As a result of gradual implementation of preparatory work for the integration of Latvijas Banka and the Financial and Capital Market Commission (FCMC) into a single institution, Latvijas Banka will become the national coordinator for financial literacy issues in Latvia as of 1 January 2022.
Financial literacy is the set of knowledge, skills, attitude and behaviour needed to make optimal financial decisions, ensure a person's financial security, sustainability and well-being.
Until now, one of the tasks and priorities of the FCMC has been to promote financial literacy in Latvia. At the national level, the FCMC has been coordinating the development, implementation and evaluation of the National Strategy for Financial Literacy in Latvia. The FCMC has been leading a working group comprised of 20 private, public and non-governmental sector institutions that have signed Memorandum of Cooperation for the Implementation of the National Strategy for Financial Literacy in Latvia and other experts in various fields who have worked together to improve the financial literacy of the population. Financial literacy will be the first field to be fully integrated by Latvijas Banka when taking it over from the FCMC. It means that already from 1 January 2022 the central bank will be responsible for:
- coordination and evaluation of the implementation of the strategy for financial literacy in Latvia, including the management of the working group established within the framework of the memorandum of cooperation;
- international representation of Latvia in the field of financial literacy promotion;
- broader impact on the processes of promoting economic and financial literacy at national and international levels.
At the same time, Latvijas Banka is taking over the brand "Naudasprasme", created to implement the National Strategy for Financial Literacy in Latvia for 2021–2027. The brand carriers are institutions, organizations, the projects they are implementing, activities and materials that promote financial literacy of the population and consequently financial security and well-being. "Naudasprasme" complements the individual brand of an institution, showing that its specific project is reliable and secure, as well as aimed at improving the financial literacy of the population. More information about the activities aimed at strengthening the knowledge and skills of the population to handle money wisely is available on the website www.finansupratiba.lv or on the Facebook page: https://www.facebook.com/Naudasprasme, as well as in the educational vortal www.klientuskola.lv.
The concepts of economic and financial literacy are no novelty for Latvijas Banka; it has been promoting them for more than 20 years, including via its active involvement in activities coordinated by the FCMC. Teaching aids, competitions for students, support for teachers, Knowledge Centre "Money World", website www.naudasskola.lv, digital teaching aid "My Economics" – these are publicly well-known and popular resources, used by tens of thousands of students and hundreds of teachers.
Further preparatory work for the integration of the two institutions will continue throughout the year of 2022, ensuring a successful start of work of the single institution as of 1 January 2023.