Information from the Group for Financial Co-operation and Growth’s (OECD) Monetary Literacy Index1 means that whereas Latvians have turn into barely extra savvy with their funds over time – with enhancements in borrowing habits, saving and monetary planning – monetary data continues to be considerably decrease than in different international locations. international locations of Europe.
Based on consultants, there was no progress on this space within the nation since 2015. On the identical time, the monetary literacy of Latvian residents (59%) is barely decrease than the typical stage than in OECD member states (63%). Our inhabitants understands much less effectively how long-term financial savings and investments are created, and extra typically falls into the traps of monetary scammers.
Monetary literacy helps you keep away from dropping cash on account of monetary fraud, use monetary merchandise confidently and accurately, enhance financial savings, make investments, set up your day by day monetary affairs and obtain long-term monetary objectives. An OECD examine discovered that residents with not less than minimal monetary expertise obtain considerably increased ranges of monetary well-being. The monetary well-being of Latvian residents (43%) is decrease than the typical in OECD member states (47%).
Our compatriots have particularly poor data regarding funding merchandise, pension ranges and long-term financial savings devices. However this information is vital in an effort to guarantee a affluent life sooner or later.
As well as, the outcomes of the examine confirmed that in Latvia, persons are more likely than in different international locations to make use of digital monetary merchandise with out the minimal theoretical and sensible data needed to take action safely and in accordance with their objectives. The minimal stage of digital monetary literacy in Latvia (46%) is decrease than the OECD common (55%), which is unacceptable as a result of number of FinTech services and products, their widespread adoption and consistently rising shopper demand for digitized monetary options.
To enhance the scenario within the area of monetary literacy of native residents, there are numerous monetary teaching programs within the nation, that are carried out by each non-governmental organizations and academic establishments of curiosity, and credit score establishments. Certainly one of them is the “Monetary Expertise” curriculum for twelfth graders, applied by the Middle for Skilled Additional Schooling “Digital Expertise Middle” in collaboration with the chief of the non-bank lending market, the joint-stock firm AS 4finance.
“Though monetary literacy in Latvia is usually mediocre in comparison with different international locations, the OECD examine recognized a number of areas in want of enchancment.
First, it’s essential to prioritize the areas through which the inhabitants has the bottom stage of information – monetary fraud, investments and pensions.
Secondly, we have to give attention to the a part of society that wants assist probably the most. In Latvia, the weakest data regarding funds was discovered amongst younger individuals aged 18-19 and residents with a low stage of schooling.
Thirdly, it’s essential to strengthen cooperation with the formal and non-formal schooling sector in an effort to stimulate the monetary literacy of the inhabitants, which is at the moment at a comparatively low stage. Right here you will need to combine the fundamentals of monetary literacy into college curricula and constantly work with younger individuals in any respect additional ranges of schooling,” emphasizes Guido Endlers, regional head of AS 4finance.
The coaching course is taught by skilled lecturers from the Digital Expertise Middle and visitor lecturers who’re consultants within the related industries. As a part of the course, college students are launched to the fundamental ideas of non-public finances planning, applied sciences for looking out and analyzing related info, the peculiarities of the functioning of the fashionable monetary market, worthwhile alternatives for financial savings and investments, in addition to strategies for assessing and decreasing related dangers. The coaching course “Monetary expertise” lasting 18 tutorial hours is at the moment being performed in two Latvian colleges.
This month, 26 college students from Jelgava Secondary Faculty No. 4 took half within the course, which helped them purchase the mandatory monetary literacy earlier than the beginning of the vacations and potential summer time employment or full integration into the labor market following graduating from highschool. College students and faculty administration extremely appreciated the range and relevance of the matters, in addition to the sensible examples given by the lecturers.
“Kids and younger persons are extra open to new data, study new expertise rather more simply and apply acquired expertise in apply extra proactively. Due to this fact, we proceed to work with highschool college students to develop their monetary expertise and lift a era of educated future contributors within the financial system, able to independently making clever and far-sighted selections associated to cash,” mentioned G. Endlers. Within the fall, college students from the Ikskile secondary college will proceed to grasp the curriculum.
The “Monetary Expertise” coaching course has been operating since 2022 and is designed to develop college students’ sensible expertise in making monetary selections, in order that once they begin their working profession they’ve enough data regarding financial processes and the technical expertise to use data in apply.
О 4finance
AS 4finance is a shopper finance firm representing main manufacturers that provides easy and handy merchandise to Latvian shoppers. As well as, 4finance gives administration and IT providers to 4finance group corporations and owns numerous different group corporations in Europe.
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2024-05-29 10:14:07
