Financial Literacy: An Essential Skill for the 21st Century – What the 4th Conference Revealed

The work of the 4th Financial Literacy Conference, which was held on Wednesday, November 1, 2023, from 10:00 a.m. to 5:00 p.m., in the Central Hall of the Karatzas Building of the National Bank, was completed with great success and an impressive turnout – especially by young people.

The 4th Financial Literacy Conference was dedicated to Financial Literacy and Savings, with the four main themes developed relating to the following key issues:

Economic and financial literacy! What are their differences?

• “Financial literacy, social responsibility and social cohesion”

• “Financial literacy, responsible financing and financial resilience”

• “Financial literacy, savings and investments”

• “Open discussion to promote financial literacy”

The Conference was – for one more year – a meeting place for leading institutional personalities of Greece, important representatives of the business community and the university area, with the aim of highlighting the various manifestations of Financial Literacy.

Conclusions

The general conclusions of the Conference are summarized as follows:

• Financial literacy encompasses a wide range of actions starting from infancy, continuing through primary school students and reaching retirees.

• Financial literacy, given the significant global and domestic challenges such as the complexity of the financial system, over-indebtedness, frequent financial crises, longevity, financial technology and the transfer of important decisions from governments to households, is now a necessary skill for the 21st century, for all citizens and especially for the new generation.

• Financial literacy and responsible financing are directly linked and strengthen financial stability, system resilience and the well-being of citizens.

• Financial literacy concerns not only households but also fund managers, who must direct their investments with social criteria, corporate responsibility and respect for the environment and the planet.

• Holistic knowledge is a protective shield for households, making them more resilient in situations of financial crises and other political, social and geopolitical upheavals.

• There is an immediate need to improve the financial literacy of Greek citizens, given that for years we lived in situations of illusion about the real state of the Greek Economy. In addition, we have experienced several financial crises, from the bubble of 1999 to the partial bankruptcy of 2012 and, of course, a long-lasting financial crisis. Therefore, to avoid future crises, citizens must be well informed.

Greater emphasis should be placed on the most vulnerable social groups such as children, women and pensioners.

• Businesses should support and strengthen such actions since their social footprint is important.

• Financial literacy should be introduced into both primary and secondary education curricula. The existing curriculum in secondary education is limited and insufficient, as it does not reflect the modern economic reality.