2 minutes
Editorial Invest in Slovakia
Today, we're heading to the front lines of financial education. Our guest is Monika Tomovčíková - a primary school teacher in Michalovce. She regularly participates with her pupils in the European Money Quiz.
Monika is an elementary school teacher, her priority is grade 1. Since 2012 she has been working with ninth graders in the subject KNOW YOUR MONEY, which is a financial literacy project. She is involved with her pupils in the European Money Quiz - an online quiz divided into two parts. They have developed this financial literacy development project into a separate subject. General about money - how currency evolves, what are the protections, what is financial responsibility in family budgeting etc, planning and managing, banking projects, income and expenditure and how 10% can save from their pocket money.
The quiz has 15 questions. Children must know concepts (inflation, gross salary, net income, dividend,...), mathematical financial literacy (to calculate how much salary they will receive per month) and digital security (security features, ATM cards, etc.) The quiz will mainly show teamwork - pupils will divide up who reads, who evaluates the answers, who clicks the answers, etc. They will test not only their knowledge but also their skills in working with technology.
Are Slovak students educated in financial literacy?
Monika has observed through years of practice that financial literacy is at a very low level in our country. Pupils have to take on the role of financial advisors, so more families go into debt, do not build up reserves and are not even taught to make a family budget. There is a lack of financial education. Even the advertising from the banks is more focused on getting into debt rather than building up reserves.
Why is it that people have this attitude to money?
His perception is that until 1989 there was a limited market in Slovakia. Suddenly there was an opportunity to fulfil a need, to have everything I want. The "stop sign" of having to have a reserve in case something happened disappeared.
Where does he see risks and opportunities for students today?
It is essential that pupils develop critical thinking skills so that they can decide what they need and what they don't. Children can take part in a variety of financial literacy activities, they can do internships abroad. They learn how to work with money - having their own ATM card, putting money away from their pocket money, etc. There are lots of possibilities.
What about the "financial shootout" with Monica?
What is meant by financial literacy?
What does she like to invest in?
What does money mean to her?
When is a person rich according to her?
What was the best investment she ever made in her life?
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