Bank of Finland’s Financial Literacy Centre focuses on promoting financial literacy among the general public

The new Financial Literacy Centre launched today is based at the Bank of Finland Museum. The work of the Centre is aimed at promoting people’s financial literacy and supporting the future national strategy on financial literacy, the preparation of which is being led by the Ministry of Justice. With the launch of the Financial Literacy Centre, the Bank of Finland Museum now serves as a physical and virtual meeting place and financial literacy forum for actors in the sector and for the general public.

“The Bank of Finland Museum begins a new chapter today, as its coverage now includes material concerning everyday money management skills. Indeed, the Financial Literacy Centre’s stated mission is ‘Understand the economy better – Manage your finances better’,” said Bank of Finland Governor Olli Rehn in conjunction with opening the Financial Literacy Centre.

The Bank of Finland Museum itself was opened in August 2003. The Museum’s task is to promote the general public’s knowledge about the economy, the central bank and the wider Eurosystem by presenting clear and understandable information on these. At the Museum, financial literacy covers two key elements: the national economy and the economy at household level. The role of households within the national economy focuses on how people manage their finances. The Museum’s coverage now includes material on personal financial management.

The Bank of Finland aims to provide young people in particular with good advice they can follow when setting out in life. The work of the new Financial Literacy Centre will also include workshops for upper secondary students, where, for example, they get to calculate the extent to which a study grant and housing allowance can cover living expenses.

“With the pandemic, young people have had fewer chances of getting holiday jobs, and the opportunities to get experience of the job market and manage their own money have been sharply reduced. Besides their money management skills, attention should also be focused on the employment rate among the young if we are to avoid the kind of negative trends seen in previous economic crises,” said Governor Rehn.

The Financial Literacy Centre will start operating fully once the COVID-19 pandemic has subsided, but until then it will hold a series of virtual seminars on financial and economic topics on an almost weekly basis.

For additional information, please contact financial literacy adviser Anu Raijas, tel. +358 9 183 2625 or anu.raijas@bof.fi

Financial Literacy Centre strategy (in finnish)