FINLAND AIMING FOR WORLD-CLASS FINANCIAL LITERACY BY 2030
The Bank of Finland has unveiled a national strategy proposal to improve the country’s financial literacy, with the ambitious goal of making Finns among the most financially literate people in the world by 2030.
The Importance of Financial Literacy
Improving financial literacy is crucial for the well-being not only of individuals but also of the national economy as a whole. To achieve this goal, Finns must better understand their financial situation and have access to easily accessible low-threshold guidance and information services.
A New Approach to Promote Financial Literacy
The Bank of Finland’s strategy proposal marks a significant shift in approach, emphasizing the importance of coordinated efforts between state authorities, companies, and third-sector actors to promote financial literacy. A new function will be established within the Ministry of Justice to support and coordinate field work, with the aim of improving the effectiveness of activities and resource use.
Key Aspects of the Strategy Proposal
- Improve citizens’ knowledge and skills: Systematic and well-resourced financial literacy work will be implemented to improve citizens’ knowledge and skills.
- Prevent over-indebtedness and other financial problems: Good financial decision-making will be promoted to prevent over-indebtedness and other financial problems.
- Enhance cooperation between stakeholders: Cooperation between state authorities, companies, and third-sector actors will be enhanced to improve effectiveness and resource use.
- Establish a new function within the Ministry of Justice: A new function will be established within the Ministry of Justice to support and coordinate field work.
- Develop an action plan with concrete operational goals and regular monitoring: An action plan with concrete operational goals and regular monitoring will be developed to ensure progress toward the 2030 target.
Reactions from Key Stakeholders
Minister Anna-Maja Henriksson
“I strongly advocate for this important objective. Questions related to over-indebtedness are especially topical these days, and strengthening citizens’ financial literacy is a key goal.”
Governor Olli Rehn (Bank of Finland)
“The financial literacy of Finns is on average good, though there are differences between population groups. With systematic, well-resourced financial literacy work, it is possible to broadly improve citizens’ knowledge and skills.”