Iceland considers nationwide financial literacy campaign for children

Iceland’s government is considering more coordinated financial literacy education for children, including a possible nationwide campaign, mbl.is reports.

Education and Children’s Affairs Minister Inga Sæland said financial literacy should be taught from an early age and that all children should have equal opportunities to learn about money.

She was speaking at a seminar on financial literacy and financial education for young people, held at Iceland’s Central Bank. The event marked the publication of children’s author Robert Gardner’s book Geymdu akörnin þín.

The seminar was well attended by adults, although only one child was present. Speakers included Sæland, Central Bank Governor Ásgeir Jónsson, Gardner and author Gunnar Baldvinsson, whose book Farsæl skref í fjármálum was republished this summer.

Gardner, who is from London and is not taking an author’s fee for the book, wants to promote greater financial literacy among children. The book is currently available in Hagkaup stores for about 500 Icelandic krónur.

Education from an early age

Sæland said there was currently no coordinated approach to financial literacy across Icelandic schools.

“There is no comprehensive framework for anything called specific financial literacy that is coordinated in all schools,” she said. “We need to do better and support children as early as possible so they are not struggling to know what to do with their birthday money when they are five years old.”

She also referred to the challenges some young people face when receiving money for their confirmation.

Possible national initiative

Sæland said the issue was being examined by her ministry, with support from the Central Bank, the Icelandic Chamber of Commerce and pension funds.

She said her ambition was to hold a joint workshop soon and develop a nationwide approach, referring to comments at the seminar about a national financial literacy campaign for children in Ireland.

“This matters greatly for our children, the entire future and society as a whole,” Sæland said. “I care very deeply about this.”

She added that some schools had already begun using financial literacy books, but not all. The aim, she said, was to create a coordinated system across the country.