Governor Selimović at the Symposium "Reforms and Literacy to Efficiency"

Within the symposium "Reforms and Literacy to Efficiency" organised in Mostar by the Faculty of Economics of the University of Mostar, the Governor of the Central Bank of Bosnia and Herzegovina (CBBH), Jasmina Selimović, Ph.D. participated in one of the panels during which she answered the questions about the importance of financial literacy in modern society and the activities carried out by the CBBH in the field of financial education.

Speaking about the reasons why financial literacy is important in the modern society, Governor Selimović pointed out that each individual’s ability to understand basic financial concepts and make well informed decisions becomes the foundation of personal security, social stability and overall economic resilience.

"Financial literacy today is no longer optional knowledge – it is a necessity. People make every day decisions about their budgets, loans, savings, digital payments and insurance, the lack of understanding of these terms leading to risky and unsustainable financial behaviour", said the Governor.

Research shows that the level of basic financial knowledge in Bosnia and Herzegovina is still low, making space for improvements. Recognizing the importance of financial literacy, the CBBH has been actively developing and implementing activities in the field of financial education and inclusion for more than ten years. In its 2025-2027 Strategic Plan, the CBBH has set financial education as one of the key strategic goals, focusing its activities on the systemic development of financial literacy of all citizens, with a special emphasis on young, vulnerable and socially excluded groups.

“We are currently in the phase of preparing the Strategic Plan for Financial Education and Inclusion for the period 2025-2027, which is based on three priorities: Information, Inclusion and Innovation, stressing the need for a comprehensive, fair and modern approach to the financial literacy development in the country", said Governor Selimović. She particularly emphasized the fact that the CBBH is leading the initiative for integrating financial education into the education system, in cooperation with public faculties of economics, educational institutions, competent ministries and regulatory bodies.

This initiative has strategic importance because financial literacy is not only an individual skill – it is the foundation of social stability. According to the OECD data, more than a third of European countries are already implementing the national strategies for financial education, the experiences of countries such as Finland and Estonia showing that early education on finance leads to more responsible citizens and healthier economies.

During the panel, Governor Selimović also pointed out the importance of taking gender equality into account in financial literacy initiatives and ensuring that the educational programmes should equally reach girls and women, who are often underrepresented in managing personal or family finances.

According to the World Bank's Global Findex Survey, women globally lag behind men in accessing formal financial services, and also basic knowledge of budgeting, interest rates and savings. In the context of Bosnia and Herzegovina, gender differences are particularly visible in cases of women in rural areas, unemployed women and those who did not have access to economic education. This difference does not result from lack of interest, but from systemic obstacles – the lack of customised programmes, digital skills and cultural norms diminishing their financial role.

“Therefore, we believe it is an imperative that each financial education strategy should be gender-sensitive and inclusive. In developing the new Financial Education and Inclusion Strategy, the CBBH relies on international recommendations and its own experience, and plans specific steps with regard to the equal participation of women in the processes of education and financial decision making", concluded Governor Selimović.