“Financial education as a new public good”

Director Tonin, the National Conference on Financial Education, organized by the Edufin Committee, focused on the theme “Financial education as a new public good.” How does expanding financial literacy create value for society as a whole?

Economic and financial skills are essential for navigating daily life with confidence—whether that means planning for retirement, making smart consumer choices, or protecting ourselves against risk through sound insurance and investment decisions. A population equipped with these skills creates a far more resilient society.

Moreover, this knowledge elevates collective decision-making; a more financially literate electorate is much less susceptible to the demagogues of any given era.

Are there unique challenges in our current climate compared to the past?

We are living through a period marked by rapid change and constant “background noise.” On one hand, past experience is no longer a reliable guide. On the other, as people try to figure out how to move forward, they are often bombarded with conflicting information.

Possessing even baseline financial skills helps people filter out the noise and assess the quality of their sources. No one can be an expert in everything, but simply understanding that “magic money trees” don’t exist is usually enough to shield people from the worst financial pitfalls.

What were the key takeaways from the meeting at the Ministry of Economy and Finance?

One major point that stood out was the widespread recognition of how vital financial education has become—largely thanks to the work of various institutions over recent years. As a result, public demand for financial education is strong.

The main challenge now is quality control. Unfortunately, dishonest actors can hijack the pretense of “financial education” to peddle questionable products or run outright scams. This isn’t just dangerous for individual victims; it threatens the entire ecosystem by breeding public mistrust in a field that needs as much reach and credibility as possible.

What recent initiatives has FBK-IRVAPP undertaken in financial education?

IRVAPP recently evaluated financial and economic skills among micro-entrepreneurs, for whom this knowledge is vital to keeping a business afloat. It isn’t enough to be an outstanding electrician; you also have to understand the financial side of running a business.

We have also evaluated savings initiatives designed for low-income families to support educational opportunities. Beyond helping families build financial reserves for their children’s education, these programs foster broader financial literacy and a forward-thinking mindset.