The National Bank of Ukraine held the national final of the Ukrainian selection for the 2024 European Money Quiz, a pan-European financial literacy competition. More than 4,000 children from all over Ukraine took part.
The European Money Quiz is the largest financial literacy competition in Europe, with about half a million teenagers aged 13 to 15 participating annually. This year, the Ukrainian team will be competing for the European title for the second time.
This year’s competition in Ukraine was held in three stages: school selection, and then regional and national finals. First, during the school selection stage, teachers independently selected one team per school from among the registered participants, using the instructions provided. Taking part in the 2024 European Money Quiz school selection process were:
- 400 educational institutions from across Ukraine
- 522 educators
- 4,248 schoolchildren (2,124 teams). Each team consists of two schoolchildren aged 13 to 15.
The 363 teams that came through the school selection stage then took part in the regional finals.
In the national finals, held as part of 2024 Global Money Week, 24 teams from all regions of Ukraine competed for the right to represent Ukraine at the European finals in Brussels (Belgium).
“This year, the number of European Money Quiz participants in Ukraine has almost doubled, which indicates high demand for financial literacy development among both students and educators,” said Yuliia Yevtushenko, the Director of the NBU Communications Department. “At this year’s competition, we gave the children practical tasks that they will face almost every day as adults: shopping, choosing a bank, saving, managing their own budget, managing debt, and so on. The schoolchildren could see in which situations their knowledge can help them make an informed financial decision.”
For the second time, the Independent Association of Ukrainian Banks was a partner of the European Money Quiz in Ukraine. It provided valuable prizes for the winners.
“It is very important that as a country we are moving towards instilling in the younger generation a culture of prudent money management,” said Dmytro Hlinskyi, acting executive director of the Independent Association of Ukrainian Banks. “First of all, today’s teenagers will need it very soon in everything from planning a family budget to being able to use all the available financial sector instruments. And secondly, teaching financial literacy to schoolchildren is the right and prudent approach on the part of the state, which wants to avoid the sad statistics of victims of fraud, but still see free, financially capable and, of course, wealthy people in a free country.”
The national selection process was conducted remotely and live via the Kahoot training platform.
The teams had to answer correctly and as quickly as possible 15 questions covering the topics of payments and accounts, savings, loans, deposits, insurance, investments, taxes, payment fraud, protection of the rights of financial services consumers, and entrepreneurship. In addition to testing the theory, the schoolchildren were also given situational exercises close to real-life situations requiring an informed financial decision.
Based on the results of the national selection:
- first place was taken by the team from the Ternopil Cooperative Vocational College in Ternopil oblast, made up of 1st year students Volodymyr Vasylenko and Andrii Tsabal, under the guidance of teacher Mariia Protsyk
- second place was taken by the team from Oleksandr Sukhomovsky Vinnytsia Lyceum No. 7 in Vinnytsia oblast, consisting of 8th grade students Sofia Sosnytska and Daria Rybachuk, under the guidance of teacher Iryna Parfeniuk
- third place went to a team from Shpola Lyceum No. 3 of the Shpola City Council of the united territorial community of Zvenyhorod District, Cherkasy Oblast, consisting of 9th grade students Andrii Datsenko and Yana Rosliakova, under the guidance of teacher Anna Skripai.
The first place team in the national selection will represent Ukraine at the European competition in Brussels on 18–19 April 2024, with the assistance of the Independent Association of Ukrainian Banks We wish our winners success!
The European Money Quiz was launched in 2017 by national banking associations in Europe in coordination with the European Banking Federation as an initiative to promote financial education among teenagers.
The European Money Quiz is usually held annually in more than 30 countries during the European Money Week in March.
In Ukraine, the European Money Quiz is being held for the second time as part of Global Money Week with the support of the Euro Banking Association, its members, the National Bank of Ukraine and the Independent Association of Ukrainian Banks.