Financial literacy survey and educational tools

Financial literacy is a major driver for the development of an advanced economy and for having skilled SMEs owners aware of the variety of financing options for their businesses, which are prerequisites for competitiveness and innovation capacity and thus social cohesion and financial inclusion.

The Commission aims at supporting the Slovenian Ministry of Finance and Bank of Slovenia in evaluating and reinforcing the level of financial literacy for Slovenian citizens, SMEs included.

Specific educational content, a self-assessment tool and an interactive game will enable to reach all demographic groups within Slovenia.

Context

Even if there is already a National Financial Education Program (NFEP) adopted in 2010 at country level, the Slovenian authorities having already undertaken initiatives, it now needs to be updated.

Moreover, there is little data available regarding financial literacy measurement at country level. Therefore, precise gaps and needs of the population should be better assessed.

Since the population may make mistakes or being scammed due to limited financial knowledge and readiness, there is a need for specific advice, so that people are able to make informed decisions to ensure their financial wellbeing. As a result, a lack of trust in the financial system would be avoided.

Concerning SMEs owners, lack of knowledge of capital markets financing options may hinder entrepreneurship and therefore the growth of the overall economy.

Support delivered

During 24 months, experts will analyse the financial literacy level of the Slovenian population (15-79 years of age) to ultimate feed into a benchmarking report (including evaluation, analysis, identification of gaps, recommendations and best practices from other countries).

Then, financial education content will be created for the Slovenian population, including around five specific communication tools among videos, infographics, fact-sheets, guides, simulators, decision trees, and podcasts, to be disseminated on the web and social media.

Concept notes for an online self-administered evaluation tool and a financial interactive game will also be designed, as well as concept notes for two interactive infographics and a digital tool on inflation for Bank of Slovenia’s Museum. The concrete development of such tools will ultimately be Slovenia’s reponsibility.

Expected results

The project will result in a higher level of financial literacy for the whole population and a better ability to choose between financing options for SMEs owners.

This should ensure an enhanced financial wellbeing and prosperity for the citizens, through a better overall understanding of innovative financial products and a reduced number of frauds and scams and a higher economic growth at national level.

In the longer term, this support is expected to contribute to financial stability and prosperity at both individual and country level.