Good decisions and more quality life for the citizens as a result of the financial education

Skopje, 11th May 2017 (MIA) - Financial education is a long-term investment for the society and the country as a whole, as well as for each individual who will be able to more easily and more safely make good financial decisions and lead high-quality life.

This message was conveyed on the "Day of Financial Education”, organized today by the coordination body of the regulatory institutions in charge of financial education composed of the National Bank of the Republic of Macedonia, the Ministry of Finance, the Insurance Supervision Agency, the Securities and Exchange Commission and the Agency for Supervision of Fully-Funded Pension Insurance.

The objective, as it was pointed out, is getting familiar with the financial services, and the benefits therefrom.

- Money management is as responsible as managing your own health or making any other big life decision. It is our obligation to take care of the early financial education, being a long-term investment for the society and the country as a whole, Minister Minoskai said on the ”Day of Financial Education".

According to him, if children acquire this knowledge at an early age, their future in terms of finance will also be better.

Governor of NBRM Dimitar Bogov stressed that the financial education becomes more and more significant factor in building stable and safe financial sector, being recognized throughout the world and applied by all central banks, regulators and ministries of finance.

- Global crisis has shown that citizens are very vulnerable to the services offered by the financial institutions. Therefore, the only solution is for the citizens to become more informed about the financial services offered and to analyze them, since only well-informed citizens can make the right decision, Bogov said.

He went on that financial education is a life skill, which each of us should have. - Every person will one day come across a situation of having to choose what type of credit, insurance and life insurance he needs. This is not an easy thing to do since these products become more and more complex, and choosing the right ones becomes more and more difficult, Bogov said announcing that financial education may become part of the formal education and that cooperation has been commenced with the Bureau for Development of the Education .

Klime Poposki from the Insurance Supervision Agency underlined that financial education for the young population is a long-term investment which will finally bring several positive effects – overall economic development, development and stability of the financial system and financial benefits in the process of making decisions about the use of certain financial product.

Education of the young population is a long-term investment, the benefits of which are expected in the long run. Therefore, as Poposki said, we hope that our actions will take effect in 5 or 10 years.

Bulent Dervise from the Agency for Supervision of Fully Funded Pension Insurance urged that we should think of our future, i.e. pension while we are still young. - While you work and take care of your family, you should think of your future as well. We start saving for retirement from our very first salary, Dervisi said.

According to Elizabeta Cingarovska, President of the Securities and Exchange Commission, economic stability of the country is closely related to financial education.

She pointed out that the Commission is aimed at improving the financial education, above all in secondary education considering it is a complex matter, which could be learned as early as in the secondary schools.