Personal Finance in your Hands, Cufo piglet is learning to save
Key actors in financial education and financial literacy
Bank of Albania
Bank of Albania (BOA) has been for the last 6 years the main actor in promoting financial education in the country. Its educational activities are mainly addressed to students of primary schools and high schools, as well as to teachers, professors, journalists of print and electronic media, social workers, and to the general public. Albania does not have a formal financial inclusion strategy or economic citizenship education strategy in place for either adults or children and youth. However, financial and social educations are integrated into the national curriculum at both primary and secondary level. Livelihoods education has additionally been integrated into the secondary education curriculum. Even though the country does not have a national advisory committee in place to promote financial inclusion and education among youth, the leading organisations that promote financial inclusion and education among those under the age of 18 are the Ministry of Education, Central Bank of Albania and Albanian Association of Banks.
Albanian Banking Association & members
AAB is increasingly committed with a financial education agenda in order to ensure that Albanian banks’ customers, existing and potential, get a better understanding of financial products, to wisely manage their finances and their savings, make good investment decisions, manage their debt and understand how to behave with their spending. Previously AAB had been involved sporadically in financial education activities in terms of producing informative brochures on specific bank products; cooperated with VISA International in a media campaign to promote credit cards; etc. Recently, AAB, as well as its member banks, have been more actively involved in financial literacy activities, both through publications, workshops and lectures in high schools and universities, as well as through a larger visibility in the social networks, with free accessible materials and videos. Since December 2012, AAB is affiliate member of the OECD International Network on Financial Education (INFE – created by the OECD in 2008). More importantly, AAB has signed in March 2014 Memorandum of Cooperation with Bank of Albania on joint activities and initiatives of financial education.
Junior Achievement (JA) is another association committed to financial education. Its program is applied in 150 secondary schools throughout the country, and is in its third year of its life in Albania, thanks to initial funding of Albanian-American Development Foundation (AADF). It puts young people in situations where they experience in practice the core of finance. They are challenged and practices in several aspects, including knowledge about financial terminology, cost-benefit analysis, raising the initial capital investment through shareholders, setting financial goals (manufacturing-sales- net profit), preparing simple financial statements (inflows-outflows), etc.
Example of good practice
In March 2013, and March 2014 AAB has been as part of the Global Money Week, and in collaboration with BoA, organised different activities.
Dedicated to primary school children (ages 5-9):
• Children’s puppet theatrical play. In cooperation with the Puppet Theatre of Albania and Bank of Albania a children’s educational puppet show staged, based on the tales of BoA’s booklet ‘1 , 2 , 3 … Çufo piglet is learning to save’
• Drawings competition ‘My Money’. Primary school pupils from different cities in Albania who are currently taking classes on Çufo piglet participated in a drawing competition on their concept of money. Awards were sponsored by banks.
Dedicated to high schools students:
• Visits to commercial banks: AAB organized visits to commercial banks in different cities for students who are taking BoA’s module/ class ‘Personal Finance in your hands’.
• Lectures: the chairwoman of the AAB Payments System Committee delivered lectures on ‘Banks and Money’ at the Professional Economic High School, and Illyria University in Tirana.
Financial education part of curriculum? Yes
1. ‘Personal Finance in your Hands’ textbook for high school students, which is part of the national high school curricula since 2011.
2. The Educational package ‘Cufo piglet is learning to save’, pilot program for financial education in the elementary school curricula.
PISA financial literacy ranking (OECD, 2012): Did not take part