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2022 Latvia Global Money Week

GMW NATIONAL COORDINATOR:

  • Financial and Capital Market Commission/Bank of Latvia (Latvijas Banka)

PARTICIPATING ORGANISATIONS:

  • Latvijas Banka, Consumer Rights Protection Centre of Latvia, State Employment Agency, Financial and Capital Market Commission, JSC Development Finance Institution Altum, Finance Latvia Association, Latvian Insurers Association, BA School of Business and Finance, Riga Technical University, University of Latvia, Junior Achievement Latvia, Global Shapers Riga - FinLit, Association of Senior Communities, Delfin Group, Swedbank Latvia, SEB, Citadele Bank, Tavex SIA, SIA Arctiq

TOTAL NUMBER OF PARTICIPATING ORGANISATIONS:

  • 19

NUMBER OF CHILDREN AND YOUNG PEOPLE REACHED DIRECTLY:

  • 550

NUMBER OF ADULTS REACHED DIRECTLY:

  • 3,000

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 20,000

During the Financial Literacy Week, educational materials were shared and 19 institutions offered online and in-person activities to young people, adults and the elderly. Everybody had an opportunity to learn more about investment, personal finance planning, wealth management, saving for retirement and the detection of counterfeits. Strategic partners of financial literacy discussed the opportunities offered by financial technologies to enhance money skills, future work, and more. Participants had the possibility to forecast their remuneration, find out what their financial knowledge is, but young people in particular were invited to participate in the five-day financial literacy challenge.

The events included a seminar for teachers, sharing teaching materials in economics for pre-school children and other resources about insurance. Various initiatives offered schoolchildren and adults a chance to learn the first steps in business. Families had an opportunity to participate together in a webinar about budgeting followed by a financial literacy live quiz.

On its 100th anniversary, Bank of Latvia (Latvijas Banka) issued a two-euro commemorative coin dedicated to financial literacy to highlight the significant role financial literacy plays in the lives of each individual and the public. The coin features a prosperity tree that can blossom for everyone if planted in the soil of financial literacy.

The annual Financial Literacy Week in Latvia is coordinated by Latvijas Banka, which implements activities in conjunction with the Consumer Rights Protection Centre of Latvia, State Employment Agency, Financial and Capital Market Commission, JSC Development Finance Institution Altum, Finance Latvia Association, Latvian Insurers Association, BA School of Business and Finance, Riga Technical University, Junior Achievement Latvia, Global Shapers Riga “FinLit”, Association of Senior Communities, Delfin Group, Swedbank Latvia, SEB, Citadele Bank, p-Tavex SIA, SIA Arctiq.

2021 Latvia Global Money Week

GMW NATIONAL COORDINATOR:

  • Financial and Capital Market Commission

PARTICIPATING ORGANISATIONS:

  • Rezekne Academy of Technologies, Turiba University, BA School of Business and Finance, Liepaja University, EKA University of Applied Sciences, Riga Technical University, Stockholm School of Economics in Riga, LatvijasBanka, Financial and Capital Market Commission, National Centre for Education, Consumer Rights Protection Centre, ALTUM, Ministry of Welfare, Finance Latvia Association, Latvian Insurers Association, NGO "All options", Latvian Students' Union, Global Shapers Riga "FinLit", Financial Education Association, SEB Bank, Swedbank Latvia, Nasdaq Riga, Alphinox Quality

TOTAL NUMBER OF PARTICIPATING ORGANISATIONS:

  • 25

NUMBER OF CHILDREN AND YOUNG PEOPLE REACHED DIRECTLY:

  • 1,115

NUMBER OF ADULTS REACHED DIRECTLY:

  • 5,000

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 50,000

To celebrate Global Money Week 2021, the Financial and Capital Market Commission collaborated with 25 partner organisations to plan different events. About 1,115 children and youth were reached through several digital activities such as creative student contest, student podcasts, events and lectures about money and quizzes, while 66,000 people were reached through online activities during GMW2021.

