Financial literacy is improving slowly but remains low across Europe, with Lithuania showing declining scores internationally.
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The director of the Finance program at ISM University of Business and Economics notes that while a comprehensive assessment of financial literacy among young people in Lithuania is difficult due to the high cost of research, his general impression is that the situation is gradually improving, evidenced by increased student participation in seminars and conferences organized over the past two years. He compares Lithuania’s situation to Europe’s, stating there is still room for improvement, and suggests integrating financial literacy into existing subjects like mathematics or economics, ideally starting as early as fifth or sixth grade through interactive methods. However, he observes that young people often lack interest in finance until they actually encounter money, such as when they start working. Furthermore, the text discusses the need to foster an investment culture earlier, warning against risky investments driven by advertising. While some schools offer supplementary financial education, the overall level of financial literacy across Europe remains low; a recent study showed Lithuania’s financial literacy score declined and placed it 31st out of 39 participating countries, lagging behind the EU average. The text also reviews efforts in Bulgaria and Spain to improve financial education through government strategies and initiatives, though challenges like high consumer debt and poor investment habits persist across various European nations.
