We have completed the first phase of the development project Financial Literacy for Adults, in which we focused on financial literacy content. Namely, we discovered this is a newer area where definitions have not yet been standardised. Therefore, we analysed legal and strategic documents that set the framework for preparing and implementing education. In addition, we collected data from surveys on the financial literacy of Slovenian residents. Thus, we described the existing situation and, where possible, compared it with other countries. Finally, we developed our working definition of financial literacy, which will serve us in preparing public programmes.
Financial literacy is an integral part of the financial skill, which is one of the essential life skills. Developed financial literacy enables individuals to make appropriate financial decisions and achieve financial well-being for themselves and their loved ones. In addition, it allows financial inclusion and active participation in everyday life.
The analysis showed that there is a diverse range of education programmes available in the field of financial literacy. Mostly, these are paid programmes that are particularly inaccessible to vulnerable groups. Very few of them are funded by public funds. We have identified the need for new quality educational programmes for adults that are clearly defined and independent of various – even carefully concealed – interests of financial institutions. In addition, the training of professional workers to conduct financial literacy programmes is undernourished. Only two programmes, created as part of international projects, were intended to train professional workers.
The project’s second phase envisages the formation of an action research group of practitioners and experts who already have experience in the field of financial education. They will help the professional team at the SIAE to understand better the need for appropriate content for the financial education of adults.
Stay informed about the progress by following the project’s website (in Slovenian).
Dr Petra Javrh (firstname.lastname@example.org), SIAE