As part of the Campaign, financial literacy awareness sessions were organised for children, youth, teachers and for adults, through digital means. High-level discussions, seminars, and other educational sessions were organised in cooperation with NGOs, universities, private and public sector institutions.

Many GMW events were held with celebrities and experts. New and creative formats were used to address the audience through podcasts, discussions on ClubHouse, Facebook and other digital platforms.

2019 Latvia Global Money Week

LEADING ORGANISATIONS:

  • Finance Latvia Association, Latvian Trade Union of Education and Science Employees (LIZDA), Junior Achievement Latvia

PARTICIPATING ORGANISATIONS:

  •  Not reported

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 1 000

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • Not reported

Finance Latvia Association
To celebrate Global Money Week and European Money Week, Finance Latvia Association, Latvian Trade Union of Education and Science Employees (LIZDA), and Junior Achievement Latvija organised the national competition European Money Week, for over 1,000 students in the country.

2018 Latvia Global Money Week

LEADING ORGANISATIONS:

  • Financial and Capital Market Commission (FCMC)
  • Nasdaq Riga

PARTICIPATING ORGANISATIONS:

  • Association of Commercial Banks of Latvia, BA School of Business and Finance, Bank of Latvia, Consumer Rights Protection Centre, Fiscal Discipline Council, Jelgavas Spidolas Gymnasium, Junior Achievement Latvia, Latvia University of Agriculture, Latvian Insurers Association (LIA), Latvian National Library, Latvian Stock Exchange NASDAQ OMX Riga, Ministry of Economics, Ministry of Finance, Ministry of Welfare, National Centre for Education, Partners of the National Strategy for Financial Literacy, Riga Technical University, Riga Technical University (RTU), State Employment Agency, University of Economics and Culture

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 30

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 414

Financial and Capital Market Commission (FCMC)
The sixth Financial Literacy Week took place in Latvia in March 2018. It was open for all organisations to promote their financial literacy competencies, especially online. For this reason, the Latvian Financial Literacy Partners created the website www.finansupratiba.lv. According to Ieva Upleja, Head of the FCMC Communications Division and Latvia's representative for OECD International Network for Financial Education (INFE), "all the financial literacy materials were published on our common new site: strategy, financial literacy standards for adults, recent Latvian and international studies, archives of Financial Literacy Weeks, research, newsletters and financial literacy developments time series in Latvia. It is interesting to see what we have developed, published, [and] studied over these years, useful for every financial literacy enthusiast in Latvia." During this year's GMW, financial literacy partners offered various activities to the public, such as open lectures, workshops, and visits to schools. There was a financial quiz - "ABC of Finance" - for high school students, workshops for teachers and a “Ring the Bell!" event at the stock exchange. As part of the European Money Week, students had the opportunity to participate in the "European Money Quiz" and a gripping high-level international seminar for experts on the "Future of Financial Technology in Baltic's and EU". The motto of GMW in Latvia was "Where does money live?"

Nasdaq Riga
In celebration of Global Money Week, the Nasdaq Stock Exchange in Riga invited the Riga Technical University (RTU) students to ring the bell and open the day’s trading. Around 30 students gathered at Nasdaq Riga’s office and had the opportunity to visit the Stock Exchange for the first time and speak with its executives and specialists. The Stock Exchange believes that encouraging students to learn about the capital market and its importance for the advancement of the Baltic economies is essential for young people.

2017 Latvia Global Money Week

LEADING ORGANISATIONS:

PARTICIPATING ORGANISATIONS:

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 8 500

NUMBER OF CHILDREN REACHED INDIRECTLY:

  • 12 00

The 5th Financial Education Week in Latvia commenced with the release of a new document created to enhance public financial literacy: Core Competencies Standard for Adult Financial Literacy (hereinafter – the Competencies Standard). The working group of partner organisations headed by FCMC devised the Competencies Standard based on the approach used for the development of public literacy skills in G20 – OECD INFE Core Competencies Framework on Financial Literacy published in 2016.

