Key actors in financial education and financial literacy
In Latvia, financial and economic matters for grades 1-9 are included in the mandatory subject “Social Sciences”, while “Basics of Economics” can be learned as an optional subject. Economics in secondary school (grades 10-12) is an optional subject.
National Strategy for Financial Education in Latvia 2014-2020 is the initiative by non-governmental and governmental stakeholders to coordinate financial education activities. National Financial Literacy Strategy defines three strategic objectives: enhance tradition of planning finances and creating savings, ensure financial service environmental integrity and increase development and sustainability of public finances. The Strategy was signed by the Financial and Capital Market Commission with partners — the Ministry of Education, National Centre for Education, the Association of Latvian Commercial Banks, Consumer Rights Protection Centre, Latvia Insurers Association, and BA School of Business and Finance.
Association of Commercial Banks of Latvia & members
The largest members of the ALCB have certain financial literacy programmes targeted at different groups of the population and addressed directly to financial education institutions. There are competitions, lectures and attractive educational activities for pupils, various financial literacy tests, visits to banks and lectures by bank employees in libraries and companies, as well as at different events.
The ALCB, within the framework of its financial literacy project, has developed several teaching materials — a cartoon for elementary schools “Curious Questions About Money” (“Ziņkārīgi jautājumi par naudu”) https://www.youtube.com/watch?v=aL5xaurnQPQ and an educational movie for secondary schools “Study Loans” (“Studiju kredīti”) https://www.youtube.com/watch?v=m19tBFC2MhY, as well as interactive teaching materials on financial matters that can be used during Math, Home Economics and Technologies, Social Sciences, and Economics lessons.
The Financial Education Week is a voluntary initiative of governmental and non-governmental partners with an aim to pay attention to of the need for increasing knowledge about financial matters in order to improve effective and smart management of your money and to offer measures and resources for acquiring financial knowledge. The Financial Education Week has become a tradition – in 2016 it takes place already for the fourth time.
The Financial Education Week 2016 in Latvia will take place from March 14 to 20 with a slogan “Journey to Financial Literacy”. We will travel both geographically and virtually to Latvian regions and explore various subjects of financial literacy.
The Financial Education Week in 2013 and 2014 focused on school target audiences offering seminars about new school materials and opportunities to pedagogues and guest lectures, excursions, competitions, and different interactive tools for raising financial awareness to pupils. In 2015, the Financial Education Week expanded its scope with a slogan “Accrue Knowledge! Accrue It in a Smart Way!” and offered events not only to pupils and teachers, but also to anyone interested.