacity.

On which policy level, you reckon, should this be tackled?

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Johann MARTIN
Ср., 09/27/2023 - 10:37

The GOLDEN SKILLS project aims to equip parents with the right tools and know how to be able to teach their kids about finance and financial literacy. Financial literacy is a key competence and needs to be regarded as such. It is as essential a skill for inclusion as any other form of literacy. People without appropriate financial literacy skills are marginalised and excluded from many of the quality of life options that many Europeans take for granted.

https://goldenskills.eu/

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Ilze IVANOVA
Ср., 09/27/2023 - 10:52

In reply to by Johann MARTIN

We havent  touch upon  financial literacy of our senior citizens. It is a great art , of  financial literacy for senior citizens whose retirement pension is about 400-500 EUR . Such situation is in Latvia.It would be interesting to learn their experiences how to manage so small financies to cover all life expenses.These also could be  called  golden skills to live economically and reasonably.

 

 

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Christin CIESLAK
Ср., 09/27/2023 - 11:29

In reply to by Johann MARTIN

In today's complex financial landscape, possessing adequate financial literacy skills is not just a matter of personal finance; it's also a matter of social equity. Individuals who lack these skills can find themselves marginalized and excluded from various aspects of modern life that many Europeans often take for granted. This exclusion can extend to opportunities for housing, employment, education, and overall economic well-being.

I feel that, by equipping parents with the knowledge and resources to teach their children about finance, the project not only contributes to individual financial empowerment but might also promote a more inclusive society.

Johann, do you reckon it has the potential to break the cycle of financial vulnerability?

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Ērodeja Kirillova
Служебна карта за най-добър участник.
Съб., 09/30/2023 - 08:56

In reply to by Johann MARTIN

I got acquainted with the material posted on the website and saw a lot of useful things in them for talking about financial skills with children. but the skills are based in the family and this greatly affects the children's future skills as well. There are many generations that have been able to operate economically with their finances. In this case, Ilze Ivanova's comment about how Latvian seniors survive with low and very low incomes is important in Latvia. I work in the field of social support in the NGO sector and I deal with people whose income is between 150 and 250 euros per month. Basically, they save on health expenses, food and live in low-quality neighborhoods where it is possible to save as much as possible on expenses related to housing. These people can get social support by contacting social services, but often their awareness of support options is very low and they cope as best they can, losing much of their usual quality of life. Of course, among these people there are citizens who have reached this situation because of their lifestyle, but there are some seniors who could not get a higher pension due to changes in the state administration when the Soviet Union collapsed, the free market was created and they lost their usual jobs, but they were not ready to retrain. They took on low-paid jobs or worked without paying taxes at all. All this affected their social status at retirement age. of course, pension indexation is taking place in our country and the income of these people increases a little, but taking into account the total amount of financial expenses in the total amount, they do not gain anything more. What amazes and fascinates me the most is their ability to survive with the amount of money they have available... I agree that it is worth researching, but not to understand how they survive, but to prove that it is not a decent way for people to survive and they should be given more support without waiting , that they will request it themselves, because many are shy to do it, or cannot understand the bureaucratic rules for its preparation.

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Tanja LOGAR
Ср., 09/27/2023 - 10:28

Currently in Slovenia, there is a project called Financial Literacy for Adults, led by the Slovenian Institute for Adult – Education.

The Financial Literacy for Adults Project 2022-2024 (abbreviated as FPO 2022-2024) is planned as part of the measures under the National Recovery and Resilience Plan (NRRP) and falls within the development area of Smart, Sustainable, and Inclusive Growth, Component 5: Strengthening Competencies, especially digital and those required by new professions.

The purpose of the financial literacy initiative for adults is to contribute to the strategic development of financial literacy in three key areas that enable adults to achieve and maintain financial well-being in times of unpredictable economic and social changes. These three key areas of financial literacy are: managing personal and family finances and debt; personal and family financial planning and saving for the future; awareness of risks and preventive actions against abuses and scams.

You can find more information on the project's website at https://financno.pismen.si/. Please note that the website is in the Slovenian language, but you can use a translator for assistance.

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Thank you very much for bringing forward the project. I would like to add my response to the discussion during the live streaming that followed.

