Published on 24-03-2017 by admin

National programme, Money Wisdom Day

Tallinn, Estonia Old City

Key actors in financial education and financial literacy:


The Estonian Ministry of Finance has elaborated a programme promoting financial literacy among Estonian people for the period 2013-2020. The involved parties for steering and implementing the plan include the Financial Supervision Authority, the Ministry of Education, the Ministry of Economic Affairs and Communications, Ministry of Social Affairs, the Estonian Chamber of Bailiffs and Trustees in Bankruptcy, the Association of Teachers of History and Society, the Estonian Banking Association, the Estonian Insurance Association and NASDAQ OMX Tallinn.
The Financial Supervision Authority (FSA) is operating a financial literacy website providing objective and reliable information and guidance on budget planning, saving, borrowing, investing, pensions and insurance products. All financial services are explained in great detail and complemented with several tools, calculators, comparison tables, jargon buster, games and tests. The comparison tables of bank fees, savings accounts and deposits, credit cards, consumer loans and fees on selling or buying stocks are created in cooperation with the Estonian Banking Association. Data is inserted and updated directly by the banks.

Estonian Banking Association & members

The Estonian Banking Association is carrying out various educational activities in cooperation with several organisations and public institutions:
1) Co-operation with Estonian Public Broadcasting to have money wisdom shows for 20 week.
2) Money wisdom month in March is a yearly event with bank employees visiting elementary and secondary schools. As of 2013, ca 1/3 of Estonian elementary and high schools have been covered each year. Materials of standardised financial education lesson are prepared banking association.
3) Adult learners’ week in cooperation with Association of Estonian Adult Educators is aimed at promoting lifelong learning in co-operation with the Ministry of Education and Research since 1998. It has become an annual event taking place in the second week of October in 2013 and 2014.
4)Methodical financial literature materials for schools. Banking Association provided the input to the materials developed for the usage in elementary- and high school levels by Ministry of Education in cooperation with NASDAQ OMX Tallinn and FSA. The 36 materials for all different age levels and 14 classes where worked out during the 2012-2013. The practical tasks included in materials provide knowledge of depositing, borrowing, insurance, pension funds, payment cards etc. Selection of materials was translated to Russian.
5) The book ‘ABC of personal finance’ was issued by the FSA and NASDAQ OMX Tallinn in 2011. The book was given to all schools free of charge and is available as an e-book, also for free. The Estonian Banking Association covered the cost of translating the book into Russian and creating a Russian e-book in 2012.
Members of banking association have wide range of branded financial education activities, unbranded initiatives include the launch of financial literacy initiatives aimed at children, teens, their parents and their teachers. The initiatives include materials that the child can use alone, together with parents or in school.


At the end of 2015, employees of SEB volunteered to teach close to 200 Money Wisdom classes in more than a hundred Estonian and Russian language basic schools and secondary schools in every county in Estonia. It will be tradition to visit schools every year on last quarter.


1) Back to School initiative unites schools and professionals from different areas of society. Teachers and schools can invite professionals to schools trough online-network to give lectures to pupils. Swedbank’s employees go to schools and give financial education lectures to pupils. Over 200 employees registered in the online network, about 100 lessons given in year 2014.

2)Annual teachers’ conference – yearly conference for economic teachers

3)Youth startup competition Bright Minds – In cooperation of Tallinn University of Technology,  Mektory School of Technology and Swedbank  a startup competition Bright Minds was initiated in 2015. The competition gives enthusiastic and entrepreneurial students the chance to bring their ideas to life and take part in a free startup training program under the supervision and mentorship of Swedbank experts.

Danske Bank

Moneyville (Rahamaa) by Danske Bank is a popular online gaming environment aimed to the age group of 5-9 giving basic knowledge and understanding about money and simplifying the teaching the basics of economics for parents and teachers.


1) Yearly investment conference Smart Money conducted by NASDAQ OMX Tallinn aims to attract people to the world of investing, educate them on investment topics and increase the motivation to invest. The speakers’ list includes well-known investors, entrepreneurs, chief executives of Baltic listed companies, etc.
2) Student thesis competition (securities market related topics).
3) Nasdaq OMX Tallinn contributed in creating an interactive investment game in the AHHAA Science Centre in Tartu (the game based on the real historical economic periods targeted to older children (plus adults) and cartoons stand for kids).
4) Investor education web portal (which consolidates our financial literacy/investor education activities, i.e. includes sections like Investor’s ABC, Financial handbooks, overview of our investor education events, information about student thesis competition).

Example of good practice

Back to School initiative started in 2007. Initiated by a bank as an annual event, it is inviting guest teachers to schools to carry out lessons and share their live and professional and financial experience. Guest teachers include bank employees, there are no restrictions to involve quest teachers from other organisations.

Financial education part of curriculum? No
PISA financial literacy ranking (OECD, 2012): 3d