Financial literacy in Montenegro should be improved

Financial literacy in Montenegro should be improved

The first meeting of the National Committee for Financial Education Development was held on Monday at the Central Bank of Montenegro. The members of the Committee are Minister of Finance, Darko Radunović, Minister of Education, Damir Šehović, Governor of the Central Bank of Montenegro, Radoje Žugić, Chairman of the Capital Market Authority, Zoran Đikanović, and President of the Insurance Supervision Agency, Uroš Andrijašević.

“The Financial Stability Council established this working body with the task of coordinating the preparing the national financial education development programme systematically and comprehensively”, explained the Montenegrin Central Bank in a statement.

Based on an analysis of the current situation and identified priorities and target groups, and taking into account international standards, guidelines and good practice in the field of financial education, the financial education development programme will define the proposed measures and activities for improving the general level of financial literacy in Montenegro. In preparing the programme, as a beneficiary of IMF technical assistance on financial education, Montenegro will benefit from the support of experts from the Organization for Economic Cooperation and Development (OECD).

Participants noted the particular importance of financial education nowadays with financial market globalisation and accelerated technology development, concluding that financial education programmes for different target groups require careful designing. The attendees pointed out the need for paying due attention to the younger population, i.e. school-age children, and that approaching this target group requires the use of innovative and technologically advanced methods.

They agreed on intensive work on the preparation of financial education development programs, which will be a necessary complement to a sound financial regulatory and supervisory framework./ibna