The CBBH Leads the Initiative for the Integration of Financial Education into the Education System

Today, a workshop dedicated to the integration of financial education into the education system in Bosnia and Herzegovina was held at the premises of the Central Bank of Bosnia and Herzegovina (CBBH), which is leading the initiative to improve financial literacy.

The workshop was attended by representatives of public economic faculties in Bosnia and Herzegovina, the Association of Banks of Bosnia and Herzegovina, the Banking Agency of the Federation of Bosnia and Herzegovina, the Insurance Supervisory Agency of the Federation of Bosnia and Herzegovina, the Deposit Insurance Agency of Bosnia and Herzegovina, and the Association of Insurance Companies in the Federation of Bosnia and Herzegovina.

The introductory lecture was given by Prof. Annamaria Lusardi, one of the world's leading experts on financial literacy and a professor of economics and accounting at Stanford University.

Prof. Lusardi is the founder and Director of the Global Financial Literacy Excellence Center (GFLEC) and the author of numerous studies in the field of financial education.

In her presentation, Prof. Lusardi emphasized the importance of financial literacy as a key life skill that contributes to better financial decision-making and long-term financial security. She emphasized that the Organization for Economic Cooperation and Development (OECD) recognized the importance of financial literacy back in 2012 and included it in the PISA test, which measures the key competencies of young people around the world.

She also presented some of the findings from the PISA data, which show that countries that actively invest in financial education achieve better results in financial literacy, which has a positive impact on social and economic stability.

She also emphasized the importance of integrating financial education into the school system, with special reference to the experiences of Italy and the United States of America, where various financial education programs have contributed to strengthening financial literacy among young people.

Addressing to the attendees, the Governor of the CBBH, Jasmina Selimović, Ph.D. emphasized that improving financial literacy is one of the key strategic goals of the CBBH, which, as a state institution, will be the leader in this project.

“Financial education is the foundation for building a safe and stable financial system. By integrating financial education into schools, we want to provide young generations with the knowledge and skills that will help them make responsible financial decisions. In this way, we are building the foundations for a more secure economic future for Bosnia and Herzegovina,” emphasized Governor Selimović.

In the second part of the workshop, participants actively participated in creating an action plan and defining guidelines for the further development of financial education in Bosnia and Herzegovina. Through a joint discussion, key priorities, challenges and steps needed for the successful integration of financial education into the formal education system were identified. Full support from all stakeholders is expected to ensure the efficient implementation of planned activities and the achievement of set goals, which is of crucial importance for the long-term economic stability and development of the country.

It was concluded that it is necessary to intensify cooperation between educational institutions, regulatory bodies and the financial sector in order to ensure a quality and sustainable approach to financial education.

The workshop was an opportunity to exchange opinions and ideas, and laid the foundation for future activities aimed at strengthening the financial literacy of young generations in Bosnia and Herzegovina.