What is this about?
The Bank of Finland, the Ministry of Justice and other key authorities agreed that the Bank of Finland would prepare a proposal for a national strategy to promote financial literacy (Financial literacy project). The Bank of Finland submitted the strategy proposal to the Ministry of Justice in January 2021. The Ministry of Justice will start implementing the strategy from the beginning of 2022.
What kind of activities and projects does coordination cover?
Financial literacy project and coordination covers projects and activities aimed at improving the financial literacy of individuals and households and, especially, the management of personal finances. Financial issues of companies are not addressed. The actual focus is on the problems and risks related to the management of finances. Other challenges with life management are not included. The emphasis is on individuals’ behaviour on the financial markets and their behaviour as consumers on the digital market. Financial education in schools and educational institutions and their work to enhance financial literacy is not within the scope of the coordination activities.
Whom does the coordination work concern?
The Bank of Finland encourages all authorities and private and third sector parties with activities essential for national financial literacy to participate in the coordination work. The Bank will organise an information session on the coordination work.
What are the phases of the coordination work?
Work will begin with an analysis of the current state of financial literacy in Finland. The analysis will be carried out in cooperation with key researchers in the field, making use of existing research and studies. Next, the Bank of Finland and the other parties involved in the coordination work will map out the actors in the field of financial literacy and review ongoing activities and projects. Thereafter, a framework will be established and a plan drawn up for national cooperation.
What is the timetable and organisation for the coordination work?
Work will begin immediately. The analysis of the current state of financial literacy, the action plan for coordination work and the related target setting are scheduled for this spring.
The project’s work will be guided by a compact steering group drawn from public authorities and chaired by Marja Nykänen, Deputy Governor of the Bank of Finland. A third-sector representative will be invited to join the group.
Bank of Finland coordination of financial literacy activities email@example.com)
- Anu Raijas: Senior Adviser, +3589 183 2625
- Richard Brander: Senior Communications Expert, +3589 183 2206
- Jenni Hellström: Head of Communications , +3589 183 2622