Bulgarian Government Initiates Plan to Boost Financial Literacy across Education

Bulgarian Government Initiates Plan to Boost Financial Literacy across Education

The Bulgarian Prime Minister earlier on Monday morning announced that there is great need to make financial education a part of the Bulgarian educational system, and today proceeed to make a public announcement at the regional conference on “Protection of Consumers of Financial Services and Financial Literacy”

“Realising that financial education is a matter that requires lasting solutions from the earliest stages of the financial system, we started working on a national strategy that will boost financial literacy between 2014-2018,” said Bulgarian Prime Minister Plamen Oresharski.

His speech was part of the opening of the Regional Conference on “Protection of Consumers of Financial Services and Financial Literacy”.

The Prime Minister of Bulgaria added that “this strategy envisages a broad cycle of measures based on partnerships between the state, the financial sector, NGOs and branch organisations”. This new plan will bring students ranging from senior years in high school to university in contact with businesses and offer tremendous opportunities for growth, as well as create experience in this domain from early ages.

Prime Minister Oresharski concluded his speech by sending a message of determination that implies the worst of the economic crisis that hit the Eurozone in the past few years is behind Bulgarian citizens; “we envisage for financial education to be gradually introduced at the secondary schools” he said, nodding towards his audience in steady tone.

Neven Mimica, European Commissioner for Consumer Protection, who was also present at the Forum remarked that “The services of the European Commission (EC) and of the Bulgarian government undertake the engagement to work together for the protection of consumer rights”. Soon after, there was a one-on-one meeting with the Prime Minister.

Mr. Mimica expressed how encouraging it is to see such initiative on the part of Bulgaria and said that the meeting with the Bulgarian Prime Minister was a perfect opportunity to confirm the engagement of the government to defend the interests and rights of consumers, to implement the consumer protection and goods safety policy, and especially seeing that the government plans to instil such change from the ground up, starting with education.

“We want well-prepared consumers and well-informed institutions, which can work together under a regulatory framework”, said Neven Mimica, speaking at the Regional Conference Forum.

Earlier, Neven Mimica met with schoolchildren and teachers from the Private English Language High School Chelopech, where the schoolchildren presented their video on “Advantages and Disadvantages of Online Shopping” for which they received 2nd place in the European Union’s Consumer Classroom competition. During the meeting the European Commissioner heard student’s ideas about how consumer rights may serve the needs of the young generation better, and held discussions on how to make consumer rights legislation efficient in order to help consumers of all ages be aware of their rights.