More than money, Methodology for incorporation and administration of financial literacy topics into educational curriculum
Key actors in financial education and financial literacy
Since the beginning of the 2014/2015 academic year financial literacy has been an integral part of the the National Curriculum in Slovakia. That means it is not a separate course but it is a part of the elementary and secondary curriculum in different subjects. Ministry of Education, Science, Research and Sport of the Slovak Republic published methodology for teaching financial literacy outlining possible methods, forms and activities to develop knowledge and skills in this area. The desired level of knowledge is set in the National Standard for Financial Literacy, version 1.1. The Ministry of Economy of the Slovak Republic and the Ministry of finance of the Slovak Republic conduct educational activities in the field of consumer protection and consumer rights awareness. In January 2015 Slovak National Bank has become an authority competent for the consumer protection in the Slovak financial market and provides practical information on consumer rights. It also focuses its educational activities towards to the elementary, middle and high schools and to the general public.
Slovak Banking Association & members
SBA website has a separate section dedicated to Financial Education. It contains free financial glossary and wiki-style web. This glossary containing terminology and explanatory definition of circa 70 basic bank products and services is also available in the form of printed brochure and it is provided free of charge to the clients of banking ombudsman, SBA visitors or at the conferences. Website also contains short tests so the consumers can assess their level of financial literacy.
Since 2012 – 2013 academic year SBA together with the Junior Achievement Slovakia have been implementing educational project focused on financial education of children and youth called Viac ako peniaze (More than the money). The primary target group are 10 – 15 years old basic school pupils and middle school students (16 – 19 years). The program is in line with the National standard for Financial Literacy, version 1.1. The students are taught to be able to manage tasks and solve problems regarding money and finances. Improving financial literacy among young people is realized by experimental methods, practical exercises and interactive online textbooks. Teachers also have a possibility to invite consultants from banks (members of SBA) to lecture on the practical features of bank services.
SBA also participated at the working group focused on the development of the Methodology for incorporation and administration of financial literacy topics into educational curriculum of primary and secondary schools and National Standard for Financial Literacy update.
Many SBA Members have own financial education programmes targeting children, youth and general public.
Several non-banking financial companies and foundations in Slovakia have different financial education programmes.
Example of good practice
Synergistic projects targeting several target groups at once – developing financial literacy of students, their teachers and also their parents, family members and friends with whom they discuss school assignments and homework. Bank professionals lecturing at schools on practical functioning of banks and bank services usage is an efficient tool.