26.11.2021

INCREASING FINANCIAL LITERACY IS OUR NATIONAL PRIORITY

"Improving the financial well-being of Bulgarian citizens by increasing financial literacy is our national priority." With these words, the Deputy Minister of Finance Monika Dimitrova-Beecher opened the Annual Meeting on Financial Literacy within the Joint Project of the Organization for Economic Cooperation and Development (OECD) and the Ministry of Finance of the Netherlands in the field of financial literacy.

According to him, Bulgaria is a participating country. Our country co-hosted the event together with the OECD and the Ministry of Finance of the Netherlands, which was held online under the title "Consumer Finance and Financial Literacy in the Digital Age - Opportunities and Challenges for Southeast Europe". In her welcome address, Deputy Minister Beecher said that the rapid development of technology and digitalisation, as well as the pandemic, have changed our lives and the way we perceive the world. "Consumers today have unlimited remote access to financial services and these opportunities have their challenges, which include the need to better address risks in the digital environment. "Digitalization and education must go hand in hand, which will allow us to be more flexible," she said. Thanks to all parties involved, the National Financial Literacy Strategy and its Action Plan (2021-2025) were adopted by the Council of Ministers earlier this year. "We know that we face the most difficult and responsible task - the effective implementation of the Strategy and measures in the Plan," said Deputy Minister Beecher.

The event was also opened by Flor-Ann Messi, Deputy Director of the OECD's Financial and Corporate Affairs Directorate and Executive Secretary of the OECD's International Financial Education Network (OECD/INFE). "Digitization is leading to a rapid change that we can call a revolution. We need to use digitalisation and digital distribution channels as tools to support many complementary goals and make financial education more efficient, flexible and tailored to the needs of citizens,” she said.

The joint project of the OECD and the Ministry of Finance of the Netherlands in the field of financial literacy aims to provide technical support for the development and implementation of effective initiatives in the field of financial education and literacy adapted to the specific needs of the participating countries. The other goal is to encourage the sharing of knowledge and good practices between beneficiaries. Bulgaria participates in the project with six other countries - Romania, Croatia, the Republic of Northern Macedonia, Montenegro, Moldova and Georgia, and the project coordinator for our country is the Ministry of Finance, to which an Interdepartmental Working Group has been formed. It includes representatives of government institutions, supervisors and non-governmental organizations responsible for the preparation and implementation of the national strategy in the field.