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Me-(e)conomics: Financial and economic literacy in civic education

Non-formal approaches and formal education practices

Money is influencing almost every aspect of our lives. Therefore, understanding both basic economics, and how to manage personal finances effectively, is essential for assuming responsible citizenship. The NECE Lab “Me-(e)conomics: Financial and Economic Literacy in Civic Education”, held in Belgrade on September 18 and 19, brought together educators, experts, and policy-makers from across Europe to explore innovative approaches in financial and economic education. By blending insights from various sectors, the NECE Lab showcased how financial and economic literacy can empower citizens and foster social stability. In this blog post, we’ll explore key takeaways from the sessions and discussions, along with participants’ advice on financial management.

Photos by Jakov Simović

The event started off with a discussion about the links between financial and economic literacy and civic education. We looked into varying levels of financial literacy around the world and how it impacts gender (in-) equality (Infographic 1 and 2)

Low level of financial literacy among adults around the world

Infographic 1.

Source: Anna Lo Prete’s elaboration of data from the Standard & Poor’s Ratings Services Global Financial Literacy Survey

Gender gap among adults in financial literacy within Europe

Infographic 2.

Source: Anna Lo Prete’s elaboration of data from the Standard & Poor’s Ratings Services Global Financial Literacy Survey

We continued with education practices combining formal and non-formal education, and discussed ideas about how to incorporate financial and economic education into schools. We learned about a fascinating practice example – “Škola novca za osnovca” – a project developed in Serbia by the Ministry of Education and Erste Bank linking formal and non-formal education.

Then, the winning projects of the Civic Innovation Fund open call with focus on financial and economic literacy where presented: “Transforming dream into reality”, by INSERT Association; “EmpowerHer”, by Et Cetera Organization; “Virtual Labs + Teachers Ambassadors for Regenerative Economics in Secondary Schools”, by Regenerative Economics, “Empowering Consumers Trough Financial Literacy”, by Rilski Center for scientific researches.

Photos by Jakov Simović

The second day of the NECE Lab focused on challenges of private sector educational initiatives in formal education. We discussed:

collaborations between the private sector and school systems and the role of the private sector in financial and economic education.
examples of successful collaborations and what we can learn from them.
emerging topics in the field of (digital) financial and economic literacy and how the future of financial and economic education will look like.

Photos by Jakov Simović

Quiz: Check your financial knowledge

1. What is the term used to describe the overall increase in prices of goods and services over time?

a) Deflation

b) Inflation

c) Stagflation

d) Recession

2. How much money should there be in an emergency found??

a) 5.000 €

b) The value of 2,5 kg gold bar

c) Enough to cover the costs of living for 3 to 6 months

d) What’s emergency found?

3. What is a budget?

A) A plan for how you spend and save money

B) A list of your monthly expenses

C) A summary of your income only

D) A way to track only your spending

4. What does the term “diversification” mean in investing?

A) Putting all your money into one investment

B) Spreading your investments across different asset types to reduce risk

C) Only investing in stocks

D) Investing only in low-risk options

5. Which of the following is considered a fixed expense?

A) Groceries

B) Clothing

C) Entertainment

D) Monthly rent

6. What is a credit score used for?

A) To determine how much you earn

B) To track your monthly spending

C) To evaluate your creditworthiness and ability to repay loans

D) To calculate how much you owe in taxes

And here are practical tips from Lab participants on financial literacy:

Financial literacy is about understanding the balance between focusing on short-term and long-term goals, helping people make choices that support their overall wellbeing, not just quick profits. It starts by asking what we really want to achieve—whether that is financial security, happiness, or a better quality of life. We often think financial literacy is just about getting rich and owning more things. But true financial understanding should be about becoming wealthy in a way that gives us the freedom to spend our time on what really matters to us in life. As Martin Houseal says in “The Psychology of Money”, “money talks, but wealth whispers”.

Alina Vasile-Floroaie
Elf High School/ The Climate School

It’s simple: earn as much as you can, spend as little as you can and invest the difference, but don’t forget about the emergency fund and proper insurance.

Tine Flis
HarvestHub d.o.o.

Most of the time we are impulsive buyers, so if I have to give you one tip it would be: When you go out for a walk and see a shirt you like in the store – wait 24 hours before buying it. In case you are still thinking about the shirt on the next day, then go and buy it. Sleep on it one night and in the morning you will make wiser decisions.

Toni Milun
Toni Milun Portal

When it comes to financial literacy for young people, the challenge is often feeling overwhelmed by the amount of financial information available. It’s important to question everything, view information critically, and use critical thinking. Some social media influencers may seem trustworthy, but that doesn’t mean they fully understand their finances. Don’t believe everything you see—always ask questions and think twice.

Maria Francesca Burger
Finance Forward Academy

I would recommend every person to think in long term perspective in various senses, especially when it comes to money and management of finances because when we have savings, for example when we save 10% of each income, at the end of the day we have quite a big amount of money. Savings give us freedom, safety and sort of a guarantee for the future. hen it comes to financial literacy for young people, the challenge is often feeling overwhelmed by the amount of financial information available. It’s important to question everything, view information critically, and use critical thinking. Some social media influencers may seem trustworthy, but that doesn’t mean they fully understand their finances. Don’t believe everything you see—always ask questions and think twice.

Oksana Shamonova
Et Cetera Organization

There is some basic knowledge about personal finances, starting from budgeting, which is managing your personal account depending on how much money you have on it. Also understanding which are the tradeoffs behind choices we make throughout our life cycle, starting from educational choices as investment in us and our human capital, when we choose how much to study or when to start to work, what kind of topic to follow, whether we want to have full time or part time jobs – there is always a decision to make. We should also think about retirement while we are still young because that is planning for our future. I also recommend paying a little bit of attention to public finances. We, as citizens who are voting for policies which are going to affect society, can think about distribution of resources, public expenditure, the level and the kind of taxation we are going to vote for.

Anna Lo Prete
University of Torino