Second meeting of the Working Group for monitoring the implementation of the Strategy for Financial Education and Financial Inclusion

On 31 August 2022, in order to raise financial literacy, the National Bank with other financial regulators held the Second Meeting of the Working Group for monitoring the implementation of the Strategy for Financial Education and Financial Inclusion with the private and civil sector entities – providers of financial education.

The meeting was also attended by representatives of the OECD/INFE (the Organisation for Economic Cooperation and Development and its International Network on Financial Education), who shared their expertise on evaluation of financial literacy programs and national strategies for financial literacy globally. The meeting highlighted the importance of evaluation of financial literacy programs by their providers, as a ground for improvement and adaptation to the needs of the population. The evaluation of financial literacy programs and the regular reporting to the financial regulators is prescribed in the Code of Good Practices for Financial Education, adopted last year.

Additionally, the recently adopted Core Competencies of Financial Literacy were presented, which include knowledge, skills, attitudes, motivations and behaviors towards finance of people at different life stages. The Financial Competency Framework can be used by various organizations and institutions in the country (financial regulators, civil organizations, private financial institutions and other institutions and organizations) that provide financial education to different age groups within the scope of their work, and broadly in the field of personal finance. The core competencies are intended to serve as a basis for the development of educational programs on personal finance for different age groups by all involved providers of financial education within the framework of non-formal education. This is to ensure that the topics are adjusted to the age, including various relevant topics, according to the growing needs for financial education.

These meetings encourage dialogue between regulators, private and civil sector entities involved in financial education and exchange of proposals and experiences aimed at strengthening financial education and inclusion in the country. These meetings of the Working Group for monitoring the implementation of the Strategy for Financial Education and Financial Inclusion are expected to encourage financial education providers to improve the existing educational programs in non-formal education, and to inspire other competent organizations to join the initiative for coordinated approach in the implementation of financial education activities in the country.