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National committee, workshops, public radio
The Ministry of Finance led the National Committee for Financial Literacy composed by ministries, financial regulators, industry associations (including the banking association) and others. The Committee drafted the ‘National Strategic Framework of Financial Literacy for Consumers 2015–2020’ and the ‘Action Plan for 2015’. Both documents were adopted by the government in January 2015.
The Ministry of Education introduced in 2014 an interdisciplinary curriculum for ‘Citizenship Education’ which is taught in schools and includes financial literacy, yet not as a separate subject, but integrated in other core subjects.
Some state institutions and industry associations also have their financial literacy activities, for example, the Croatian National Bank, Croatian Financial Services Supervisory Agency, Ministry of Economy, Croatian Insurers’ Bureau, and the Croatian Employers’ Association.
Banks decided to organise financial literacy activities through the banking association. For instance, free workshops for citizens on managing personal finance and basic financial products were held from 2006 until 2012.
A similar joint activity was conducted by banks, through the banking association, aimed at small and medium enterprises (SMEs), in cooperation with the Croatian Employers’ Association. A series of workshops ‘SMEs and Banks: Together on a Road to Success’ focused on the credit process procedures.
In 2013, the public radio was used as a channel to inform citizens on main customer banking issues and on banks procedures. Banks agreed on a joint tool, and the initiative was also coordinated by the association.
Some members have had specific activities through the Global Money Week 2014, aimed at youth, coordinated by the banking association. Member banks joined the project by hosting pupils.
During European Money Week 2015, Croatian Banking Association published materials for youth (primarily aimed at age 14-18) about finance basics. These materials were validated by the state Education and Teacher Training Agency.
CBA’s materials are available in Croatian via web link:
– Table for personal finance planning, “Exelica”
For teachers in schools
– Presentation on useful math operations for managing personal finance, “Save by Math” - “Uštedi matematikom”
– Presentation on behavioral economics, adjusted for high school student level, “Interesting Economics” – “Zanimljiva ekonomija”
– A brochure for parents – what children at each age may and should know about finances: “How to Help Children and Youth to Understand Finance?” – “Kako pomoći djeci i mladima da razumiju financije?”
Also, Croatian Banking Association has in 2015 launched a web site on cyber-security: http://www.sigurnostnainternetu.hr, aimed at raising awareness to carefully use internet regarding personal data protection. Includes an infographic in Croatian: http://www.sigurnostnainternetu.hr/images/infografika.pdf
There are several non-government charities promoting financial literacy.
From 2006 to 2012, banks joined forces in a project offering free workshops for citizens on managing personal finance and basic financial products. Those workshops have been carried out by employees of member banks and coordinated by the banking association.
The first module entitled ‘How to Balance Income and Expenses’, was then followed by ‘Savings and Investment: It is Good to Know’. Modules included free materials – banking dictionary, budget sheets, examples on savings, and information on basic financial products.
Financial education part of curriculum? Yes
PISA financial education ranking (OECD, 2012): 11th