Financial literacy in Lithuania is improving but still lags behind European averages, requiring early education integration.
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The director of the Finance program at ISM University of Business and Economics notes that while it is difficult to fully assess the financial literacy of young people in Lithuania due to the high cost of research, the situation is gradually improving, evidenced by increased student participation in seminars and conferences. He compares Lithuania’s situation to the rest of Europe, stating there is still room for improvement. To enhance financial literacy, he suggests integrating concepts into existing subjects like mathematics or economics, ideally starting in the fifth or sixth grade through interactive methods. However, he observes that young people often lack interest in finance until they actually encounter money. While some students show interest in investing, they are often misled by advertisements into risky investments like cryptocurrencies. Financial literacy is heavily influenced by family involvement, and the lack of a developed investment culture in Lithuania is noted. International comparisons show that less than 20% of EU citizens have a high level of financial literacy. A 2023 study by the Bank of Lithuania revealed that Lithuanian financial knowledge has declined by nearly 20% compared to the average of 39 participating countries, placing Lithuania 31st globally. Furthermore, the country lags behind in digital financial literacy. While some EU countries, like Bulgaria and Spain, have implemented financial education strategies, the overall financial literacy level across the EU remains low.
