Czech Republic

Published on 24-03-2017 by admin

National strategy, financial literacy website

Prague, view of the Vltava River and bridges

Key actors in financial education and financial literacy


Government

The National Strategy on Financial Education has already been adopted in 2010. It aims to tackle the problem of insufficient financial capability across the population in Czech Republic via two main projects:

1) Initial Education, i.e. an educational system under state supervision, and also mostly State initiated. In 2010 financial education became a compulsory part of the broader topic Man and the World of Works and Profession of the National Curriculum on Secondary Schools and since 2013 it forms a compulsory part of the Citizenship Education on Primary Schools.


2) Education of adults via additional educational activities that should be provided almost exclusively by the private sector with only a limited state support.

 

Czech Banking Association & members

 The Czech Banking Association included financial education projects into the scope of its actions in 2007. To fulfil original demand for non-commercial comprehensive information on financial market services the Association lead the whole financial market in Czech Republic to launch Financial Literacy website www.financnivzdelavani.cz, that has undergone a complete reconstruction in 2016. Offering related vocabulary in plain language, general recommendations on specific life situations and also educative and instructional papers, the website is extensively used by the public as well as teachers.
The Czech Banking Association run a financial literacy campaign for adults in cooperation with Czech Trade Union from 2013 till 2016. In 2014 a pilot project took place designated for one of the high-risk group of population (youths in institutional care) that is not covered by educational system. Since 2014 the beginning of the school year is represented by the Bankers Go to Schools project. Tens of high schools in the Czech Republic use the opportunity to invite high level representatives of association member banks to their classrooms and enjoy their specific lessons on financial education basics and particular subject matter of the year (cyber security in 2016).


Other actors

There are number of non-profit entities offering financial education programmes, courses, literature, or games. They are mostly funded by private sector, especially banks, or they work on project basis and their activities are financed from European Social Funds. For few examples, read more on www.abcfv.cz; Financial Literacy into Schools; Financial World Today.
Alliance against Debts was established in 2011 as a project of 29 entities from public sector and charities to join forces in promoting financial education programs across the Czech Republic that are aimed at youths and/or adults in delicate social or financial situation in order to prevent their failure and potential breach of law.


Example of good practice

Banks are the most active and generous supporters of charities aiming at financial education or debt advisory. Upon their initiative together with Czech Consumer Association and the Business Administration Faculty of the University of Economy the Stringency Advisory Center (SAC) was established in 2007. The SAC operates in three biggest towns and six mobile centres providing free of charge services to anyone threatened by or already in a state of insolvency.

Financial education part of curriculum? Yes
PISA financial literacy ranking (OECD, 2012): 5th