The 5th FINANCIAL EDUCATION WEEK in Latvia commenced with the release of a new document for enhancing public financial literacy Core Competencies Standard for Adult Financial Literacy (hereinafter – the Competencies Standard). The Working Group of partner organisations headed by FCMC has devised the Competencies Standard based on the approach used to the development of public literacy skills in G20 – OECD INFE Core Competencies Framework on Financial Literacy for Adults published in 2016.*
Since the agreement on the objectives of the National Strategy for Financial Literacy in Latvia 2014-2020 and signing of the Memorandum on its implementation (on 24.02.2014), the partners for financial literacy development in Latvia have provided various activities, developed new learning aids and interactive tools. The Competencies Standard is the first step towards a single financial literacy lifelong learning programme in Latvia.
FCMC representative Ieva Upleja: “The awareness that financial literacy is one of the key competencies of the 21st century contributing to the sustainable public development has increased during these three years. The Competencies Standard will be useful both for experts who provide advice and training on financial literacy, and those individuals who intend to develop their financial literacy in line with this Standard. Our opinion polls show that 91% of the residents of Latvia agree that financial literacy should be continuously developed. And this is good news in order to change the financial behaviour models that hinder our development and sustainability. That is why this year the FINANCIAL EDUCATION WEEK’s moto is “Gudrītes revīzija!” (Auditing smart piggybank Gudrīte) – our talisman smart piggybank Gudrīte encourages everyone to look at their habits and plans from a different perspective in order to understand what has to be changed, what has to be developed and what has to be discarded in future with an aim to achieve financially more efficient life and household.”
The Competencies Standard includes 23 aspects of financial literacy covering the following content areas – Money and transactions, Planning and managing private finances, Credits and debts, Risks and profit, Financial and economic environment, separating the basic level of achievement that would be necessary for each customer of the financial sector, from the advanced level of achievement, which anyone may attain in their financial literacy. The Competencies Standard has been developed by the partner Working Group including experts from FCMC experts, the Bank of Latvia, BA School of Business and Finance, Riga Technical University, The University of Economics and Culture, Ministry of Education and Science, The Association of Latvian Commercial Banks in cooperation with Latvian Insurers Association, Latvian Actuarial Association and stock exchange Nasdaq Riga.
* The Standard is based on G20/OECD INFE Core Competencies Framework on Financial Literacy for Adults, approved by OECD INFE Technical Committee Meeting No. 6 on 10.10.2016.
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