OREANDA-NEWS. October 23, 2014. For the second year in a row, the Estonian Banking Association and the Association of Estonian Adult Educators (ANDRAS) have organised financial knowledge courses in various counties as part of Adult Learners Week (ALW). Employees from the Banking Association's member banks hosted a total of 25 workshops in September and October.

“Although a PISA study carried out among Estonian children this summer confirmed their excellent level of financial literacy, those results can’t be extended to adults,” said Triin Messimas, the head of the Banking Association's financial education panel. “Financial behaviour studies conducted in Estonia show that adults have shortcomings in knowledge, skills and attitudes, but especially in implementing financial knowledge in their daily lives.”

During this year's workshops the instructors focused on financial matters in both the short- and long-term perspectives. The most important aspect here is that the theoretical knowledge acquired is put to actual use. “For example, when we talk about putting together a monthly family budget, we also discuss long-term planning – the nature and importance of saving and investing,” Messimas explained. “When people see that putting aside even a small amount every pay day has real benefits, they are more motivated and develop the habit of doing so.”

For the “It's the right time to learn about financial planning so that you feel secure throughout your life” course, a programme was put together that takes into account people's financial needs and options throughout their lives. “Knowing you have savings or other assets that’ll allow you to focus on your relationships, your children, a satisfying job and your hobbies throughout your life instead of dealing with material problems gives you a strong sense of security,” Messimas said.

The financial knowledge courses were free of charge for all participants and advertised no bank services.

The main goals of the Estonian Banking Association are the development of Estonian banking and the coordination of the activities required to solve the problems faced by the banks. Providing financial education to Estonian citizens is a high priority for the association.