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Supporting reforms to develop well-regulated, stable and competitive financial markets

Funding Programme

Technical Support Instrument (TSI)

Year

2021

Development of a national strategy for financial education for poland

The Commission helped to develop a National Strategy for Financial Education (NSFE) and implementation roadmap, with the objective of increasing the financial resilience and financial well-being of people living in Poland.

Context

Insufficient knowledge and skills of Poles related to finances is one of the factors affecting the quality of their financial decisions and impacts their ability to plan their finances responsibly, maintain financial resilience and increase financial well-being. Developing a NSFE would support addressing the limited financial literacy of people living in Poland and complement other national strategies (such as the Strategy for Responsible Development, the Capital Market development Strategy, National Strategy for Cash Circulation Security), and the UN 2030 Agenda for Sustainable Development Goals.

Support delivered

The Project consisted of three main outputs: firstly, the development of a study analysing the existing financial education activities and financial literacy levels of the population in Poland including policy suggestions and recommendations; secondly, the development of proposal for a National Strategy for Financial Education and implementation roadmap in close collaboration and consultation with the Polish national working group; thirdly, a dissemination event to present the OECD’s proposal of the national strategy and implementation roadmap.

The Ministry of Finance of Poland led the implementation of the project, jointly with a national working group composed of the Bank Guarantee Fund (BFG), the Warsaw Stock Exchange (GPW), the Central Securities Depository of Poland (KDPW), the Ministry of Education and Science (MEiN), the Ministry of Finance (MF), the National Bank of Poland (NBP), the Financial Ombudsman (RF), the Polish Financial Supervision Authority (UKNF) and the Office of Competition and Consumer Protection (UOKiK).

The development of the NSFE comprised collaboration with a range of public, private and not-for-profit stakeholders, which were involved through various consultations throughout the project (stakeholders’ workshop organised to present preliminary results of the research phase of the project, three rounds of written consultations on the draft NSFE and implementation roadmap, final dissemination event).

Results achieved

The Project contributed to ongoing reforms in Poland towards responsible, inclusive and sustainable development. Improved levels of financial literacy in Poland are necessary to increase and sustain the financial resilience and financial well-being of people living in Poland, improve their ability to make long-term financial decision and manage risks, improve knowledge of how to find unbiased financial information, education, or assistance

The expected long-term effect of this project is an improved overall financial literacy levels of people in Poland, supporting sound financial decision-making, financial well-being and financial stability in the long term. The ultimate beneficiary of the Project is the population of Poland.