2017 Latvia Global Money Week

Leading Organizations:
Financial and Capital Market Commission (FCMC)
Participating Organizations:
FCMC
BA School of Business and Finance
Bank of Latvia
Riga Technical University
Cesis City Council
National Library of Latvia (New Partner)
National Centre for Education
University of Agriculture Latvia
Ministry of Finance
Ministry of Economics (new partner)
Consumer Rights Protection Centre
stock exchange Nasdaq Riga
University of Economics and Culture
Junior Achievement Latvia
Association of Commercial Banks of Latvia
Latvian Insurers Association
commercial banks: Swedbank
SEB banka
Nordea banka
Kuldiga regional municipality
Fiscal Discipline Council (the new partner)
Ministry of Welfare and State Social Insurance Agency
State Employment Agency (new partner)
Latvian Actuarial Association (new partner)
Number of children reached directly: 8 500
Number of children reached Indirectly: 12 00

The 5th Financial Education Week in Latvia commenced with the release of a new document created to enhance public financial literacy: Core Competencies Standard for Adult Financial Literacy (hereinafter – the Competencies Standard). The working group of partner organisations headed by FCMC devised the Competencies Standard based on the approach used for the development of public literacy skills in G20 – OECD INFE Core Competencies Framework on Financial Literacy published in 2016.

The Competencies Standard is the first step towards a single financial literacy lifelong learning programme in Latvia.

The Competencies Standard will be useful both for experts who provide advice and training on financial literacy, and those individuals who intend to develop their financial literacy in line with this Standard. Our opinion polls show that 91% of the residents of Latvia agree that financial literacy should be continuously developed. This is good news in order to change the financial behaviour models that hinder our development and sustainability.


2016 Latvia Global Money Week

Leading Organizations:
Financial and Capital Market Commission (FCMC)
Participating Organizations:
BA School of Business and Finance
Riga Technical University
Talsi regional municipality
Jelgava City Council and Zemgale Region Competences Development Centre
National Centre for Education
University of Agriculture Latvia
Ministry of Finance
Bank of Latvia
Ministry of Welfare and State Social Insurance Agency
Consumer Rights Protection Centre
Stock exchange Nasdaq Riga
University of Economics and Culture
Junior Achievement Latvia
Association of Commercial Banks of Latvia
Latvian Insurers Association
Swedbank
SEB Banka
Nordea Banka
Date of the event:
14th - 20th of March
Total number of children & youth engaged: 3 000
Total indirect reach: 20 000

During Global Money Week 2016, Latvia organized Financial Education Week (FEW) 2016, in cooperation with partners from the Financial and Capital Market Commission (FCMC). Within FEW 2016, several financial literacy building activities were offered, including visiting lectures across Latvia. The motto of FEW 2016 in Latvia was "Journey towards Financial Literacy" and, this time, the mascot of financial education, Smarty the piglet money-box (Gudrīte), visited various regions to promote the importance of financial literacy in modern life and to give advice to everyone interested.

The number of financial literacy supporters in Latvia has been growing each year. In 2016, the supporters of GMW were: FCMC, BA School of Business and Finance, Riga Technical University, Talsi Regional Municipality, Jelgava City Council, Zemgale Region Competences Development Centre, National Centre for Education, University of Agriculture Latvia, Ministry of Finance, Bank of Latvia, Ministry of Welfare and State Social Insurance Agency, Consumer Rights Protection Centre, Stock Exchange Nasdaq Riga, University of Economics and Culture, Junior Achievement Latvia, Association of Commercial Banks of Latvia, Latvian Insurers Association and commercial banks including Swedbank, SEB Banka and Nordea Banka.

The money-box, Smarty, along with the FEW 2016 team, visited Talsi (north-western Latvia) on 15 March and Jelgava on 18 March. A number of events were planned, all available to the public and free of charge.

“Planning is simple but is the best way to personal sustainability.” Māris, Manager, SMES
“I started with revision of my habits - eating, shopping and energy consumption. It works. Now I have savings every month.” Student Oskars, LUU
”If you love money, money loves you.” Mārīte (15), Talsi

2015 Latvia Global Money Week

"Save knowledge! Save knowingly!"

Participants:
Financial and Capital Market Comission of the Republic of Latvia
Latvian Insurers Association
Ministry of Finance
Consumer Rights Protection Centre
Bank of Latvia
National Centre for Education
Association of Commercial Banks of Latvia and some commercial banks
BA School of Business and Finance
Junior Achievement Latvia
Date of event:
9th – 15th of March
Number of children reached:
2 000

The Financial Education Week 2015 celebrations were conducted with the theme - “Save knowledge! Save knowingly! To emphasize the importance of financial literacy in daily life, Smarty (Gudr te), a large piglet money-box, was placed at the Riga Town Hall Square on 10 March. This was done to encourage people to share essential knowledge and ideas about the role of money in everyday life and their saving habits. All the advices shared by people were collected and published in the Smarty Treasury (http:// www.fktk.lv/lv/publikacijas/finansu_izglitibas_ nedela/2015/gudrites_kratuve/visas_dienas/).

