Skopje, 21 November 2023

One of the lessons learned from the global financial crisis in 2008 is that the adequate financial literacy of the population is also a prerequisite for the stability of the entire financial system, as it reduces the risk of excessive indebtedness and the inability to repay the liabilities to financial institutions. Given that financial stability is one of the goals of central banks, in the past decade they have become significant drivers of the process of financial education worldwide, said the Governor of the National Bank, Anita Angelovska Bezhoska, in her address at the event How to financial independence of young people?, organized by the Club Alpbach Macedonia. The Governor emphasized that the improvement of financial literacy and inclusion, from 2021, is one of the strategic priorities of the National Bank, as well as that many activities and measures are undertaken for this purpose. The same event was also attended by the Chief Economist of the National Bank, Aneta Krstevska, speaking at the panel discussion about the policies to improve the financial independence of young people.

The Governor Angelovska Bezhoska pointed to certain more recent surveys, as that carried out by the OECD-INFE in 2019 which shows that financial literacy in our country is at a similar level with the countries of the SEE region. When it comes to financial inclusion, according to the global database of the World Bank Findex, in recent years, the financial inclusion in the country, according to several indicators, has improved, but still lags behind the euro area. Moreover, the gap in terms of age is especially visible. Thus, in young people from the age group from 15 to 24, although in the last ten years (between 2011 and 2021) holding an account increased to 74%, however it is far below the average in the euro area of 95%. Data also show that 46% of young people in our country have a debit card, versus 86% in the euro area, while the percentage of young people saving in a financial institution is 15%, versus 60% in the euro area. The percentage of young people in the euro area who made digital payment is 92%, while in our country it is 60%. For those reasons, the National Bank pays great attention and makes efforts to improve the financial literacy and inclusion, especially of young people, taking into account that only a person with a good financial education can improve the prospects for achieving their own financial goals, but also can contribute to the economy as a whole. For that purpose, regular lectures are given intended for the young population in our country, including for the pre-school age children, which in the last two years are even three times more extensive.

In her address, the Governor emphasized the importance of the coordinated approach of financial institutions and of all social factors in general, to the activities for raising the financial literacy and inclusion in the country, as a prerequisite for financial stability and economic growth. The activities started ten years ago with the formation of the Coordinating Body for Financial Literacy and Financial Inclusion, managed by the National Bank, and constituted of all financial regulators. Moreover, the activities especially intensified in the past few years through the adoption of the first national Strategy for Financial Education and Financial Inclusion on the initiative of the National Bank, the adoption of the Code of Good Practices for Financial Education and the Basic Competences of Financial Education, as the basis when preparing educational programs. The Governor pointed out that the National Bank organizes lectures for hundreds of students and teachers every year, and prepares educational materials and publications. In order to strengthen the institutional protection of citizens when using financial services, at the end of 2021, the National Bank also formed a separate department that takes care of the protection of users of bank services.