On Tuesday, analyzes of the Organisation for Economic Cooperation and Development (OECD) revealed that the overall level of financial literacy in Bulgaria is 58 per cent. In the self-assessment of their own financial knowledge, 48 per cent of the respondents levelled themselves as average and 10 per cent as high.
For the region, Bulgaria is slightly above the average level but for EU member states it is below average level.
However, the countries of the Southeast Europe have achieved an average of about 57 percent but when it is calculated from the same methodology from the surveys of EU and OECD economics, it was around 64 per cent and 65 per cent respectively.
The financial education has been an extremely important topic, especially during economic crisis, according to Euronet, the international financial services provider.
The issues related to the financial education have been analyzed by the financial solutions provider and they found out whether there are opportunities and resources to include basic knowledge into education. Here are some of the conclusions provided by the solution provider.
The first parameter of their survey is – should financial literacy be encouraged in the schools?
According to the studied, 68 per cent of residents of Britain have an opinion that their wards must learn financial literacy in their schools as it will improve their later life. It further concluded that nine out of ten parents believe that schools should take the charge to provide financial education.
But, here, the main concern is that the given technological advances are enough or it needs to be updates and reviews regularly? Or will the available resources (teachers) be able to provide the knowledge about the financial literacy.
Euronet has provided some ways that one can follow at home to raise awareness about the financial literacy. This will indeed help them to understand how they can invest in a fund in a best way. This will also make it easier for them to raise their children from an early age to have a reasonable attitude towards money and their expenses.
Actually, in recent years, the banks have started to offer support to the financial education for both in schools and at homes. The ways they provide the support are – flexible bank accounts, saving plans and educational resources.
Banks may provide the information by joining hands with schools. The financial institutions can also contribute through free financial education programs.
Regional Manager of Euronet, Kalian Stoykin mentioned, “It is important to gain information about the financial education as in towards world so many payment options are available. We should provide opportunities to children to understand the finances, and budgets. Younger generation must be aware about of the financial literacy so that they make insightful financial situations.”