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Financial habits from an early age are key

Financial literacy is key to achieving success and financial stability. Having expertise is especially important for young people in the digital space, where being able to separate legitimate information from financial fraud is essential.

Being financially literate is especially important for young people.

| Photo: Deník archive

Many young people have the potential to develop certain financial skills, but they often lack the knowledge, so self-education should not be underestimated.

Financial background of young people

Today’s youth strive for self-sufficiency and independence. Therefore, it is important that she knows how to deal with finances and she didn’t go into debt right at the start of her adult life.

Financial literacy contributes to being able to better manage expenses, plan a budget and achieve financial stability.

The financial literacy competition is intended to teach pupils and students responsibility:


FINANCIAL ILLITERACY can also end up with an unwelcome visit from the executor.

Financial literacy is better than a bailiff

For example, the Financial Literacy competition, which is popular with young people, helps with this. At the end of April, the finals of the 13th edition of this largest domestic competition took place in the premises of the Czech National Bank.

It is intended for pupils and students of primary and secondary schools. Its goal is to improve financial skills adolescents and young people. A record number of participants took part in this year’s event. Almost 1,300 schools and 64,000 students competed.

At the national final, the teams from Sulejovice Primary and Kindergarten, Pardubice-Polabiny Primary School and Letovice Masaryk Secondary School defended their financial knowledge best in front of the expert committee.

Habits from an early age

The aim of the competition is to make the teaching of financial literacy in schools more attractive and to help children adopt healthy financial habits from an early age.

Traditionally, it was organized by the METODICA Institute for Further Education together with the European Financial Planning Association of the Czech Republic (EFPA ČR) with the support of the Czech National Bank (ČNB), the Ministry of Education, Youth and Sports (MŠMT) and the Ministry of Finance of the Czech Republic (MF ČR).

Key steps to children’s financial literacy:

Source: Youtube

A project that is focused not only on expanding theoretical knowledge in the area financebut also on their use in everyday life, saw a record turnout this year.

1,267 schools and almost 64,000 students were registered. “We perceive that there is a growing interest in education in the field of financial literacy among students and teachers,” says competition director Marie Štefánková.

As part of the finale, the teams were given a practical real-life task that tested their financial knowledge and helped them realize the value of money and the importance of proper management.

To give or not to give the child pocket money:


illustrative photo

With pocket money, children buy goodies and save for gifts

“From the feedback from the competition participants, we know that they greatly appreciate the practical tasks that help them gain an insight into the normal course of life and the household.

Thanks to this, they can realize that it is important to have an overview of their own income and expenses, and learn to think better about finances,” says Marie Štefánková.

Prevention against indebtedness and financial problems

And it is education and development in the field of finance that is ensured by the professional guarantor of the EFPA CR competition, which brings together the top certified advisers on the Czech market and organizes tests of professional competence in the field of insurance, loans, pensions and investments.

Children must learn to navigate the world of finance:


Illustrative photo.

Dieník research: Children do not know the value of money

“I consider the opening of the issue of financial literacy among children to be a basic prevention against debt and financial problems in adulthood. Therefore, a number of experts from practice are involved in the project, who will help the children not only to consolidate their existing knowledge, but also to deepen it further. We place an emphasis on competence, which supports children and young people’s interest in financial literacy education. We see this especially among secondary school students, who, thanks to the competition, became more interested in finance and further their education in this area,” says Marta Gellová, president of EFPA CR.

It is evident that if young people start learning about financial literacy from an early age, they will be better oriented in the world of finance in adulthood and will be able to manage money better.

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