The National Committee for the Development of Financial Education has adopted the Financial Education Action Plan for the coming year, which envisages the continuation and improvement of existing initiatives, as well as the launch of new activities aimed at strengthening the financial literacy of Montenegrin citizens.
The Action Plan is the result of the coordinated work of institutions gathered around the implementation of the Financial Education Development Program in Montenegro from 2023 to 2027, the implementation of which is coordinated by the Central Bank of Montenegro (CBCG).
The session of the National Committee for the Development of Financial Education, chaired by the Governor of the Central Bank of Montenegro, Irena Radović, was attended by members including the Minister of Education, Science and Innovation Anđela Jakšić Stojanović, the President of the Capital Market Commission Željko Drinčić, and the President of the Council of the Insurance Supervisory Agency Marko Ivanović.
Radović emphasized that inter-institutional cooperation is the key to successful and sustainable implementation of the Program, and that the National Committee has an important role as a platform for exchanging experiences, harmonizing priorities, and jointly defining directions for further action in the field of financial education.
The members of the Committee were introduced to the report on the development and implementation of the program Improving Financial Literacy and Social Entrepreneurship, which is being implemented in cooperation with the Institute for Education and the Central Bank of Montenegro.
After the accreditation of this program, training courses were designed and organized for teaching staff in Montenegrin preschool, primary and secondary educational institutions.
This year, 60 educators and teachers underwent training, which strengthened the capacities of the education system for the systematic and sustainable application of financial literacy in teaching and extracurricular practice.
"Expected results include better integration of financial literacy as a cross-curricular topic, greater student engagement through interactive and practical work methods, as well as long-term strengthening of financial resilience and entrepreneurial spirit among young people," the statement said.
Based on the results so far, it was assessed that the Program has significant potential for further expansion to a larger number of educational institutions in the coming year.
Jakšić Stojanović pointed out that the current reform of the education system has identified key skills and competencies that need to be further developed, including financial literacy.
She also pointed to the potential for a stronger and more systematic presence of financial literacy topics in secondary education, with specific models and solutions to be decided within the framework of reform processes and in cooperation with relevant institutions.
The Committee was informed about the regional Financial Literacy Framework for Individuals in the six Western Balkan countries (WB6), which was developed with the support of the Regional Cooperation Council and the European Commission (EC), and approved within the framework of the Berlin Process.
The main goal of this document is to strengthen the financial competencies of citizens in the context of accelerated digitalization, pronounced economic challenges, and the European integration process.
The idea is that the Framework will propose a unified approach and standardized financial education programs, in full alignment with the EU and OECD frameworks while simultaneously respecting the specificities of the WB6 countries.
"Given that this document represents an important reference basis for further improving national policies and activities in the field of financial education, it was agreed that the Framework be distributed to all institutions, educational institutions and other relevant stakeholders in order to plan, develop and implement financial education activities in a uniform and measurable manner," the statement said.
The National Committee supported the initiative of the Central Bank of Montenegro for a team from Montenegro to participate in the international debate competition for high school students organized by the Bank of Slovenia, as part of the Masters of the Digital Future project, which aims to strengthen the financial and digital literacy of young people.
This competition will be held in May next year in Ljubljana, with the participation of high school students from several European countries.
Members of the National Committee emphasized their willingness to actively contribute to the further development of financial education programs, including through the provision of professional training, participation in the development and improvement of didactic and educational materials, as well as through other forms of support to citizens, aimed at strengthening knowledge and skills in the field of finance.
It was expressed that in the coming period, through a partnership approach and strong institutional cooperation, decisions will be made that will further improve the implementation of the Program and make a measurable contribution to the long-term strengthening of financial literacy and financial resilience of the citizens of Montenegro.
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