Financial literacy and education

The Government of the Slovak Republic in 2008 approved “The Proposal of educational strategy in the area of financial management and management of personal finances” (the resolution No. 447 from 2nd July 2008).  In relation to the above mentioned the National standard of financial literacy (hereinafter „NSFL“) was elaborated.

The governmental central body responsible for long-life education which includes also increasing the level of financial education and literacy is the Ministry of Education, Science, Research and Sport of the Slovak Republic which closely working closely with the Working Group on Financial Education, which member is also the Ministry of Finance of the Slovak Republic (hereinafter „MF SR“) as its active member. MF SR closely cooperates on current topics of financial education and literacy.       

MF SR considers the issues of increasing financial literacy as a priority, it is also as one of the objectives in the Concept of consumer protection in the financial market. MF SR in this connection closely cooperates with other central government bodies, for example National bank of Slovakia, professional associations, academia, representatives of associations for consumer protection and other stakeholders. Currently, we are one of the participants in consumer education under the auspices of the Ministry of Economy of the Slovak Republic, focusing on the training of teachers and pedagogical staff of secondary schools.

As regards NSFL, financial literacy is defined as an ability to use knowledge, skills and experience for effective management of personal funds with the aim to secure personal lifelong financial security. NSFL defines minimal requests for the functional financial literacy of pupils through adopted competences. The principles of NSFL has been revised and updated several times. The latest version (1.2) entered into force from the 1th September 2017. The need for the update was based on responses to the constantly changing conditions in the financial market with the possibility of negative impacts.