Money Wisdom Day in Estonian schools

  • 2014-02-06
  • From wire reports, TALLINN

The Estonian Banking Association held Money Wisdom Day in approximately one hundred schools throughout Estonia on Feb. 6, reports LETA. Now in its second year, staff from various banks shared financial knowledge with students in their final year at elementary and secondary schools, the Estonia-based division of SEB said in a statement.

The purpose of Money Wisdom Day is to provide students with an introduction to handling money sensibly by using real-life examples and incorporating exercises outside textbooks. "Educating people how to manage their money is one of the priorities of the Estonian Banking Association, which unites eleven commercial banks operating in Estonia," affirmed Katrin Talihärm, Managing Director of the Estonian Banking Association.

According to Talihärm, schools’ high levels of interest in holding Money Wisdom Day suggests that the importance of fiscal responsibility - as part of a rounded educational experience - is increasingly valued. "One 45-minute lesson can provide students in ninth grade with skills in preparing the family budget so they can manage their money matters better and so that graduating students are prepared for independent life as they are given guidance on preparing a personal budget," Talihärm elaborated.

"The Money Wisdom Day, held for the first time last year, confirmed that young people’s knowledge about financial matters requires consistent attention. Financial services do arouse interest; however, often it is unclear for young people where answers to money-related questions can be found. It is this thirst for knowledge that the staff of banks who are members in the Association are going to satisfy today," Talihärm added.

Money Wisdom Day, held for the first time in January 2013, included visits to 109 schools, and 182 training events. This year, schools’ interest in participating in Money Wisdom Day has grown. "This delights us, yet inevitably also imposes constraints. Insofar as the staff of the banks will be giving lessons on top of their principal jobs, unfortunately we have been unable to find guest instructors for all schools interested," Talihärm said. However, the Banking Association is planning to organize events to improve the financial literacy of students in the future. "We are constantly working to ensure that we reach increasing numbers of young people each time," Talihärm added.

Educational materials required for holding lessons were prepared by the Financial Education Working Group of the Banking Association. Banks were not advertised during the Banking Association's Money Wisdom lesson.