The Covid pandemic and the war in Ukraine seem to come as fool-proof confirmation that nothing in life as we know it is ever certain. Here, economists would retort: one thing is, that there are hard times lying ahead for us all – from a social, psychological, but most of all economic point of view. And the more information we have which is reliable and clear, the better the decisions we are going to make for our future are going to be.

The international organization Junior Achievement, Bulgaria, has for years been working to boost the financial literacy of Bulgarians via various educational programmes with a focus on young people. For the 10^th successive year, they are helping organize Global Money Week, GMW in this country. From 21^st to the 27^th of March, GMW will take place in this country under the motto: Build your future. Be smart about money!

“Throughout the week we shall be organizing various activities for school-goers, competitions, lectures and events aimed at motivating our society, and especially young people, helping them manage their personal finances better, acquire flexibility in handling money, and showing them different approaches to coping with problems such as digital financial scams,” Irina Ilieva, Chief Organizational Development Officer at Junior Achievement Bulgaria says in an interview for the BNR.

“Our cause, as an educational organization, is to “save” people by furnishing them with knowledge and skills that will make them financially independent and capable of making informed decisions. Statistics in Bulgaria show that this is absolutely indispensable. It is essential to plan expenses wisely in relation to one’s income. This is one of the ways to break the vicious circle of quick loans – good financial competence,” Ilieva says.

And the earlier we acquire such financial culture, the less harrowing the financial turmoil will be for society. That is why the global initiative is being joined by schools from all over the world. “Even though it was a pandemic year, in 2021, 11,500 young people of school age, more than 150 schools, as well as 19,000 adults took part in the Global Money Week as part of the traditional webinar we organize,” Irina Ilieva says. 

“What I am seeing is that the young people taking part in the programmes have been involving their parents, who on their part have been improving their financial knowledge. Especially with regard to the newest digital instruments,” Irina Ilieva explains further. 

This year the organizers have lined up four national initiatives within the frameworks of Global Money Week. For the youngest – kindergarten and primary school children – there is a competition for most creative scale model of “My business”. Children from the 8^th to the 12^th grade can take part in another competition – “Financial #LIFEHACK for my future”.

For the first time a national contest is being organized with the participation of school-goers, university students as well as representatives of businesses, hosted by the University of Economics in Varna. The financial innovation camp will be organized in three stages from March 22^nd to the 25^th. Digital finance security: Pay safely online is the title of a webinar scheduled for 23 March. The knowledge and skills acquired are the kind of capital that never loses its value, the people from JA Bulgariasay. That is why even in hard times such as these, they continue to encourage the young people.

“Our support is to the young people who are yet to come face to face with the challenges connected with the war. Our regional organization in Europe works with young people in Russia, Ukraine, Moldova and Romania – countries in which the crisis will take on different dimensions. The amalgamation of our 42 organizations in Europe undertook to establish a fund for raising purely humanitarian aid to begin with, but also for setting up various programmes to support these young people and their families, which are finding themselves in a new environment, and for them it will be essential to develop entrepreneurial and financial competency skills. Things which they may not need at this moment in time, but in just a few months from now, will be the next step towards the normalization of their lives,” Irina Ilieva explains.

Compiled by Vessela Krasteva

Photos: jabulgaria.org, private library