The vision of Latvijas Banka in the area of financial literacy is the financial resilience and sustainability of society, which can be achieved by systematically and purposefully improving the financial literacy and understanding of economic issues among the population of Latvia.
In 2024, Latvijas Banka, as the national coordinator for financial literacy in Latvia, led the working group tasked with implementing the National Strategy for Financial Literacy in Latvia 2021–2027 (the Strategy). In 2024, 22 cooperation partners implemented more than 115 projects and activities to achieve the objectives set out in the Strategy. Most activities (38) focused on educating teachers and students, and there was an increase in the number of projects aimed at educating current and future entrepreneurs and more vulnerable people in Latvia.
Latvijas Banka conducted monitoring in the field of financial literacy, assessing the financial knowledge of teachers of economics and financial literacy, and gathered their views on teaching financial and economic subjects in schools. It was presented to the working group tasked with implementing the Strategy. For the first time in Latvia, a methodology and survey questionnaire were developed to assess the knowledge and skills of 9th grade students in the field of financial literacy. The compiled responses from teachers and students will provide a comprehensive insight into financial literacy issues in schools. To support teachers in teaching financial and economic topics, Latvijas Banka organised two online seminars with a total of 400 participants. Together with Junior Achievement Latvia, Latvijas Banka organised the conference Growth Code, which was attended by approximately 500 teachers.
The largest inter-institutional projects in 2024 were the Financial Literacy Week 2024, the Pension Awareness Week 2024, and cooperation in reducing financial fraud.
The Financial Literacy Week 2024 was attended by 20 cooperation partners, with whom more than 40 activities were organised. They were primarily aimed at educating the public on financial security and reducing fraud. During the week, employees of Latvijas Banka organised 84 financial literacy classes in 39 schools across Latvia, reaching more than 3500 students. A seminar for teachers attended by 210 participants was held, while an educational digital campaign on financial fraud targeted young people. Educational activities on financial security, using plain language, were conducted for more vulnerable people.
The Pension Awareness Week 2024 involved 10 cooperation partners. During the week, seven experts from Latvijas Banka visited schools, local governments, and organisations to hold classes on the pension system in Latvia. The classes were attended by more than 470 participants. An information campaign was implemented to explain the 2nd pension pillar, the choice of investment plan, and inheritance issues. The campaign generated over 8.5 million views (impressions), and its materials were opened and viewed more than 16 500 times.
To prevent financial fraud, the OECD International Network on Financial Education (INFE), the European Commission, Latvijas Banka, and the central bank of Lithuania, in cooperation with a broad range of partners from Latvia and Lithuania, launched a project aimed at strengthening the digital financial literacy of the population of Latvia and Lithuania and its resilience against financial fraud.
To improve the financial literacy of the population across Latvia, the education programme Enhance your money management skills, which was developed by Latvijas Banka together with the Ministry of Education and Science as part of the project National Coordinators for the Implementation of the European Agenda for Adult Learning in Latvia under the EU programme Erasmus+, was launched. The programme offers three modules on personal financial planning, financial security, financial fraud detection, and the everyday use of financial services. Each of them consists of 7 classes (a total of 21 hours). 26 local governments have concluded a contract with the Ministry of Education and Science for the implementation of the programme. During the reporting year, experts from Latvijas Banka conducted both a full module and individual classes (53 classes in total) for approximately 2000 people. The average participants' rating for the classes conducted by Latvijas Banka is 4.8 out of 5. The programme is adapted for people who are visually impaired or blind, and six classes were held at the Strazdumuiža Day Centre in collaboration with the Latvian Society of the Blind.
During the reporting year, Latvijas Banka continued its cooperation with the Easy Language Agency and the Latvian Cooperation Organisation for People with Special Needs “SUSTENTO". In total, materials on financial security, types of fraud, money mules, and Smart-ID were developed in plain language and are now digitally available to anyone interested. To ensure the materials truly reach everyone who needs them, they were delivered in printed format to more than 700 libraries across Latvia. Similarly, materials on critical financial services and the Latvian pension system were distributed to libraries across the country.
Latvijas Banka has consolidated financial literacy websites and brands and created a comprehensive financial literacy and economics education website and brand Money School. In 2024, the site was significantly enhanced with financial content, its accessibility and functionality were improved, and a dedicated easy-to-read section was created to bring together materials on finance in plain language. In 2024, the number of page views on the website Money School increased by 28% compared to 2023, reaching 670 300 views, while the number of unique users rose by 69%, reaching 180 700 users.
