Banka Slovenije hosted the roundtable From Financial Literacy to Financial Stability, which brought together Governors and Board Members of the central banks of Slovakia, Estonia, Montenegro, Croatia, Bulgaria, Austria and Slovenia. Participants highlighted the growing role of central banks in promoting financial literacy and agreed that financially literate citizens make a key contribution to the stability and resilience of the financial system.
The roundtable was held as part of the Masters of the Digital Future project, initiated by Banka Slovenije under the patronage of the President of the Republic of Slovenia, Dr Nataša Pirc Musar. This year, the project is being organised at the international level for the first time.
The international roundtable From Financial Literacy to Financial Stability began with a keynote address by Dr Annamaria Lusardi, Professor at Stanford University and a leading expert on financial literacy. She highlighted that financial literacy enables consumers to make better financial decisions, which in turn has broader macroeconomic implications. In her view, financial education should begin in school and continue throughout life, including in the workplace. This contributes to a better understanding of central bank policies and, ultimately, to greater resilience to economic shocks.
This was followed by a discussion in which Primož Dolenc, Governor of Banka Slovenije, Peter Kažimír, Governor of Národná banka Slovenska, Madis Müller, Governor of Eesti Pank, Dr Irena Radović, Governor of Centralna banka Crne Gore, Dr Bojan Fras, Vice Governor of Hrvatska narodna banka, Dr Petar Chobanov, Deputy Governor of the Bulgarian National Bank and Dr Josef Meichenitsch, member of the Governing Board of Oesterreichische Nationalbank, shared their thoughts and their experiences.
Governor Primož Dolenc said: “In an increasingly complex financial environment, many new opportunities to create wealth are appearing, but there are many risks at the same time, which people might not be aware of. Here financial literacy can provide vital information for making prudent financial decisions in various circumstances. At Banka Slovenije we’re aware that, in conjunction with other particular institutions, it’s our job to inform people, and to work together for the common good. The international debate tournament, concluded today, is one such project.”
Governor Peter Kažimír highlighted the Slovak experience: "Financial literacy starts at home, but it must last a lifetime. In a one click, digital economy, knowledge is a form of protection—essential for making informed decisions, avoiding fraud, and building resilience for households and for the financial system as a whole.”
“Estonian students have made strides in OECD’s financial literacy tests, and, proudly, Estonia's own studies confirm our youth's fluency," says Madis Müller, Governor of Eesti Pank. "But what is now suggested, is more focus on people in their 40s and up, for personal financial stability comes from long-term planning and the financially literate are also less likely to fall for financial scams. And, of course, we should expect the same kind of financial fluency and responsibility from our governments as we do from our young.”
Irena Radović, Governor of Centralna banka Crne Gore, summarized: "Financial literacy is no longer only about understanding money. In the age of digitalisation and artificial intelligence, it is becoming an essential life skill — helping citizens make informed decisions, recognise risks and strengthen trust in the financial system."
Bojan Fras, Vice Governor of Hrvatska narodna banka, cautioned: "While digitalization has made financial products more accessible than ever, from ever more payment schemes and apps to instant lending and cryptocurrencies, it has created entirely new consumers' exposures to misinterpretations, errors and scams. Individuals bear greater responsibility for their financial behavior since consequences of poor decisions are more immediate and as a rule more costly. Consequently, financial literacy has nowadays become a tool of survival in the modern world."
Dr Petar Chobanov, Deputy Governor of the Bulgarian National Bank, began by emphasising: "Financial literacy is not part of the central bank’s official mandate, but we, as a central bank, recognize the immense importance of this question. That is why we are working to implement a series of initiatives in the area of financial literacy, particularly among young people. This issue was also central to the information campaign regarding the adoption of the euro in Bulgaria. We are all the more aware of how important the role of young people is for economic growth. That is why, both in the future and with regard to the digital euro, we will continue our efforts in this direction."
Dr Josef Meichenitsch, member of the Governing Board of Oesterreichische Nationalbank, mentioned the Austrian experience: "Austria’s first National Strategy brought key actors together under the comprehensive Financial Literacy Board. The follow-up now focuses on results: Knowledge and the confidence to act are key to get finances in great shape. We want to enable more people to manage their money actively, and more programmes using measurement to show what actually works."
