Financial literacy for youth

Published: 14/3/2016

The CNB marks the Global and European Money Week from 14 to 18 March 2016 by a series of educational lectures in the area of consumer protection for more than 500 students from Croatian high schools.

The objective of the lectures is to raise students' awareness on the importance of making an informed decision on the use of banking services with a sustainable approach to personal finance (when, in the future, they become financially independent). In the introduction, students will be informed about the results of the financial literacy survey conducted by the CNB and the Croatian Financial Supervisory Agency (HANFA) in 2015. The survey results have shown that young people have the lowest level of financial literacy, which points to the necessity of financial education. For this reason, the students will learn about the elements of financial operations in detail: transaction accounts, deposit, credit and electronic operations. In addition, they will also be informed about the legal framework for the central bank's operation in the area of consumer protection, as well as about the regulation that binds credit institutions to provide consumers with information by means of defined forms before the actual contracting of specific banking services.

With the aim of actively engaging the students in financial education, a public debate on the topic of "Student loans – yes or no?" will also be held after the lecture on the basic elements of financial operations. The debate that will take place on 16 March at the CNB's grand hall is organised in cooperation with the Croatian Debate Society. The audience, who will also take part in the discussion, will comprise the students from several grammar schools from Zagreb – Second, Seventh, Classical, Fifth and Fifteenth, including the students from Trade High School. The students will decide on the debate winner.

This debate is the central event of the Global and European Money Week at the CNB, as well as of the activities aimed at improving the financial literacy of young people, which the central bank is undertaking throughout the year.