The Bank of Finland, the Ministry of Justice and other key authorities have agreed that the Bank of Finland will take charge of the coordination of activities to improve households’ financial literacy in Finland. In this role, the Bank will draw up a plan for the activities, setting longer-term national objectives.
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.
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.
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.
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 firstname.lastname@example.org)