Skopje, 1st September 2021

The Coordinating Body for Financial Education and Financial Inclusion, managed by the National Bank and composed of representatives of all financial regulators - the National Bank, the Ministry of Finance, the Securities and Exchange Commission (SEC), the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the Insurance Supervision Agency (ISA) have adopted the Code of Good Practice for Financial Education. This enables continuation of the activities for implementation of the first national Strategy for financial education and financial inclusion, adopted in July this year. 

Given the growing number of initiatives for financial education, as well as the growth in the number of involved entities from the public, private and civil sector, there is a need to clearly define the basics and ways to involve these entities, their coordination and providing effective educational programs that are in the interest of the population.

The Code sets out the principles that should be applied in the implementation of financial education of the population in the country, by all entities from the public, private and civil sector that will be involved in this process. It lists the aimed goals, the principles to be applied in the implementation of financial education activities, the scope of activities, the good practices in terms of content and  financial education trainers, as well as the manner of informing regulators and evaluating activities.

The Code is based on the best world experiences and recommendations of INFE-OECD and aims to enable the promotion and conduct of high quality and impartial financial education by all parties involved. It will strengthen the coordinated approach to financial education, which will contribute to better and faster results at the national level.

In the contemporary environment of a dynamic financial system, the necessity for financial education is becoming higher for all ages and for all social classes of the population. From the aspect of the institutions and entities from the private and civil sector that can contribute in this area, financial education becomes part of the social responsibility and an important aspect in building their reputation. Hence, a coordinated approach in taking actions will contribute to increased efficiency and effectiveness in functioning.

The financial regulators invite all private and civil sector entities that have exercised or are interested in pursuing financial education activities to inform on the Code, and to join the coordinated access initiative.