Iceland

2019 Iceland Global Money Week

LEADING ORGANISATIONS:

  • Icelandic Financial Services Association

PARTICIPATING ORGANISATIONS:

  • 100 Schools, Pension Fund National Associations

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 4 000

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 12 000

Icelandic Financial Services Association
Global Money Week 2019 in Iceland was once again led by the Icelandic Financial Services Association (SFF). Throughout the Week, the Association organised visits to schools, aiming to raise the financial literacy of children aged 13 to 15. This was done under their financial education project “Fjármálavit“ (“Financial Knowledge). Educational materials were distributed to teachers in classes, to ensure that financial education will also be taught during the year.

2018 Iceland Global Money Week

LEADING ORGANISATIONS:

  • Icelandic Financial Services Association

PARTICIPATING ORGANISATIONS:

  • National Association of Pension Funds

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 500

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 4 500

Icelandic Financial Services Association
The Icelandic Financial Services Association and National Association of Pension Funds together provided a project on financial education, called “Fjármálavit“(Financial Knowledge), which aimed to raise the financial literacy of 13 to 15-year-old children. The project consisted of educational material that can be used by teachers in the classroom. Additionally, during the school year, teachers can request a visit from members of the participating organisations to deliver lessons with the educational material. During the Icelandic Money Week in 2018, school visits continued all over the country, but the focus was the Icelandic Finals, a competition in financial education between schools. The competition was part of the European Money Quiz that reached out to thousands of students in thirty European countries. The participants in the Icelandic National Final played an Icelandic web-based game developed in accordance with OECD Knowledge Framework of Financial Literacy. It is the third time the game was played in Iceland with a huge success. The competition was between schools where 15 year old students participated on behalf of their school. Each student registered to play by answering 64 questions. 500 students in 25 schools in almost 50 classrooms participated and the winning school was Austurbæjarskóli, one of the oldest schools downtown Reykjavík, the capital of Iceland.

2017 Iceland Global Money Week

LEADING ORGANISATIONS:

PARTICIPATING ORGANISATIONS:

Throughout the Global Money Week 2017, the Institute for Financial Literacy along with partners organised daily school visits to more than 20 schools in Reykjavik as well as daily segments at State National Broadcastion Service in the Kids' News.

On the 27th of March, the Nasdaq Stock Exchange opened its doors for visits of the students.

On 29 March, a general conference with all participating financial education institutions in Iceland was held.

On 30 March, the Central Bank hosted its Annual General Meeting.

2016 Iceland Global Money Week

LEADING ORGANISATION:

PARTICIPATING ORGANISATIONS:

  • Central Bank of Iceland, Financial Services Authority, Ministry of Finance, The Debtors' Ombudsman, Nasdaq Iceland, Institute for financial literacy, The Consumer Agency, Iceland Chamber of Commerce, Meniga, The Icelandic National Broadcasting Service RÚV, Icelandic Financial Services Association

DATE OF THE EVENT:

  • 14th - 20th of March

TOTAL NUMBER OF CHILDREN AND YOUTH ENGAGED:

  • 1 500

The “Ringing of the Bell” at Nasdaq Iceland on the Monday morning of Global Money Week marked the opening of markets and GMW celebrations in Iceland. A number of different activities took place:

Primary and Secondary Schools around the country participated in the Week by taking part in special projects focusing on money and financial literacy.

The Children’s Department of the Icelandic National Broadcasting Service (RÚV) produced a daily segment throughout the Week on issues related to children and money, and interviewed the Governor of the Central Bank about the interest rate decision of the country on 16 March, where he explained the decision to the children.

The Central Bank's Numismatic Museum focused on coins bearing images of young heads of state. Children and teenagers were encouraged to sketch and submit their ideas for coins.

The Annual General Meeting of the Central Bank on 17 March addressed the importance of financial literacy, particularly in relation to children.

Additionally, representatives from the Icelandic Financial Services Association visited schools around the country and advocated for financial awareness each day of the Global Money Week.

2015 Iceland Global Money Week

LEADING:

PARTICIPANTS:

DATE OF THE EVENT:

  • 9th - 17th of March

NUMBER OF CHILDREN REACHED:

  • 200

The highlight of the launch of Global Money Week 2015 in Iceland was Máni Mar, celebrity teenage money manager, who along with his mother was at the Nasdaq Iceland and rang the opening bell to kick off the celebrations in the country.

On 11 March, Global Money Week PopUp conference was organised at the University of Reykjavík. The conference had a series of 10 five minute lectures. The Minister of Finance stressed on the importance of financial education in the education system while highlighting that many still learn about money the hard way and that experience can be an expensive education. The other speakers at the conference included the Rector of the University of Reykjavík and representatives from the Central Bank, the Financial Services Authority, Debtors Ombudsman, Nasdaq Iceland, Icelandic Financial Services Association and the Consumer Agency. The lectures were broadcasted live on the National Broadcasting Service‘s website - www.ruv.is/frett/fjarmal-afimm-minutum.

A group of teenage students of Brúarásskóli in Egilsstadir in the east part of Iceland participated in Global Money Week 2015, along with super teacher Ingunn Snædal. Among the many interesting projects, they explored the cost of being a “typical teenager”. The teenagers analysed their expenses on things clothes, jewelry, phones, glasses, etc, and then made posters depicting them. Then they chose a profession and explored how long it would take to earn in order to buy the things for the typical teenager. Through the week the students kept an account of their expenses in a dairy and conducted a school wide survey. The students also proactively called and visited banks to learn about savings account and investment opportunities. In another project, the students also studied the expenses of a typical household, such as TV subscriptions, car insurances and others.

During the week, FjárMálaLæsi (Finance My Life), a website dedicated to Global Money Week in Iceland was launched. The site can be reached through www.fml.is.

2014 Iceland Global Money Week

PARTICIPANTS:

DATE OF THE EVENT:

  • 10th - 14th of March

NUMBER OF CHILDREN REACHED:

  • 1 000

Iceland conducted a host of exciting events during this year’s Global Money Week. Celebrities, games, lectures…Iceland covered it all! To launch the celebrations, the students in 10th grade (15-16 year olds) of Salaskóli Elementary School rang the bell at the Reykjavik NASDAQ OMX Stock Exchange on the 10th March. The event was organised in collaboration with the Icelandic Chamber of Commerce. Next, Icelandic celebrity singer, economist and football player Jon Jonsson educated children about how they can save money and then entertained them by performing a line-up of his most popular songs.

The world premiere/kickoff of a new educational financial literacy game developed by a team of students at Reykjavik University was held mid GMW celebrations. The launch was held at Salaskoli Elementary school with students from both Salaskoli and Lindaskóli elementary school taking turns playing the game. Children also had a fun and educational time when they were taken on a guided tour of the Central Bank of Iceland and the National Museum’s Coin Exhibition.

For the older youth, a series of Youth Talks were held at the University of Reykjavik and hosted by specialists from Institute of Financial Literacy, Financial Supervisory Authority, Ministry of Finance, The Debtors' Ombudsman and The Consumer Agency. The Consumer Agency engaged with youth at the Smáralind and Kringlan shopping malls distributing fliers, raising awareness (especially about the effect of the new consumer loans legislation) and answering questions.

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