The National Bank of Ukraine initiates the move to hold the All-Ukrainian Week of Financial Literacy and celebrate the Savings Days in Ukraine by the banks, government institutions, educational institutions and public institutions. The tradition of marking the World Savings Day is a long-established European tradition.
According to First Deputy Governor of the National Bank of Ukraine Borys Prykhodko, the successful implementation of the project aimed at teaching financial literacy at schools and summer camps is indicative of the expediency of the national measures to increase financial literacy.
About 3,000 children and teenagers aged 9-16 who spent their holidays at summer camps where they had the opportunity to gain strength and health ahead of the new school year were involved in the project. Interactive classes covering the basics of financial literacy were conducted at 47 summer camps in the 15 regions of Ukraine during June – August 2013. The financial literacy course was tailored to the children and teenagers given their age-related characteristics and conducted by the volunteers who have received special training and hands-on experience. There were ordinary teachers, representatives from Ukrainian banks, lecturers from the Banking University among the volunteers who were engaged in the financial literacy project launched by the National Bank of Ukraine.
The project was implemented under the auspices of the Ministry of Education and Science of Ukraine as part of the measures to increase the level of financial literacy among the Ukrainian population specified in the NBU Action Plan for 2013.
"Financial literacy equips people with a sufficient level of knowledge and skills enabling them to assess the financial situation properly and make sound decisions," has noted Mr Borys Prykhodko. He has added that a financially literate person manages wisely its cash, keeps a record of his or her income and spending, avoids excessive debt, plans his or her own budget, and makes savings. A financially literate person is well-informed about the complicated products offered by financial institutions.
"As a rule, people learn financial literacy the hard way through lots of mistakes and tries, gaining experience slowly. We teach financial literacy to the young generation in an attempt to navigate them away from making costly mistakes and raise the generation of financially literate, wealthy and happy Ukrainians," has said Mr Borys Prykhodko.
In addition, the First Deputy Governor of the National Bank of Ukraine has emphasized: "The main purpose of the measures taken by the National Bank of Ukraine to increase the level of financial literacy among the population is to provide our citizens with basic financial knowledge. As a result, it will bring about a rise in household income and set the Ukrainian economy on a path to sustainable economic growth.
Mr Borys Prykhodko has said that the National Bank of Ukraine is set to broaden the scope of the project by inviting more partners from the all-Ukrainian and regional public organizations and initiatives as well as local administrations to participate in the project. "Low levels of financial literacy present a serious problem not only for consumers of financial services but also for the state, private sector and the whole community. The government authorities, businesses, non-profit organizations and Ukrainian citizens should jointly address this problem," noted Mr Borys Prykhodko.