How Financially Literate is the Average Croat?

Total Croatia News

Global Money Week helps people gain financial knowledge.

To mark the start of the Global Money Week, Croatia’s Ministry of Science, Education and Sports has organized the round table “Financial Literacy and Youth”, reports on March 15, 2016.

The money week, marked in Europe and around the world, lasts from 14 to 18 March. Its focus is on encouraging systemic and continuous learning aimed towards financial literacy, so that more people, especially young adults, can obtain financial education.

A survey conducted late last year among over 1,000 respondents, aged 18 to 79, showed that the average rating of the financial literacy among Croats is 11.7 points out of maximum 21 points, with the lowest literacy recorded among those under 19, Kristina Horvat from the Ministry of Finance said at the round table discussion.

Nevenka Lončarić Jelačić, a senior Advisor at the Agency for Education and Teacher Training, announced the introduction of financial education in the Croatian education system, in the form of cross-curricular teaching. The students will learn about savings, investment and responsible use of money.

According to Croatian National Bank Vice-Governor Bojan Fras, financial education should be a joint effort of regulators, industry, associations, civil initiatives and others, and not confined to issues of personal finances. It should also cover those related to public finances, he stated.

Zdenko Adrović from the Croatian Banking Association said that his organization has prepared a financial guide for young people, an educational material that provides information for easier financial management of the important life milestones, like going to university, first employment, purchasing a home or a car, etc.

During the Global Money Week, numerous activities, round tables, student visits to the state and financial institutions, student debates, and similar activities will be held across Croatia. Financial institutions will be informing citizens about the way banks, insurers, retirement funds, the Zagreb Stock Market and similar institutions work.


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