The level of financial literacy of Slovaks is low, according to surveys. In 2015, Slovakia placed 16th within the EU while Denmark ranked as the first and Romania as the last. Therefore, the Ministry of Finance of the Slovak Republic is devoted to the financial education of teachers, and in the future, it also plans lectures and seminars for primary school pupils. The pilot project is called the Day for Schools, which took place on September 20, 2019.
According to surveys, Slovaks have difficulty orientating in the area of finance. Within the V4 countries, Slovakia ranked as the third. Choosing the right option from available bank products is often very difficult for an average person. Subsequently, there are existential problems, such as household debts thanks to which people are unable to repay their loans.
Judging by the numbers, it is alarming that the total volume of loans has increased by more than 115% over the last ten years, from almost EUR 14.5 billion in 2010 to more than EUR 31 billion in 2019. People often take loans under unfavourable conditions, and consequently, they are unable to pay their debts. Besides, they are also victims of financial fraudsters.
“We are convinced that financial education must start with our children so that they know the value of money and know what they can buy for it. I am pleased that all our primary schools and fifth-grade pupils who have come to us at the Ministry of Finance will receive a lecture on the topic What does money mean and how to handle it”, said Ladislav Kamenický, the Minister of Finance.
The Ministry of Finance has been involved in the financial education of teachers for more than a year, and every month it trains teachers of selected primary and secondary schools in Slovakia.
"We have received positive feedback from our lectures, we are pleased to provide teachers with information on consumer rights at the financial market, payment services and credit, but also on other topics," said Peter Mikloš, Director of the Department of Financial Consumer Protection at the Ministry of Finance.
Financial education is also a topic for the Financial Administration of the Slovak Republic, which provides several activities in this area. “Our task is to collect taxes and fees effectively and to contribute to the state budget revenues. It is necessary for the public and all taxpayers to know why taxes are important and what services they receive. Over the past two years, we have participated in 250 educational activities for kindergartens, primary and secondary schools, universities, and orphanages throughout Slovakia”, said Lenka Wittenbergerová, the President of the Financial Administration of the Slovak Republic.
In collaboration with 24 experts from 16 countries, the Financial Report contributed to the preparation of a unique TAXEDU tax portal for users aged from 9 to 25, the content of which is available in 22 EU languages, including Slovak. The portal also includes a folder for teachers to find materials that can be used to teach financial literacy. The financial report also launches a new tax game called Majland in the current academic year.
Ministry of Finance of the Slovak Republic