The National Bank of Moldova (NBM) is preparing to launch an extensive financial education campaign with the support of the Institutional and Structural Reforms in Moldova Project (MISRA) funded by USAID. This cooperation will also lead to the development of the National Financial Education Strategy.
The initiative was welcomed by the United States Ambassador to the Republic of Moldova, Kent D. Logsdon, who emphasized that in this way, “the state will enable young people to gain true financial education from the beginning.” The statement was made during the 10th episode of the “Da sens Banilor” (Giving Meaning to Money) podcast.
In the interview, the ambassador shared insights from the American experience.
“I think financial education is an evolving process over time, just like technology that is constantly changing. Typically, children start learning about finances around the age of 5-6, at least that’s what I did when you start receiving a small sum of money and go to the store to buy something. But it’s also part of the growing-up process.
Still in high school, especially, I believe most American schools make sure to offer courses on how to be a responsible citizen and also how to manage money. So, in most schools, such a course is mandatory before graduation, certifying that you know how to manage finances, and that means not just expenses and income but also how to make a budget, how to take care of your finances, think about what a mortgage might look like, what you do with your salary? It’s quite funny because my children grew up abroad, so as Americans, they were a bit behind their classmates because they were not used to managing money, certainly not used to working with US dollars. So, it was a fun experience for us, and we even found some games that we could play with them to teach them about American money because at the age they returned to the US, they didn’t know some of these concepts,” explained the ambassador.
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Kent D. Logsdon also talked about the importance of informing the population about finances, especially during uncertain times.
“When do you think is the right time to start learning about money?
That’s a very good question. The earlier, the better. I think it’s really important for all of us to learn about money, budgeting, to promote financial education. That’s why I’m very glad that we, through USAID, are working with the NBM to talk about financial education and provide some tools that we believe will be helpful,” concluded the ambassador.
The full interview can be watched below.