The Competencies Standard is the first step towards a single financial literacy lifelong learning programme in Latvia.

The Competencies Standard will be useful both for experts who provide advice and training on financial literacy, and those individuals who intend to develop their financial literacy in line with this Standard. Our opinion polls show that 91% of the residents of Latvia agree that financial literacy should be continuously developed. This is good news in order to change the financial behaviour models that hinder our development and sustainability.

2016 Latvia Global Money Week

LEADING ORGANISATIONS:

PARTICIPATING ORGANISATIONS:

DATE OF THE EVENT:

  • 14th - 20th of March

TOTAL NUMBER OF CHILDREN AND YOUTH ENGAGED:

  • 3 000

TOTAL INDIRECT REACHED:

  • 20 000

During Global Money Week 2016, Latvia organised Financial Education Week (FEW) 2016, in cooperation with partners from the Financial and Capital Market Commission (FCMC). Within FEW 2016, several financial literacy building activities were offered, including visiting lectures across Latvia. The motto of FEW 2016 in Latvia was "Journey towards Financial Literacy" and, this time, the mascot of financial education, Smarty the piglet money-box (Gudrīte), visited various regions to promote the importance of financial literacy in modern life and to give advice to everyone interested.

The number of financial literacy supporters in Latvia has been growing each year. In 2016, the supporters of GMW were: FCMC, BA School of Business and Finance, Riga Technical University, Talsi Regional Municipality, Jelgava City Council, Zemgale Region Competences Development Centre, National Centre for Education, University of Agriculture Latvia, Ministry of Finance, Bank of Latvia, Ministry of Welfare and State Social Insurance Agency, Consumer Rights Protection Centre, Stock Exchange Nasdaq Riga, University of Economics and Culture, Junior Achievement Latvia, Association of Commercial Banks of Latvia, Latvian Insurers Association and commercial banks including Swedbank, SEB Banka and Nordea Banka.

The money-box, Smarty, along with the FEW 2016 team, visited Talsi (north-western Latvia) on 15 March and Jelgava on 18 March. A number of events were planned, all available to the public and free of charge.

“Planning is simple but is the best way to personal sustainability.” Māris, Manager, SMES
“I started with revision of my habits - eating, shopping and energy consumption. It works. Now I have savings every month.” Student Oskars, LUU
”If you love money, money loves you.” Mārīte (15), Talsi

2015 Latvia Global Money Week

"Save knowledge! Save knowingly!"

PARTICIPANTS:

DATE OF THE EVENT:

  • 9th – 15th of March

NUMBER OF CHILDREN REACHED:

  • 2 000

The Financial Education Week 2015 celebrations were conducted with the theme - “Save knowledge! Save knowingly! To emphasize the importance of financial literacy in daily life, Smarty (Gudr te), a large piglet money-box, was placed at the Riga Town Hall Square on 10 March. This was done to encourage people to share essential knowledge and ideas about the role of money in everyday life and their saving habits. All the advices shared by people were collected and published in the Smarty Treasury (http:// www.fktk.lv/lv/publikacijas/finansu_izglitibas_ nedela/2015/gudrites_kratuve/visas_dienas/).

The partners took an active role in celebrating the week by conducting a series of events. There were four seminars for teachers of economics and social sciences, 7 lectures in different schools and colleges, and additional lectures in primary schools. Students of the BA School of Business and Finance had an opportunity to visit Saeima, the Latvian parliament, to promote the cause of financial literacy, while three class visits to commercial banks were also organised. The Association of Commercial Banks in Latvia launched a new website - www.finansunedela.lv – to publish and record all activities conducted during the week.

The media played an important role in spreading the message. There were four programs on National TV and Radio, in both Latvian and Russian.

A new activity organised this year was regional seminars in libraries. Interested librarians helped promote the role of financial literacy in regional society by helping children find education materials and interactive tools prescribed by the FinEd Week 2015 partners.