On a national level, the project aims to establish financial literacy educational programs for adults. We have engaged adult educators and finance experts in its development. These programs will undergo quality assurance and will be made freely available as a public good. They will be accessible to anyone involved in adult education within the field of financial literacy. What is the most important, the programs can and should be adapted to the specific needs of their recipients. The task of educational program providers is to customize the program to meet the participants' needs as much as it is possible.

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Thank you for sharing this information!

It's great to see initiatives like this, especially in the context of economic and social uncertainties.

These key areas of financial literacy you've mentioned – managing finances and debt, financial planning, and awareness of risks – are indeed vital for individuals and families to navigate an ever-changing financial landscape.

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Dora SANTOS
Ср., 09/27/2023 - 10:21

In Portugal, “Todos Contam” (“Everyone counts”) is a financial education portal, which provides useful information and tools for managing personal finances and presents information to support financial decisions inherent to different stages of life. The portal integrates information for children, young people, and adults.

It also functions as a platform for disseminating initiatives, projects and financial training materials developed by financial supervisors and the various entities that participate in the Plan.

The National Financial Training Plan was launched in 2011 by the three financial supervisors – Banco de Portugal, Securities Market Commission and the Insurance Institute of Portugal (current Insurance and Pension Funds Supervisory Authority) – within the scope of the National Council of Financial Supervisors and had the endorsement of the Minister of State and Finance.

The Plan aims to contribute to raising the population's level of financial knowledge and promoting the adoption of appropriate financial attitudes and behaviors.

This is the link (in Portuguese): https://www.todoscontam.pt/quem-somos

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This is very interesting, Dora, thank you for sharing it! Do you know if it's connected to a larger strategy on improving basic skills or life skills in a lifelong learning perspective?

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Dear Aleksandra, 

Under this project, some references and training paths were developed and are included in the National Catalogue of Qualifications. Therefore, I think we can say that it is part of national strategies for developing life skills.

 

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Enquanto formadora da área de Sociedade, Tecnologia e Ciência (STC), no âmbito da formação de adultos, o portal https://www.todoscontam.pt/quem-somos é uma ferramenta à qual recorro com alguma periocidade, uma vez que permite dar uma visão prática aos seus utilizadores sobre a temática da literacia financeira tão necessária na atualidade.

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Ilze IVANOVA
Ср., 09/27/2023 - 10:08

Our  life is so rapid and changing that sometimes it is difficult to follow it.It is important to develop  skills to follow these changes , including  financial situation in the countries. We cannot discuss financial literacy on one age level. We have to view the literacy of financial education as a system,including different stakeholders,including families.

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Dear Ilze,

you're absolutely right; our fast-paced and ever-changing world demands continuous adaptation, including in our financial awareness. Financial literacy isn't limited to a specific age group; it should be viewed as a comprehensive system involving various contributors and learners. Teaching financial literacy across generations ensures that individuals are better prepared to navigate the complex financial landscape and make informed decisions in an evolving economic environment.

It's a collective effort that ultimately contributes to financial well-being and resilience.

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Dear Christin    You  write ""..........it should be viewed as a comprehensive system involving various contributors and learners. Teaching financial literacy across generations ensures that individuals are better prepared to navigate the complex financial landscape and make informed decisions in an evolving economic environment "    Do we view in reality like this ? This is a very important field where we have to work very seriously.

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Sanita Baranova
Ср., 09/27/2023 - 07:34

Financial literacy initiatives are important in today's complex economic landscape. They equip individuals with essential skills to make informed decisions about their money, investments, and financial well-being. These initiatives bridge the knowledge gap, promoting responsible financial behavior and safeguarding against pitfalls like debt and financial mismanagement. Ultimately, they empower individuals to achieve financial security and navigate the complexities of the modern financial world. Creating opportunities to acquire the necessary skills is crucial. They enhance personal growth and resilience.

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Egija Laganovska
Вт., 09/26/2023 - 22:48

Financial education is an effective way of strengthening people's ability to act successfully, i.e., to make informed decisions and to anticipate and minimise risks that may have a negative impact on their lives. In my perspective, it is critical to design financial education programmes that are accessible to all adults, including those with special needs.
 

