Government Programmes - Czech Republic: Financial Education , Ministry of Finance

Programme:

FINANCIAL EDUCATION

Czech Republic

Date of creation: n.c.

Sector, Sponsor,  Responsible body(ies):

Government: Ministry of Finance (MoF), Ministry of Education, Youth and Sport, Ministry of Industry and Trade and other public bodies.
Partners: education experts, consumer associations and professional associations of financial institutions.

Audience/Coverage:

Financial education stakeholders.

Tools & Programmes:
Financial education represents an important component of the consumer protection in the financial market. The MoF established the Working Group for Financial Education, coordinated the creation of the Financial Education Strategy and the Financial Education System for Primary and Secondary Schools and initiated the Public Opinion Poll on Financial Education.

Financial education represents one of the objectives stipulated in the Framework Policy of the Ministry of Finance on Consumer Protection in the Financial Market

(see: http://www.mfcr.cz/cps/rde/xchg/mfcr/xsl/fm_mf_framework_policy_43501.html).

Description (Aim & Needs):

To improve financial literacy.

Assessment of Financial Literacy/Capability:

A public opinion survey of financial awareness was conducted in July 2007. The main conclusions of the study (in English) can be found at:
http://www.mfcr.cz/cps/rde/xbcr/mfcr/Main_conclusions_POP.pdf
The survey showed an unsatisfactory level of financial competence or aptitude among the respondents of the study. It also detected a strong interest of the citizens in financial education programmes.

Evaluation of the Programme:

n.c.

Resources/Available Material:

More information on Financial Education in the Czech Republic (in English) can be found at: http://www.mfcr.cz/cps/rde/xchg/mfcr/xsl/fm_financial_education.html

Contact details on institutions and projects dealing with financial education in the Czech Republic can be found at (in English):
http://www.mfcr.cz/cps/rde/xbcr/mfcr/Contact_details_FE_institutions.pdf

An inter-ministerial group – „Working Group for Financial Education“, coordinated by the MoF, had been set up. It is a long-term independent platform for discussions, exchange of information and experience and coordination of upcoming activities among all relevant stakeholders. The overall objective of the WG is to ensure an effective cooperation among all of the above mentioned groups in the area of financial education.

It produced two broad policy documents:
- The first document, entitled the Financial Education Strategy involves a comprehensive, systematic approach to dealing with the low level of financial literacy of citizens of the Czech Republic. The strategy outlines the main problems and corollary priority tasks in this area, including specific tasks for key actors, with an emphasis on the role of public administration entities.
Financial education here is a tool for increasing the level of financial literacy of citizens of the Czech Republic, and thereby their potential as consumers to adequately work with information concerning the financial market, so that they may ensure their own needs and the needs of their family with regard to changes in their life situation.
http://www.mfcr.cz/cps/rde/xbcr/mfcr/Financial_Education_Strategy.pdf (in English)

- The second document, the Financial Education System for primary and secondary schools describes the process of increasing financial literacy at primary and secondary schools (i.e., implementing of financial education into school education). It contains the Financial Literacy Standards (see http://www.mfcr.cz/cps/rde/xbcr/mfcr/FINANCIAL_LITERACY_STANDARDS.pdf - in English) which represent the ideal level of financial literacy for appropriate target group. Financial Education System for primary and secondary schools is fully referring to the Financial Education Strategy.

http://www.mfcr.cz/cps/rde/xchg/mfcr/hs.xsl/fintrh_fin_vzdelavani_37168.html
(in Czech)

Weblink:

http://www.mfcr.cz

Contact:

http://www.mfcr.cz/cps/rde/xchg/mfcr/xsl/en_contacts.html