"5 pennies" will help you understand the world of finance
Our life success depends to a large extent on our knowledge and our ability to manage personal finances. Dealing with money is not the easiest, and the low level of financial literacy in Slovakia is proof of that.
"One bad decision made based on lack of information or without understanding, can complicate our lives. Although it doesn't have to be that way, and it is the ambition of the National Bank of Slovakia (NBS), to help you place yourself, to know the drawbacks lurking in the text below the line, to help "decode" the language of numbers and percentages," says Peter Kažimír, the Governor of the NBS.
What is "5 pennies" about?
• The project is primarily intended for the general public.
• It will accompany people across different life situations.
• They will learn to understand financial products – from savings, through insurance to mortgages.
• It will help in managing the household budget.
• It will be about practical advice on how you can save money.
"5 pennies" is the new flagship of financial education for all. A place to find reliable, independent and understandable information about money, financial products, relationships and contexts.
The 5 pennies project – these are the 5 pillars that we will be able to rely on in the future:
1. Website
www.5penazi.sk is an information and educational portal for all generations. It is an online place where you can find advice, help, but also a little fun from the world of money. The content is composed by the experts from the NBS together with independent experts. Valuable advice and useful pieces of information will also be communicated on social networks.
2. Educational centres in the regions
The centres in Banská Bystrica, Kremnica, Košice and Bratislava, will bring free experiential education by professional lecturers. They are designed for schools, children, youth and later adults.
3. Co-operation with schools
Through the co-operation, the NBS will support the financial education of pupils, students and teachers. The NBS is launching online financial education for high school students, where they will playfully and instructively imagine the world of work and money. During 3 hours of online education, the NBS will explain the difference between gross and net wage, what risks will be borne by them, for example, if they do not declare the full amount of their wage, or if they do not save to the household budget for unexpected situations. The NBS will also talk about the tax system in Slovakia and try to make financial decisions appropriate to our household budget.
4. Public sector
It involves fieldwork and creating conditions in which it is easier to get out of poverty.
5. Grant scheme
It represents co-operation with non-profit organisations in the form of financial support through grant calls. The project not only wants to teach but also to create instructions or help with the steps that people can get, for example, from generational poverty – the poverty into which we are born. They will help them "get out" of the consequences of bad financial decisions and more confidently stand on their own two feet.
You can find more information and valuable advice at www.5penazi.sk and the project's social networks profiles.
The National Bank of Slovakia, Communications Department
https://www.nbs.sk/_img/Documents/_TK/2020/20201126/O_projekte_5penazi_26112020.pdf