Promoting financial literacy and the national financial literacy strategy

Finns will have the world’s best financial literacy by 2030

The Ministry of Justice has committed to promoting financial literacy in Finland together with the Bank of Finland and a network of financial literacy actors. The national strategy for financial literacy plays a key role in this work.

The aim of the national strategy for financial literacy is to improve people’s financial literacy and help them understand its importance so they can make good financial decisions in their everyday lives.  

Financial literacy involves good financial planning, saving, investing and avoiding over-indebtedness.   

The vision of the strategy is for Finns to have the best financial literacy in the world by 2030.

Financial literacy function at the Ministry of Justice

The financial literacy function at the Ministry of Justice is responsible for coordinating work on the financial literacy strategy. We handle day-to-day matters related to the strategy and oversee its implementation and administration. 

An annual appropriation of EUR one million has been allocated for the promotion of financial literacy. These funds will be used to advance projects and research by actors in the field. The Ministry of Justice is responsible for the administration of government grants for work on financial literacy.

Network of actors working on financial literacy

The main body responsible for implementing the strategy is a network of public, private and third sector actors and researchers in the field of financial literacy. 

Efforts to strengthen financial literacy require close cooperation between all actors in order to be effective. The network of actors has now begun its work under the coordination of the Financial Literacy Centre, which operates in connection with the Bank of Finland Museum. All actors interested in promoting financial literacy are welcome to join the network.

Events organised by the network of actors working on financial literacy

• Impact assesment, final event 11 December from 13:00 to 15:00, Teams
• Meeting of the programme council for financial literacy strategy on 2 October and 6 November from 12:00 to 15:00.

The national strategy icon for financial literacy

The national strategy icon for financial literacy is intended to be used by all parties that are promoting financial literacy in their own presentations and materials. With the help of the icon, awareness of the national network of actors will increase and the unity of the actors will become stronger. Apart from coloured and black and white versions of the icon, online use and printed materials have their own versions. The icon is available in a bilingual version with Finnish and Swedish. Instructions for use and the icon can be found in the image bank of the Ministry of Justice. 

Call for applications for government grants to promote financial literacy

Work to promote financial literacy is supported by government grants, which will be available from 2023 onwards. 

Research

Research on financial literacy plays a key role in the implementation of the strategy. To promote financial literacy effectively, it is important to measure the financial literacy of citizens regularly. 

With this in mind, the financial literacy function cooperates closely with researchers. The network of financial literacy researchers promotes interdisciplinary research and international cooperation in the field of financial literacy.

The Ministry of Justice commissioned a study on Finns' financial literacy in spring 2023. The study was carried out by the University of Vaasa and Pellervo Economic Research Institute PTT. It was conducted in accordance with the model created by the OECD's International Network on Financial Education (INFE) for international comparisons. Published on 14 December 2023, this comparison of adult population's financial literacy was carried out in 39 countries.

International activities

International cooperation is an important part of the financial literacy function’s work to promote financial literacy. In 2023, the Ministry of Justice joined the OECD's International Network on Financial Education (INFE) as a full member to promote international cooperation on financial literacy. 

We will draw on the international experiences of the OECD/INFE in preparing financial literacy strategies and action plans. We are also working in close cooperation with organisations responsible for financial literacy in Estonia and Latvia. 

The financial literacy function is involved in the European Commission’s work to develop financial literacy frameworks. The framework for adults was published in 2022. A separate framework for children and young people was completed in autumn 2023.