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Ieva Margeviča-Grinberga
Community Collaborator (Silver Member).
Вт., 09/26/2023 - 21:03

Thank you for starting a discussion about the importance of financial literacy in today's changing economic climate. Lack of financial literacy in adults can have far-reaching consequences affecting their quality of life and well-being. Together with Finnish, Åland and Estonian colleagues in the "Sustainability in Finance" project, we found out that many young people lack the knowledge of sustainable finances. As a solution, we offered integrating sustainability into finance skills development in adult education. It is essential for creating a more resilient, responsible, and forward-thinking financial ecosystem that benefits individuals, businesses, and society as a whole. It equips individuals with the tools to navigate complex financial landscapes while contributing to a more sustainable future.

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Thank you for telling us about your project!

Your collaborative work is inspiring. The integration of sustainability into financial education for young people is a forward-thinking approach with the potential to create a more resilient and responsible financial ecosystem. It not only equips individuals with the necessary skills to navigate complex financial terrains but also fosters a commitment to sustainability that benefits society at large.

I'm curious to know more about the specific strategies or methods you've employed in integrating sustainability into finance skills development. Could you share some key insights or lessons learned from your project's implementation?

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Linda ROMELE
Community Collaborator (Silver Member).
Нед., 09/24/2023 - 16:05

It has been proven that higher return is achieved by the knowledge acquired in initial education. I would have a question. At what level of education should one start studying financial literacy?

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Christin CIESLAK
Ср., 09/27/2023 - 11:45

In reply to by Linda ROMELE

Hi Linda,

You raise an interesting point about the potential for higher returns through early financial education. It indeed prompts a crucial question.

Incorporating basic financial concepts into primary and secondary education can provide a strong foundation. However, it's also valuable to continue financial literacy education throughout one's life, adapting the complexity of the content as individuals grow and face more advanced financial decisions. 

So, the answer to your question depends on the context and the individual's current educational level and financial situation. Ideally, financial literacy should be a lifelong learning journey, with education tailored to different age groups and life stages.

I'd like to hear your thoughts on this matter. In your opinion, what age or educational level do you believe is the most effective starting point for teaching financial literacy? Are there specific strategies or approaches you find particularly effective for different age groups or educational stages?

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Anita LĪCE
Ср., 09/27/2023 - 14:09

In reply to by Linda ROMELE

Good question! I would say: at all levels, starting with preschool/kindergarten where concepts like "money", "to buy", "to earn", "to collect/save", "to exchange", "value/worth" can be learnt through play and usually kids love it and eagerly engage.

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Liga Kalnina
Вт., 09/14/2023 - 09:43

Intrum report in 2021 shows that 84% of respondents in Latvia say they received sufficient or excellent financial education. However, 63% confirm that they still need advice on complex financial matters. In Latvia, the main sources of information for both men and women are banks (43%) and online sources (around 29%). Less often, Latvian consumers look for a piece of advice from an independent financial advisor: every fourth woman (25%) and every fifth man (20%) have consulted with an independent advisor regarding financial issues.

Sounds good, no?

Unfortunately, the most disadvantaged groups (31% of low-income earners) believe they haven't received sufficient financial education to manage day-to-day finances, and they often seek external advice.

Therefore, we still have a target audience to reach and offer the external advice they seek. But how to do it the best?

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It's encouraging to see that a significant portion of respondents feel they have received sufficient or excellent financial education.

However, you're absolutely right; there is still a target audience that requires external advice to manage their finances effectively.

As mentioned during the discussion, to address this need, we have to consider tailored financial education programmes and outreach strategies for specific disadvantaged groups. Collaborating with community organisations, offering workshops, and providing easily accessible resources could be effective ways to reach and assist these individuals. The key is to ensure that financial education and advice are accessible, relevant, and responsive to the unique needs of different segments of the population.

But I would love to hear what our experts have to say to that!

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Elga Drelinga
Community Collaborator (Silver Member).
Ср., 09/13/2023 - 13:36

It is believed that the population’s financial literacy can be measured. A recent study shows that the "Financial Literacy Index" of my country's residents has hardly changed for seven years, only some areas show improvements. Of course, it is the citizens' own inability to plan in the long term, to create a Social Security cushion.  Is it possible to improve the situation with the help of education or other opportunities must be provided?

