The First Strategic Session on Financial Awareness took place on 5 July 2016. This event was organized by the National Bank of Ukraine in its capacity as coordinator of the Financial Literacy Project to promote financial awareness in Ukraine.
The Strategic Session was attended by over 50 participants, including representatives from the public authorities, notably the Ministry of Finance of Ukraine, Deposit Guarantee Fund, Pension Fund of Ukraine, Ministry of Education and Science, as well as international payment systems, academia and expert communities, civil society institutions and media.
“We have invited a wide range of stakeholders potentially interested in Financial Literacy Programs to participate in the Strategic Session. I feel confident that by pooling our efforts and using up-to-date instruments that meet the needs of our population we will be able to implement financial literacy measures at the national level,” said NBU Deputy Governor Vladyslav Rashkovan.
The Strategic Session agenda was split into two sections:
- speeches delivered by speakers providing inputs from international best practices and offering case studies;
- review and generation of ideas through group sessions.
The presentations were delivered by Mr Marko Škreb, Resident Project Manager for Canada-IMF Capacity building project, Ms Anja Deinzer, Regional Director Caucasus, Sparkassenstiftung für internationale Kooperation, and Mr Dmytro Yablonovsky, Head of Financial Research Division at GFK Ukraine.
The second section of the Strategic Session was organized with the assistance of the U.S. Agency for International Development that acted as a moderator of group sessions. During the group sessions, the participants shaped the future vision for the Financial Literacy Program until 2020 and outlined the main obstacles that currently prevent its implementation.
The session participants agreed to engage in further discussions in the near term. The results delivered by stakeholders will serve as a basis for the Comprehensive Program on Raising Financial Awareness until 2020.
For reference
Financial awareness (financial literacy)* is a combination of awareness, knowledge, skill, attitude and behavior necessary to make sound financial decisions and ultimately achieve individual financial well-being.
Financial education, financial inclusion, and consumer rights protection are critical to the building of confidence in the financial sector and achieving financial stability.
Today over 115 countries members of the OECD International Network on Financial Education, 34 countries are actively implementing the national programs on raising financial literacy among the public. Efforts are underway in 30 countries to design such programs.
The Financial Awareness Project is implemented in line with the Comprehensive Program of Ukrainian Financial Sector Development Until 2020.
* As defined by the OECD International Network on Financial Education (INFE) OECD/INFE, High-level Principles on National Strategies for Financial Education" (recognized and supported by G20 leaders, http://www.oecd.org/finance/financial-education/OECD_INFE_High_Level_Principles_National_Strategies_Financial_Education_APEC.pdf
The Financial Awareness Project is implemented in line with the Comprehensive Program of Ukrainian Financial Sector Development Until 2020.