2014 Latvia Global Money Week

PARTICIPANTS:

DATE OF THE EVENT:

  • 10th - 14th of March

NUMBER OF CHILDREN REACHED:

  • 406

This year, Financial Education Week, took place in Latvia from 10th – 14th March, with more than 130 teachers participating in various professional development activities. Lectures were also given in 2 universities and 24 Latvian regional schools. FCMC in close cooperation with the National Centre for Education, BA School of Business and Finance, CRPC, Association of Commercial Banks of Latvia and several commercial banks (Swedbank Institute of Private Persons, SEB bank and Nordea "Money School ") held the Financial Education Week for the second year in a row, in line with annual Global Money Week organised by the Child and Youth Finance International.

The motto of the event this year was ''Find and Reach Your Financial Goal'' in order to encourage all Latvian residents to think about their personal financial goals and plan a way to reach them. Financial and Capital Market Commission (FCMC), BA School of Business and Finance, Bank of Latvia, Consumer Rights Protection Centre (CRPC), Association of Commercial Banks of Latvia and Child Social and Financial Education Society in cooperation with the National Centre for Education developed activities focused on financial topics for the economics and social science teachers and held regional workshops about various methods for discussing financial goals with schoolchildren and students. Overall, 64 teachers from the schools of 19 rural areas and 2 urban communities (Riga and Jurmala) attended the workshops.

The CRPC seminar called "Financial Literacy and Consumer Rights” convened 18 teachers from Daugavpils municipal and rural schools. 52 mathematics teachers participated in the experience exchange event called "Financial Literacy in Mathematics Lessons" which was held by BA School of Business and Finance. Students from the Riga Teacher Training and Educational Management Academy visited Mārupe Elementary School, in which teaching materials and methods developed by the Association of Commercial Banks of Latvia have been used for enhancement of pupils' financial literacy.

Overall 23 lectures by the financial literacy promotion partners were given in Latvian schools, school pupils also visited a commercial bank in Riga. 3 lectures were offered to the students of BA School of Business and Finance (141 attendees) by the experts from FCMC, Bank of Latvia and Association of Commercial Banks of Latvia. A gathering for families focusing on how to talk about money-related topics was attended by 30 children and their parents. High-school students presented their research papers submitted to the Young Financial Expert 2014 competition, as well as winners of the 15th economic competition were awarded during the schoolchildren and teacher conference.

2013 Latvia Global Money Week

NAME OF THE ORGANISING ENTITY:

  • Financial and capital market commission of Latvia

PARTNERS:

  • National Centre for Education, Bank of Latvia, BA School of Business and Finance, Consumer Rights Protection Centre, Junior Achievement Young Enterprise Latvia, Association of Commercial Banks of Latvia (ACBL)

DATE OF THE EVENT:

  • 18th – 22nd of March

NUMBER OF CHILDREN REACHED:

  • 6 000

PRESS:

  • Monitorings.lv; La.lv;

“Why are the ‘money mules’ such dangerous animals?” Questioned a child.

“Our lecturers were badly surprised after questions/answers sessions by the low level of basic knowledge in the financial field. The pupils are not ready for safe use the money, cards, PIN codes, etc. They don’t know anything about the risks of getting involved in illegal deals on the Internet.”

During Global Money Week in Latvia more than 40 lectures on financial education were given and the results of three research studies were presented. More than 5 000 individuals engaged in online activities. The FCMC educational website – Client School was visited by more than 2100 interested in the topic people.

The National Center for Education conducted diagnostic tests in economic education for the grade 8 students. More than 400 Latvian schools took part in this test.

The Money School of Bank of Latvia enjoyed 2 050 visitors. The financial education test was of particular interest: when offered by Financial Guru of SEB bank, the test was taken by 350 young visitors, while the test on the procedure for calculation of wages offered by Swedbank Institute for Private Finances was performed by 195 visitors.

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