PRESS RELEASE
Youth School for Financial Education

On 5-6 October 2024, the "Youth School for Financial Education" took place at the premises of the Bank of Albania (Dajti Building), with the participation of around 60 students of high schools from Tirana, Durrës, and Elbasan.

The two-day activity was organized as part of the initiative of the Albanian Government to improve financial education in pre-university education, led by the Minister of State for Youth and Children, in collaboration with the Ministry of Education and Sports, the Bank of Albania, and other stakeholders. The educational program aimed to help young people acquire sustainable financial skills.  Based on its impact and success, this pilot program for financial education targeted to young people may be developed  at a national level in the future and be included in the curricula of pre-university schools.

Financial education is crucial in helping young people build a sustainable relationship with finances from an early age. Learning about savings, money management, and spending, makes them more responsible and aware of financial decisions that affect their future. This helps them handle economic difficulties and develop stable financial strategies.

At the launching ceremony, the Governor of the Bank of Albania, Mr Gent Sejko, and the Minister of State for Youth and Children, Ms Bora Muzhaqi delivered the welcome remarks for participants. In his address, the Governor said that the commitment of the Bank of Albania in the field of financial education has begun early in the past and has experienced continuous growth, with a wide range of educational products and programs tailored for various age groups, particularly the younger generation. He highlighted the scholar module "Personal Finance in Your Hands," which has been part of the curriculum since 2011 and can be chosen by high school students in any of the three years of their school-years. So far, around 100,000 copies of this module has been distributed for free throughout Albania.

He stressed out that for the Bank of Albania, financial education of young people plays a decisive role in strengthening their financial protection as future consumers, and the coordinated investment of our institutions in this area provides benefits to households, in addition to promoting a healthier financial ecosystem. A young person equipped with financial literacy possesses the necessary knowledge to take sound financial decisions, in turn preparing them to deal with life's unexpected challenges.

In addition, the Governor said that financial education plays an important role in the life of a young person, providing them with essential knowledge and skills that help them manage their money effectively, as well as developing a sense of responsibility and accountability regarding finances. Mr Sejko emphasized the fact that financial literacy provides young people with the foundation to build a secure financial future.

Minister Muzhaqi highlighted that “Financial education for children and young people is more than simple knowledge on budget and savings. It represents a fundamental to build on their future in an ever increasing digital world”.

Ms Muzhaqi, in noting that Albania is moving rapidly towards the digitalization of public services, emphasised that it is essential that children and young people learn to use new financial systems, which will reduce the use of cash and encourage the use of applications to carry out transactions. With the supervision of parents and the support of financial institutions, we are building a new generation prepared for an increasingly digitalized market".

 “The Youth School for Financial Education," part of a great initiative on a comprehensive programme for financial education in pre-university system enables us to advance with the financial education for young people starting with savings and spending management to the use of digital platforms for personal finance”, said Minister Muzhaqi.  

The activity continued with discussions on key topics such as: the role of the Bank of Albania and financial education, managing savings and expenses, building a positive relationship with money, careers in the field of finance, etc.

At the end of the two-day activity, a certification ceremony was held, during which participating high school students received certificates for successfully completing the seminars.