Close to 200 Money Wisdom classes were taught by SEB’s volunteers

At the end of last year, employees of SEB volunteered to teach close to 200 Money Wisdom classes in more than a hundred Estonian and Russian language basic schools and secondary schools in every county in Estonia.

The ability to effectively organise one’s finances is important when it comes to preparing for life as an adult, regardless of the profession in which a young person decides to continue their education or begin their career. This is why SEB wants to use their Money Wisdom classes to complement regularly taught school subjects with basic knowledge on how to spend and save wisely, using examples and exercises taken from life itself,” explained Katrin Laks, head of the financial education working group of the Banking Association and SEB sales manager for savings and investment products.

It was revealed during the Money Wisdom classes that more than 80 per cent of basic and secondary school students are saving money, with the most popular goal being the purchase of a computer, phone or other electronics. They are also saving for entertainment costs, as well as education, purchasing a car, or getting a driver’s license.

Most of the students, a total of two-thirds, obtain knowledge on how to organise their money from their family members. Also, more than 75 per cent of the students address their family members with money-related questions, and only a few discuss such matter with friends or financial experts.

“The number of questions asked of the bank employees working as guest teachers shows that young people have plenty of interest in finances. At the same time, it reveals that they may not be able to get all the answers they are looking for from home. This is why the role played by schools has been regarded as increasingly important in ensuring financial literacy. The earlier the start, the better the tools young people will have at their disposal to organise their finances as young adults. In conclusion, I believe that the students who participated in the Money Wisdom classes obtained some good knowledge which will help them to make better decisions in the future,” added Laks.

The Money Wisdom classes were held from October of last year until the end of the year. It presented the basics of personal finances and the planning of income and costs. No banking services were advertised in the classes.

* The data used is based on a survey conducted by SEB, with a total of 1763 students participating in 2015.

For more information:

Maarja Gavronski
Project Manager for Communication
Marketing and Communications Division
SEB Pank

Phone +372 665 5270
Mobile +372 5656 5785
Address Tornimäe 2, 15010 Tallinn
E-mail maarja.gavronski@seb.ee
www.seb.ee