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COOPERATION FOR THE DEVELOPMENT OF FINANCIAL LITERACY IN LATVIA
Abstract
Financial literacy is one of the basic skills and competences allowing individuals to fully integrate into the financial system and feel comfortable in the modern society. The financial literacy of the population is important not only for financial specialists but also for the government, financial institutions, universities and nongovernmental organisations. According to an OECD report, Latvia was ranked above the average level with regard to financial literacy. How has this been achieved? The government focused on this problem in 2013, as the National Strategy for Financial Literacy in Latvia 2014-2020 was developed and adopted. The strategy set targets and monitoring criteria owing to cooperation between the governmental, financial and education sectors and nongovernmental organisations and entrepreneurs. Financial competence standards, which also include digital financial literacy, are being elaborated in cooperation as well. To provide further common activities and improvement in financial literacy, strategic partners have built up a national network which is growing from year to year. The Standing Group for Implementation of the National Strategy holds meetings quarterly and analyses all indicators to report them to all the partners and the government. The Core Competencies Standard on Financial Literacy for Adults is now published, and the next significant steps will be educational campaigns on the current trends and challenges in the financial sector and the Lifelong Educational Programme on Financial Literacy for Adults. There is still enough room for public commitment to improve the level of financial literacy.
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