By improving the financial literacy among the citizens they are capable of making more effective personal financial decisions that affect the overall economy- which requires financial education among the youngsters since the early age. This was emphasized on the awards assignment of the traditional competition of art and literature works on the occasion of the World Savings Day and the Insurance Day which was officially published by the National Bank, the Ministry of Finance and the Insurance and Supervision Agency (ISA).
The Governor of the National Bank, Anita Angelovska Bezhoska, the Minister of Finance, Nina Angelovska and the President of the Council of Experts of the Insurance and Supervision Agency Klime Poposki attended the event which took place in the Ministry of Finance.
“In the period behind, as a central Bank, we have intensively participated in financial education sphere and since this year in supporting the financial inclusion as well. Since the surveys show relatively low literacy among the youngsters i.e. that 40% of the young people at the age of 18 to 24 have a minimum necessary knowledge in finance, a great deal of our activities are being focused towards the young population”- emphasized Governor Anita Angelovska Bezhoska.
She also stated that there is an ongoing activity on the first National Financial Education and Inclusion Strategy which should be adopted next year. It will include the previous overall experience made throughout the years, the recommendations from the relevant international institutions and organizations as well as the best practices in this sphere.
The Minister of Finance, Nina Angelovska pointed out that according to the analysis, the financial literacy in the developed economies is two to three times higher in comparison to the financial literacy in the developing economies. She emphasized that in times when there is a large offer of financial instruments and services the citizens should be financially educated so they could make the informed decisions.
The last survey in our country, made by GfK shows that the financial literacy among the population has a large space for improvement through financial education. Enforcement of financial education for all ages is needed, primarily to use the benefits, and secondly to strengthen the mechanisms of self-protection among the consumers so they could make the right valuation on the basis of their own knowledge. The advancement of the financial literacy is important so they could understand the need of upgrading fiscal transparency so they could form the public opinion in order to make pressure towards the institutions and tend to improve them so we could make mutual improvement- stated the Minister Angelovska.
The President of the Council of Experts of the Insurance Supervision Agency (ISA), Klime Poposki pointed out that the early financial education is a key factor for a long term development and stability of the financial system of a country. The surveys in the developed countries show that there is a great interrelation between the financial education and literacy on the one hand and the welfare of the population on the other.
Poposki stated that ISA as a regulator of the insurance market has taken a lot of measures throughout the years in the field of financial education such as releasing useful brochures and leaflets, social games for the youngsters so they could learn about the risks and risk management, as well as having regular lectures in the primary and secondary schools. By the end of this year an interactive gateway will be promoted in order to educate the citizens, to rise their awareness of the possible risks and make them understand the need of insurance as an instrument for potential financial loss protection.
The competition for art and literature works on the occasion of the World Savings and Insurance Day is already traditional. This year over 1000 students from primary and secondary school from all over the country took part while 18 were awarded and 32 received honorable mention. The aim of this competition is to improve the knowledge in the area of savings and insurance among the students through creative expression and learning.
All rights reserved © 2017
National Bank of the Republic of North Macedonia