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Linda ROMELE
Community Collaborator (Silver Member).
Ср., 09/27/2023 - 10:34

In reply to by Elga Drelinga

What should be done to improve the level of financial literacy? Who would be the responsible body, as it seems that no one is really responsible of this area.

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Beate Bowien-Jansen
Ср., 09/27/2023 - 13:47

In reply to by Linda ROMELE

Yes, that's true. There are lot of prospective actors in the field and there are a lot of projects and products, but someone has to be responsible. In Germany the Federal Ministry of Education and Research together with the Federal Ministry of Finance have started an initiative to promote financial literacy. There are three policies: 

  • development of a national strategy for financial literacy in cooperation with the OECD
  • creating a central plattform for financial literacy to bundle and to interlink all the various offers in the field of financial literacy
  • strengthening research in this area

Perhaps this can be a first step...

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Anita LĪCE
Ср., 09/27/2023 - 14:15

In reply to by Linda ROMELE

In Latvia, the Bank of Latvia has taken the initiative which I think is very commendable.

See here: Finanšu pratība | Latvijas Banka

"Latvijas Banka is responsible for the field of financial literacy in Latvia and coordinates the cooperation of state, NGO and private sector institutions in order to improve the money literacy of Latvian citizens."

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Anita LĪCE
Вт., 09/12/2023 - 11:15

Par Latviju runājot, finanšu pratības veicināšanas jomā man patīk, kā savu darbību ir izvērtusi Latvijas Banka (Finanšu pratība | Latvijas Banka), tai skaitā Naudas skola, skolotāju profesionālā pilnveide.  Izcils ir arī “Junior Achievement Latvia” ieguldījums, gan mācot skaitīt naudu mācību uzņēmumu ietvaros, gan citās programmās. 

Lieliski, ja šīs tēmas ir integrētas mācību saturā, lai izlīdzinātu izpratnes/pieredzes nevienlīdzību, kas nav iegūta no vecākiem. Mārtiņdienas tirdziņš kā labs piemērs. Tad izaudzināsim paaudzi, kas būs prātīgāka par līdzšinējo. 

Svarīgi arī monitorēt kopējo situāciju, cik zinoši, atbildīgi esam, kādi ir iedzīvotāju paradumi. Uzskatu, ka pilnībā paļauties uz iedzīvotāju atbildību nevar, jo tieši finansiāli mazāk aizsargātās sabiedrības grupas parasti ir mazāk informētas. Tādēļ ir svarīgi regulēt gan ātro kredītu nozari, gan azartspēles. Jāveicina atbildīga biznesa prakse, patstāvīgi jāinformē iedzīvotāji. Milzīga loma šajā jomā ir sabiedriskajiem medijiem. Piemēram, gaidu mirkli, kad Latvijas loto raidījuma vietā būs kāds izglītojošs raidījums par finanšu pratību un naudas ieguldīšanu.

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Hi Anita,

Jūsu norāde uz to, ka finansiāli mazāk aizsargātās sabiedrības grupas bieži ir mazāk informētas, ir ļoti svarīga. Regulējot ātro kredītu nozari un azartspēles un veicinot atbildīgu biznesa praksi, mēs varam palīdzēt aizsargāt iedzīvotājus. Jūsu minējums par sabiedriskajiem medijiem kā izglītojošas informācijas avotu ir pamatots.

Kā jūs iedomājaties veicināt izpratni par finanšu pratību un naudas ieguldīšanu sabiedriskajos medijos un izglītojošajos raidījumos? Vai jums ir kādi konkrēti priekšlikumi vai idejas šajā virzienā?

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Yes, for example, the program "Latvijas lotto" is broadcasted on Latvian Television. This show shows the "wheel of fortune" spinning and rolling the balls, and then a lucky person who bought a lottery ticket wins money. In fact, Latvian Lotto is a Latvian capital company, which seems strange to me that the state organizes gambling for citizens. Instead, there could be a program - "how to earn", "how to raise capital", "how to invest".

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