Financial literacy is formed by skills and knowledge, allowing a person to make decisions regarding financial resources and services available to him/her.
Basic financial knowledge – a person is able to plan his/her budget, has knowledge regarding the range of the offered financial services and understands their potential risk level and security aspects, and can compare various offers to determine the most suitable for his/her needs.
In order to increase the level of financial literacy of the Latvian society, the Association participates in the implementation of “Financial Literacy Strategy of the Population of Latvia 2014-2020”, creating financial literacy training materials and participating in the annual Financial Literacy Week.
Financial literacy is also a joint priority with the European Bank Federation, which has become especially important as a result of the disappearance of borders of countries in the global financial market. The European Bank Federation facilitates financial education, using various means, including several publications and initiatives regarding financial literacy, thus emphasizing the commitment of the industry to provide consumers with a better understanding of financial services.
To improve financial literacy among young people aged 13 to 15 years old (7th-9th grade), the European Banking Federation, in collaboration with banking associations in 30 European countries, organizes the “European Money Quiz” competition.
Every year, Finance Latvia Association invites 7th-9th grade students (aged 13 to 15) to register for the European Banking Federation’s “European Money Quiz” with the aim of testing their knowledge in finance, mathematics, and cyber security. The national quiz of “European Money Quiz” usually takes place during the European Financial Literacy Week.
Young people are the future of our country, therefore educating them on financial literacy is a guarantee of promoting the country’s development in the future. The creation of solutions that help to increase young people’s understanding or raise interest in financial literacy issues is a goal that needs to be continuously pursued. Finance Latvia Association is pleased with the annual organization of “European Money Quiz”, which helps educate children and young people on finance, mathematics, and cyber security issues,
– explains Sanita Bajāre, Chairwoman of the Association’s board
“European Money Quiz” includes questions about finance, mathematics, cyber security, and online banking. To help students prepare for the quiz, various quizzes in Latvian language and teaching resources have been created. Teachers are encouraged to use these resources to help students prepare for victory and raise students’ financial literacy levels. The Association also encourages teachers to use quizzes in their daily work to make the learning process interactive and fun.
Financial literacy week is an annual initiative that promotes financial literacy throughout Europe. Throughout the week each year in March, hundreds of events take place in 30+ countries to celebrate financial literacy in Europe. The week was created to coincide with Global Money Week and many national money weeks held throughout Europe. Financial literacy week is organized by national banking associations throughout Europe in coordination with the European Banking Federation. The European Banking Federation and Finance Latvia Association, as its members, are committed to financial education.
Can you beat the European champions? Test your knowledge in financial literacy! Visit the the European Banking Federation’s website and find all questions of previous years’ European Money Quiz finals, which were made in cooperation with Finance Latvia Association. Questions are available in Latvian as well!