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27th August 2022 – Coordinating body for financial education and financial inclusion adopted the core competences of financial education, as part of the activities for implementation of the Strategy for Financial Education and Financial Inclusion. The Coordinating body is managed by the National Bank, comprising representatives of all financial regulators: National Bank, Ministry of Finance, Securities and Exchange Commission (SEC), Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and Insurance Supervision Agency (ISA).

Core competences of financial education include basic knowledge, skills, attitudes, motivation and behavior in relation to finances the individuals are to possess and have in different stages of their lives. Financial competences framework according to the age of the population includes financial competences for primary and secondary school students and financial competences for the adult population. Moreover, financial competences framework contains progressive elements of competence, presenting which competences are to be possessed at different age. Progressive approach means that a student aged 15 to 18 should have all the knowledge acquired in the preceding age groups, as well as additional knowledge specific for the respective age group. Adult knowledge and skills are divided in two levels. The basic level describes the core competences to be possessed by the adults, while the expanded level includes competences the adults need depending on their individual needs. Key components of the financial competences framework are: knowledge and skills; attitudes; motivation and behavior. Knowledge and skills cover eight topics of different financial segments: 1. Money and banking; 2. Revenues and taxation; 3. Financial planning; 4. Saving and investing; 5. Spending and loans; 6. Consumers’ rights and responsibilities; 7. Pension savings; and 8. Risks and insurance.

Financial competences framework can be used by various organizations and institutions in the country (financial regulators, private financial institutions and other institutions and organizations) which provide financial education for different age groups within the scope of their operations or broader, in the field of finances. Still, financial competences framework is not a specific curriculum and does not prescribe specific topics in the field of financial education. It is intended for providers of educational services within the informal education, and financial education providers are expected to adhere to the defined financial competences when designing their educational programs for the respective age groups in the field of finances.

Core competences of financial education are prepared on the basis of INFE-OECD recommendations, aimed at being the basis for all included providers of educational services within the informal education when designing educational programs for various age groups in the field of finances.

Financial regulators invite the entities from both the private sector and the civil society, performing financial education activities, to get familiar with the core competences of financial education and to join the initiative for coordinative approach in implementing the educational activities pertaining to financial education in the country.

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