Financial literacy – good European practices

Today, during a webinar organized within the framework of the Finman+ project, representatives of the consortium and specially invited guests shared inspiring examples of increasing financial literacy in various European countries and in particular those from the consortium – Denmark, Cyprus, Bulgaria, Spain, Slovenia, Greece and Italy. The focus of the discussion was the experience of Denmark, which is leading in integrating financial literacy into education. Other countries such as Italy, Cyprus, Greece, Bulgaria, Slovenia and Spain are also developing significant initiatives, but their approaches and effectiveness vary.

• Institutional support: The government actively promotes the implementation of financial literacy in education.
• Adaptability: The trainings are tailored to the geographical, socio-economic and educational needs of young people.
• Interactivity: Focus on the practical applicability and relevance of the materials.

Italy: "The Young Factor"

The Young Factor initiative is an example of effective education for students aged 14–19. Through interactive lessons, group activities and realistic scenarios, the program has reached over 700,000 students, providing them with key knowledge to make informed economic decisions. The main drawback of the program is that it is focused on students from certain age groups, which limits its reach to younger participants.

Cyprus: Financial literacy through innovation

The Central Bank of Cyprus holds an annual event as part of Global Money Week. The initiative reaches out to a variety of audiences, from students to the general public, and uses methods such as workshops, videos, and interactive quizzes to maintain engagement. The problem here is that the activities are time-limited (once a year), which reduces the sustainability of the effect.

Bulgaria: Local innovations with global potential

The “Levcheto” program, organized by AIESEC Bulgaria, offers financial literacy events, including simulations of real-life trading situations. The “Money Time” game also stands out as an innovative learning tool that has reached a wide audience through social media and public events. All events are free and easily accessible, but their physical location is limited to the capital, which reduces the national coverage of the initiatives.

Spain and Greece: Interactivity and inclusion

In Spain, the programmes “Finanzas para no financieros” and “Tus finanzas tu futuro” use digital and interactive learning approaches aimed at different age groups, but they are often linked to commercial institutions, which raises doubts about the neutrality of the content provided. In Greece, through a programme of the Hellenic Association of Banks, young people learn how to manage their personal finances, with an emphasis on practical examples and digital security. The main drawback lies in the approach, as the trainings are often lacking in digitalisation, which in practice limits access to them.

Slovenia: A variety of initiatives

Slovenia demonstrates diversity and flexibility in its approach to financial literacy, focusing on a wide range of target groups – from students to adults, including pensioners. The two key initiatives – those of Finance Newspaper and Association of Slovenian Banks (ZBZ) – provide short-term but effective programs. Despite the positive aspects, there are several key challenges limiting their potential for long-term and sustainable impact, such as that many of the initiatives are short-term, with events limited to a few days or weeks. There is a lack of ongoing learning or follow-up modules to deepen the knowledge acquired, especially for participants who want to expand their skills.

The webinar highlighted how diverse and effective approaches to financial literacy can be in Europe. While Denmark stands out for its systematic approach and government support, other countries such as Slovenia demonstrate creativity and adaptability in their initiatives. Key takeaways include:

• The importance of cooperation between government institutions, schools and non-governmental organizations.
• The need to integrate financial literacy into national curricula.
• The benefit of digitalization and short-term formats for wider access to knowledge.

Financial literacy is not only an educational goal, but also a powerful tool for building more sustainable societies and economic prosperity. In this regard, the Ruse Chamber of Commerce and Industry will continue to participate and develop initiatives such as Finman+, as we consider financial literacy an important competence not only for young people, but also for all citizens, especially in today's complex financial world.