Europe needs better programmes geared at improving financial education of citizens. With only 18% of EU population having a high level of financial literacy, many challenges remain to be addressed across the continent. The European Investment Bank (EIB), through the Institute, and the Croatian Banking Association (CBA) are launching  “Finance for Next Generations,” a year-long education programme aimed at young entrepreneurs,  high school teachers and students in Croatia. The programme is designed to enhance financial knowledge among the youth and to support young entrepreneurs at the onset of their careers.

“Finance for Next Generations” is a project that represents a key step in empowering financial literacy and entrepreneurial spirit among the young generations in Croatia, offering the resources and knowledge needed to build a brighter financial and business future.

It includes a series of educational workshops for teachers and students, to be conducted throughout Croatia by Štedopis, the Institute for Financial Education. An innovative online educational guide “My Money, My Business, My Future” will be developed and tailored to high school teachers and students according to  the high school curriculum and the program of interdisciplinary content of civic education.

Over two years, the project will benefit about 500 teachers and 17,000 students.  In the first phase, Štedopis will conduct workshops intended for teachers, and after that, Štedopis and teachers will conduct workshops for high school students throughout Croatia.

Simultaneously, the project includes free specialized workshops for young entrepreneurs titled “I am My Own Boss,” organized in collaboration with portal mojnovac.hr. Throughout the year,  13 modules with recognized experts will provide workshop participants with access to valuable knowledge and tools necessary for success in the entrepreneurial world. All workshops will be recorded and published on the CBA’s YouTube channel, making the materials permanently available to all interested entrepreneurs.

According to a study by Bruegel, a European think tank all EU countries have, or are in the process of putting together, a national financial literacy strategy. There is an urgent need to roll out these strategies, to monitor progress over time and to establish best practices. Particular attention needs to be given to how financial knowledge interacts with digital skills as financial services are increasingly digitalised. Financial literacy strategies should also help close gender and other gaps in knowledge among vulnerable groups, and should ensure that financial education starts early and in schools.

The EIB Institute has supported financial education programmes in Bulgaria, Italy, Greece and Cyprus. Its new strategy to be implemented in 2024 aims to promote and support transversal initiatives focusing on youth engagement, mastering life skills and strengthening impact.