The partners took an active role in celebrating the week by conducting a series of events. There were four seminars for teachers of economics and social sciences, 7 lectures in different schools and colleges, and additional lectures in primary schools. Students of the BA School of Business and Finance had an opportunity to visit Saeima, the Latvian parliament, to promote the cause of financial literacy, while three class visits to commercial banks were also organized. The Association of Commercial Banks in Latvia launched a new website - www.finansunedela.lv – to publish and record all activities conducted during the week.

The media played an important role in spreading the message. There were four programs on National TV and Radio, in both Latvian and Russian.

A new activity organized this year was regional seminars in libraries. Interested librarians helped promote the role of financial literacy in regional society by helping children find education materials and interactive tools prescribed by the FinEd Week 2015 partners.

 

2014 Latvia Global Money Week

Participants:
Financial and Capital Market Commission of Latvia Partners (FCMC)
The Ministry of Education and Science and National Centre for Education
Bank of Latvia
BA School of Business and Finance
Consumer Rights Protection Centre
Association of Commercial Banks of Latvia
Swedbank
SEB bank
Nordea bank
Latvian Insurers Association
Child Social and Financial Education Society
Date of event:
10th - 14th of March
Number of children reached:
406

This year, Financial Education Week, took place in Latvia from 10th – 14th March, with more than 130 teachers participating in various professional development activities. Lectures were also given in 2 universities and 24 Latvian regional schools. FCMC in close cooperation with the National Centre for Education, BA School of Business and Finance, CRPC, Association of Commercial Banks of Latvia and several commercial banks (Swedbank Institute of Private Persons, SEB bank and Nordea "Money School ") held the Financial Education Week for the second year in a row, in line with annual Global Money Week organized by the Child and Youth Finance International.

The motto of the event this year was ''Find and Reach Your Financial Goal'' in order to encourage all Latvian residents to think about their personal financial goals and plan a way to reach them. Financial and Capital Market Commission (FCMC), BA School of Business and Finance, Bank of Latvia, Consumer Rights Protection Centre (CRPC), Association of Commercial Banks of Latvia and Child Social and Financial Education Society in cooperation with the National Centre for Education developed activities focused on financial topics for the economics and social science teachers and held regional workshops about various methods for discussing financial goals with schoolchildren and students. Overall, 64 teachers from the schools of 19 rural areas and 2 urban communities (Riga and Jurmala) attended the workshops.

The CRPC seminar called "Financial Literacy and Consumer Rights” convened 18 teachers from Daugavpils municipal and rural schools. 52 mathematics teachers participated in the experience exchange event called "Financial Literacy in Mathematics Lessons" which was held by BA School of Business and Finance. Students from the Riga Teacher Training and Educational Management Academy visited Mārupe Elementary School, in which teaching materials and methods developed by the Association of Commercial Banks of Latvia have been used for enhancement of pupils' financial literacy.

Overall 23 lectures by the financial literacy promotion partners were given in Latvian schools, school pupils also visited a commercial bank in Riga. 3 lectures were offered to the students of BA School of Business and Finance (141 attendees) by the experts from FCMC, Bank of Latvia and Association of Commercial Banks of Latvia. A gathering for families focusing on how to talk about money-related topics was attended by 30 children and their parents. High-school students presented their research papers submitted to the Young Financial Expert 2014 competition, as well as winners of the 15th economic competition were awarded during the schoolchildren and teacher conference.

 

2013 Latvia Global Money Week

Name of organizing entity:
Financial and capital market commission of Latvia
Partners:
National Centre for Education, Bank of Latvia, BA School of Business and Finance, Consumer Rights Protection Centre, Junior Achievement Young Enterprise Latvia, Association of Commercial Banks of Latvia (ACBL)
Date of event:
18th – 22nd of March
Number of children reached:
6 000
Press:
Monitorings.lv; La.lv;

“Why are the ‘money mules’ such dangerous animals?” Questioned a child.

“Our lecturers were badly surprised after questions/answers sessions by the low level of basic knowledge in the financial field. The pupils are not ready for safe use the money, cards, PIN codes, etc. They don’t know anything about the risks of getting involved in illegal deals on the Internet.”

During Global Money Week in Latvia more than 40 lectures on financial education were given and the results of three research studies were presented. More than 5 000 individuals engaged in online activities. The FCMC educational website – Client School was visited by more than 2100 interested in the topic people.

The National Center for Education conducted diagnostic tests in economic education for the grade 8 students. More than 400 Latvian schools took part in this test.

The Money School of Bank of Latvia enjoyed 2 050 visitors. The financial education test was of particular interest: when offered by Financial Guru of SEB bank, the test was taken by 350 young visitors, while the test on the procedure for calculation of wages offered by Swedbank Institute for Private Finances was performed by 195 visitors.