Financial literacy should become compulsory course at Latvian universities, initiative says
A public initiative on the ManaBalss.lv platform calls for financial literacy to be made a mandatory study course at all Latvian higher education institutions. According to Bank of Latvia data, the average financial literacy index of Latvian residents is only 61% of the maximum possible score, with even lower results among young people.
A new public initiative on Latvia’s civic participation portal ManaBalss.lv proposes making financial literacy a compulsory course at every university in the country. The plan calls for a single, practical financial literacy programme that would be studied by all students, regardless of their chosen field of study.
Figures from the Bank of Latvia show that the average financial literacy index among Latvian residents reaches just 61 percent of the highest possible result. In some demographic groups, particularly people aged 18 to 19, the level is even lower. That suggests many young adults may be poorly equipped to manage their finances when they first become responsible for their own money.
Jeļena Titko, professor at the Ekonomikas un kultūras augstskola (University of Economics and Culture), says universities are expected not only to train excellent professionals in their respective fields, but also to help students become people capable of making well-considered decisions in everyday life. In her view, financial literacy is just as important as critical thinking, digital skills and other core competences. Whether a student goes on to become a doctor, lawyer, engineer or artist, an understanding of money management and financial risk is essential for everyone.
The initiative aims to ensure that financial education is not limited to those studying economics or business, but becomes an integral part of higher education across Latvia. The proposal has been opened for public support on the ManaBalss.lv platform.
