The main focus of Financial Literacy Week will be on financial fraud and how to protect oneself from it. A representative of the Latvian central bank (Bank of Latvia) pointed out that people of different ages fall into the traps of fraudsters.
"It is not so much about seniors, it is also about middle-aged people who lose very large sums of money to fraud. They tend to be reckless, they believe promises of quick, big, huge profits," explained Armands Zujevs, Senior Expert of the Skills for Adults project.
Aija Brikše, Head of the Financial Literacy Department at the Bank of Latvia, said that this week schoolchildren will be educated about financial fraud and how to avoid becoming part of the fraud chain, or the so-called "money mules". It is young people aged between 18 and 30 who have the lowest financial literacy.
"The most skilled we have are the 30-40 year olds, the economically active population. And if we look, there is often a myth that Latvia's seniors are perhaps the most financially unskilled. Well, then we want to argue from our side that, in fact, Latvian seniors plan their finances and they also save," Brikše said.
Various companies and institutions are taking part in Financial Literacy Week. For example, the State Employment Agency offers e-learning to citizens.
"The course consists of four parts - money and transactions, private financial planning, financial and economic environment, including taxes, and state and social budget, including the social insurance system," Zujevs explained.
To find out about the events of Financial Literacy Week, the Bank of Latvia invites you to visit the website naudasskola.lv (in Latvian only).
