Financial Literacy Project with INFE-OECD, Ministry of Finance of the Netherlands and Money Wise continues
The enhancement of capacities of the financial market regulators (the National Bank,
the Ministry of Finance, the Securities Commission, the Insurance Supervision Agency and
the Agency for Supervision on Fully Funded Pension Insurance) in the field of financial
education and inclusion, through cooperation with eminent international financial institutions
continues.
This year begins the second phase of the Financial Literacy Project with INFE-
OECD, together with the Ministry of Finance of the Netherlands and the Money Wise
platform which will last in the following five-year period, i.e. from 2023-2027. The main
priority of the next phase of this Project is to support countries that are part of it, to raise the
level of financial literacy among the population by assisting in the design and implementation
of financial literacy strategies and policies, by providing analyses, reports and
recommendations for capacity building according to the institutional needs and strategic
priorities of the countries.
The project, implemented with the financial support of the Dutch Ministry of Finance,
in addition to our country, shall cover countries such as Bosnia and Herzegovina, Bulgaria,
Georgia, Armenia, Moldova, Romania, Ukraine, Croatia and Montenegro. Through the
planned activities, an opportunity to access appropriate expertise for relevant and current
issues in the field of financial literacy from the region and beyond will be provided, therefore
encouraging development of more effective initiatives for financial education and inclusion,
by using the experience of the best international practices.
This has been a continuation of the first phase of the project, which was successfully
implemented during the period of 2018-2022. Within the first phase, the Coordination Body
of the financial regulators for financial education and financial inclusion, prepared the first
National Strategy for Financial Education and Financial Inclusion for the period from 2021-
2025.
At the same time, the Code of Good Practices for Financial Education was developed,
in addition to the Basic Competencies for Financial Education. Moreover, a Register of
entities from the private and civil sector, involved in the field of financial education and
inclusion, has been formed. Within the first phase, among other things, INFE-OECD
conducted a measurement of the financial literacy of the population, as well as a survey on
the financial literacy and digitalization of micro, small and medium-sized enterprises. These
measurements indicated the current situation and represent a guide for further activities in
this sphere, which will continue to be implemented in the next phase of the project.
On the occasion of the Global Money Week the Insurance Supervision Agency present a new brosure designed to improve the financial literacy
On the occasion of the Global Money Week the Insurance Supervision Agency present a new brosure designed to improve the financial literacy
Junit Linkd
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The Global Money Week, 2023- a campaign to raise public awareness of financial education and literacy
The Global Money Week, which will take place from March 20-26, 2023, is approaching. This year’s theme of the campaign is Plan your money, plant your future (https://www.globalmoneyweek.org).
This topic aims to raise the awareness of citizens about understanding the financial products and risks, by obtaining information and advice in order to develop skills with the insured to become more aware of the financial risks, and to recognize all the available possibilities to make useful financial decisions that enable the improvement of their financial well-being. The benefits of education are mutual for the economy, the individual, households and society as a whole.
By achieving its mission and vision, ISA sets its commitment to increasing financial literacy as an essential tool for protecting the insured, as its main priority.
Our goal is to create a greater insurance culture among the population due to the recognition of the advantages that insurance provides as the most efficient mechanism for compensating potential financial losses from the most common occurrences of risks, especially the risks resulting from climate change.
In this sense, ISA acts on several levels:
Preventive action that manifests itself through direct and indirect supervision of entities by the Insurance Supervision Agency (ISA) in order to ensure that insurance companies comply with the relevant laws;
Developing awareness of the risks associated with investing in insurance, the rights and obligations arising from insurance, mechanisms for protection of the rights of the insured and acting upon complaints;
Continuous education of the population in a regular and timely manner, providing relevant information through the website, social networks and the educational ISA portal, publishing educational texts, brochures, publications, manuals and instructions, announcements, reports and data regarding the operations of insurance companies and other licensed insurance entities, reports on the earnings of ISA, news in its operations, etc.
This year, in continuous fulfillment of the above-mentioned goals, ISA will actively participate in the celebration of the “Plan your money, plant your future” campaign through numerous activities:
- TV appearances, promoting useful content and giving advice to the insured with the aim of increasing awareness of the various types of insurance products and individual risks through the education portal with an emphasis on protecting the insured’s rights, sharing useful and timely information through their website and social networks, promoting good practices in the field of financial education and financial inclusion, educational lectures, etc.
- increasing the awareness of insurance companies and insurance intermediaries in order to develop fair relations with the insured, and apply correct professional behavior rules, and strengthening communication with the insured in order to better understand their needs and react to their complaints.
Follow us at the educational portal https://edukacija.aso.mk/, our website www.aso.mk, and on social networks (Facebook, Linkedin, Instagram).
Go ahead, join and expand your knowledge in the field of insurance.