„"Financial education, understood as developing appropriate skills and behavioral dispositions in society, in an era of dynamic and multifaceted economic transformations, presents a real challenge. Numerous studies conducted by recognized authorities in the field of finance indicate that the awareness of individuals – regardless of the level of development of national capital markets or access to knowledge – is insufficient. Meanwhile, acquiring practical skills in this field, including increasing public awareness of making mature financial decisions, remains a factor in determining the quality of both the personal and professional life of every individual," wrote Przemysław Czarnek, Minister of Education and Science, in a letter to the organizers of the Financial Education and Entrepreneurship Congress. The letter was read by Michał Polak, Vice President of the Warsaw Institute of Banking, at the opening of the second day of the event.
The day also featured a debate entitled "The Level of Financial Literacy of Poles" – Conclusions, Observations, Recommendations, in which participants included Piotr Krygiel, President of the Management Board of the GPW Foundation; Dr. Katarzyna Sekścińska, Faculty of Psychology, University of Warsaw; Dr. Krzysztof Spirzewski, PhD in Economics and a volunteer with the Bakcyl Project; and Waldemar Zbytek, President of the Management Board of the Warsaw Institute of Banking Foundation. The discussion was moderated by Paweł Minkina, Editor-in-Chief of the Bank Financial Monthly. The panelists agreed that financial education remains a pressing need in Poland.
„"The level of financial literacy in society is highly insufficient. There is a lack of understanding of the mechanisms behind inflation and interest rates. Poles don't understand, for example, why, if interest rates have risen by one percent, their mortgage payments haven't also increased by one percent. There is a lack of knowledge on how to react to rising interest rates and how to protect themselves in advance," said Dr. Katarzyna Sekścińska, Faculty of Psychology, University of Warsaw.
The discussion also highlighted the importance of financial education in providing a sense of security, both in terms of resilience to cyber threats and in making sound and beneficial decisions regarding one's financial resources. Waldemar Zbytek, President of the Warsaw Institute of Banking Foundation, recalled Warren Buffett's words in this context: "I don't invest in anything I don't understand." "If we don't educate, people will naturally be reluctant to invest," said Zbytek.
The second day of the congress also included three parallel panel sessions. The first focused on financial education for children and youth, featuring a series of expert presentations and a discussion titled "What Johnny Didn't Learn, John Won't Know – Economic Education, Our Shared Responsibility." During the panel, awards were also presented to the most active volunteers of the Bakcyl program.
„"Our project, Bakcyl, is called that for a reason. We wanted to positively instill an interest in, for example, mathematics. Children and adults need to know how knowledge can be applied. However, when we reviewed the school curriculum, the program we implemented was very theoretical. Financial education is a very practical resource in everyone's life, helping to build financial resilience. And yet, human life, like the economy, is cyclical, meaning it has peaks and troughs," said Mariola Szymańska, President of EFPA.
The second panel session focused on cybersecurity and the role and careers of women in cybersecurity.
„"We strive to demystify cybersecurity and encourage women to pursue this career. There's nothing to be afraid of, as the topics are diverse and everyone can find something they enjoy. Currently, half of my department's employees are women, and across the entire security landscape at the bank, that's about 30 percent," said Izabela Błachnio-Wojnowska, Director of the Cybersecurity Program and Information Security Management Office at BNP Paribas Polska.
The focal point of the third panel session on investing and capital markets was a debate among popular financial bloggers on their contribution to the financial education of Poles. The bloggers agreed that financial topics should be more widely introduced into school education, as the need for reliable financial knowledge is enormous. They also noted that Poland still lacks many other tools to facilitate capital market investing.
„"To increase investment levels in Poland, we need to further develop the capital market. People can only invest in real estate through shell companies or individually, due to a lack of appropriate instruments and infrastructure. There are several trends that need to be addressed as quickly as possible. Young people are currently involved in the cryptocurrency market, and more and more people want to invest this way. Therefore, we need to create ETFs that will allow this to be done as safely as possible," said Maciej Samcik, blogger at Subjectively on Finance.
Thank you for participating in the 6th Financial Education and Entrepreneurship Congress. We invite you to watch the reports from each activity, which will be published soon, and we invite you to the next edition of the event next year.
