All about the bank, national working group, handbook for teachers
Key actors in financial education and financial literacy
The Ministry of Education Science and Sport has included the financial education into home economics course. Home economics is a compulsory program in national curriculum for primary schools. Financial education is however not a compulsory part of national curriculum in all secondary schools.
In December 2009, the Government set up a working group coordinated by Ministry of Finance in order to prepare the national financial education program. The working group consisted of representatives of Ministry of Finance, Ministry of Education Science and Sport, Ministry of Economic Development and Technology, Consumer Protection Office, Slovene Consumer’ Association, Bank Association of Slovenia, Slovenian Insurance Association, Stock Exchange, The Slovenian Investment Fund Association and Association of Members of Stock Exchange. The working group prepared the National program of financial education based on best practices and OECD principles.
The Central bank of Slovenia also publishes information for the consumers on its website.
Slovenian Banking Association & members
At the Bank Association of Slovenia (BAS) the project “All about the bank” took place. in that perspective, a dedicated website on banking operation was created and a booklet was published.
Those tools represent a response to the need for the right information expressed by the banks and their clients and also a response to the activities in the field of financial literacy carried out at the national level. BAS took part in the working group coordinated by Ministry of Finance in order to prepare the national financial education programme. The BAS Training centre took also part in the LdV Project “European Financial Education Partnership – EFEP”. The main objectives of the project were to establish direct links between schools and the world of work; to improve the quality and efficiency of financial education delivery and to promote the importance and attractiveness of financial education and the accessibility to it.
BAS members have a number of activities concerning the financial literacy in operation, targeting at different groups of the population: on line information, leaflets, open days, financial workshops and seminars where attendees have also the possibility to get to know new technologies like digital displays, touch screens, Infomat for printing bank statements, iPad,… For more information about BAS members and their programmes, please visit the BAS’s webiste.
1) Schools: pupils in the primary school are taught the financial education as a part of Home economics subject. The main objectives are to get pupils to learn about different forms of money, to differentiate between income and expenditure, to interpret functions of money, to make a financial plan of personal annual expenditures and to develop a relationship to the money. Pupils also learn about methods of payment, pocket money and saving.
2) National newspaper Moje finance (My Finance): a special edition of the newspaper Finance in cooperation with independent experts and teachers prepared the extracurricular activity on financial literacy – “Young and Money” for the higher grades in the primary school (7th, 8th and 9th grade) and all grades in the secondary school. The aim of the project is to teach young people and their parents how to plan their financial future and how to reasonable handle their money. Teachers who teach the subject have attended 4 workshops and also received the Handbook for teachers of financial literacy for young. The extracurricular activity on financial literacy has started in September 2014. In addition, an interactive webpage on personal finance for children, teenagers, parents and teachers has also been established. By the end of school year the competition on financial literacy for the participant of the extracurricular activity will be organized. The Bank Association of Slovenia supports the project together with Nova Ljubljanska banka d.d., Primorski skladi, Faculty of Economics, Stock Exchange, Triglav Skladi and Stock Exchange.
Almost all financial institutions publish information on their webpages regarding consumer protection, deposit guarantee, insurance, etc. Below are few examples:
1) Slovene Consumer’ Association Provides online information on personal finance and it also runs telephone help – line for its members. Provides support regarding problems relating to finance and it aims at educating consumers in both general and specific ways.
2) Slovenian Insurance Association Provides on line information on different insurances (motor insurance, health insurance,..) and it also encourage the consumers to submit their specific questions regarding the insurances by e-mail.
3) Security Market Agency It provides on line information concerning consumer protection and explanation of terms.
Example of good practice
The inclusion of financial education as a compulsory element of the national curriculum in Slovenia as well as the activities carried out by other stakeholders (outlined above) can be viewed as a good practice examples in this area.
Financial education part of curriculum? Yes
PISA financial literacy ranking (OECD, 2012): 9th
Money Advice Service, national curriculum, MyMoney