Macedonia Embraces Financial Literacy

Financial literacy advocates are buzzing over news that the central bank of Macedonia is moving forward with a major financial education effort designed to enhance the levels of financial literacy among the populace in the former Yugoslav nation.  The National Bank of the Republic of Macedonia (NBRM), the Ministry of Finance, the Insurance Supervision Agency, the Agency for Supervision of Fully Funded Pension Insurance, and the Securities and Exchange Commission of the Republic of Macedonia all joined forces on this initiative to help Macedonia’s citizens improve their ability to make informed decisions with respect to financial products and money management.

Under the agreement among the agencies, a coordinating body for financial literacy will be formed with representatives from the participating organizations to design a strategic plan consistent with the principals promulgated by the G20 and other international entities.  Financial inclusion has been named as a key element that will be incorporated into the coordinating body’s set of objectives, as will the implementation and analysis of surveys and their results to determine the status of financial literacy in Macedonia and to improve upon the nation’s existing financial education programs. The group’s promotion of financial literacy will take many forms, including arranging and executing training courses, seminars, conferences and other events for key stakeholders involved in financial capability.

This comprehensive effort being pursued by the Macedonia government and other state agencies is similar to the multi-agency approach currently employed by many other nations as well.  The focus of the international community on improving financial literacy throughout the world should bode very well for the financial education movement in the future as new generations reap the benefits in the months and years ahead.