SHE does so many things with ease: with love she melts hardened hearts, with a smile she gives wings to her children, with the skills of a top manager she manages to keep both family and professional matters in order… The list could go on for a long time.
But life places one more requirement on women—to be financially literate, and to an even greater extent than their “stronger” halves. It may sound strange, after all finance is traditionally seen as a male domain. Well—think again! It is precisely women who face serious financial challenges and therefore need to be “armed” with the right knowledge and skills to handle them. Here are at least four reasons why.
Women often take on the role of “finance ministers” in the family
Many studies show that women are at the core of More>>>
The first children’s financial play of its kind, “Money Carousel,” was staged on March 17 at the Slavyanska BesedaTheatre by students from Kozma Trichkov Secondary School in Vratsa. It was met with exceptional interest and many smiles from young audience members and their parents. They followed the story of little Ani, who gave up insisting that her father buy her a castle after learning about and discussing family expenses. They discovered how dreams come true and enjoyed two original songs created especially for the production by musician Sasho Alexandrov. And, of course, they gave enthusiastic applause to the wonderful young actors.
The play represents an innovative educational approach based on the concept of a “lesson-performance.” Through it, students step out of the role of More>>>
DSK Bank’s digital educational initiative “National Finansiada” continues with its second edition under the name “Summer Finansiada.” The summer edition is a natural continuation of the successful financial olympiad held earlier in the year, which brought together hundreds of teams of parents and students (ages 16–19) from across the country. The Financial Literacy Initiative Foundation (FLI) is a partner of DSK Bank in the initiative.
“Summer Finansiada” consists of three games that will take place between April and September 2019, in the form of tests with 20 questions on financial topics. The competitions are once again held in mixed teams of parents and students (ages 16–19) and will be conducted entirely online via the More>>>
Today, the play “Money Carousel” was met with enthusiastic applause from the audience at the Drama Theatre in Vratsa. The young actors from Kozma Trichkov Secondary School moved and delighted the audience, while also teaching them how to manage money in order to achieve their dreams.
Rositsa Vartonik, Executive Director of the Financial Literacy Initiative Foundation, presented awards for contributions to the development of innovative methods for financial literacy education to Ms. Neli Borcheva, Principal of Kozma Trichkov Secondary School; to the inspiring teacher Rumyana Vitnyova; to Violeta Lilova, the teacher and director of the play; and to Lala Baneva, teacher and musician.
The play “Money Carousel” is part of the innovative financial literacy More>>>
Every season of human life comes with its own beauty and its own challenges. And whether we like it or not, money is part of our lives—part of the small and big events that shape them. That’s why it’s important not only to understand the basic principles of managing our money, but also to know what to focus on depending on our age—or, more accurately, the life stage we are in.
Here is our advice on some of the most important aspects of personal finance by age.
When You’re in Your 20s: “Laying the Foundations”
Learn to spend less than you earn.
Build and maintain an emergency fund.
Develop and deepen your knowledge of different investment opportunities.
Start saving for retirement and begin investing! Because you have a long investment horizon, you can afford to take on More>>>
You have entered the mature stage of your life. For many of you, the expenses related to raising children and building a family home are already behind you. However, this period comes with its own challenges—financial ones included.
Here is our advice on some of the most important aspects of personal finance, depending on your age.
When You’re 40+: “A Breathing Space”
You are likely at the peak of your career, earning well, and your children are more independent.
Review your budget so that you can set aside at least 10–15% of your income for savings.
Direct your savings toward investments that are suitable for you—well diversified and aligned with the level of risk you are willing to take.
Review and optimize your savings for your children’s education, but More>>>
Bulgarians, in general, are willing to sacrifice a great deal of personal comfort in order to boast a luxurious “four-wheeled” acquisition. Is that sensible? Hardly. And yet, the question remains: how do we determine how much we can afford to pay for the desired car without putting unnecessary strain on our budget?
Here is how you can approach this, following these popular “golden rules”:
The “20–4–10” Rule
This rule applies if you have decided to purchase a car through leasing. In general terms, it means:
20% of the car’s price should be paid as a down payment
4 years is the recommended maximum repayment period
No more than 10% of your monthly income should go toward the monthly leasing installment
The “4/12” Rule
It More>>>
The following situation is not uncommon: you have several loans and outstanding amounts on your credit card. At the same time, you know it is good to have some money set aside, so you make an effort to grow your savings in the bank.
What’s wrong with that? The answer is: it depends. It is important to look closely at the details… or more precisely, at the interest rates—those on your loans and those on your deposits.
Everyone knows that interest rates on loans are higher—often significantly higher—than those on deposits. From there on, it is a matter of simple calculations. Ask yourself whether it makes sense to earn, for example, 1% interest on your deposit while owing money on a credit card with an interest rate of 17%. It is hardly reasonable to hesitate to break a deposit while at the same time paying More>>>
“Education is the best investment,” said Benjamin Franklin. These words are especially relevant today, when our life achievements depend to a very large extent on education—not only the education we receive at school and university, but also on lifelong learning.
Successfully navigating the modern world requires us to possess both professional knowledge and skills that allow us to earn a living, as well as a number of other competencies without which the contemporary individual is “lost.” Financial literacy is among these essential competencies.
Why Is It So Important to Be Financially Literate?
There are many reasons, but here we highlight the four most important ones:
Transfer of Responsibility, or “Your Well-Being Is Your Personal Responsibility”
“The state (should) take care More>>>
The national tour comes in response to the strong interest in this unconventional method of teaching financial literacy—through theatre.
The innovative performance “Money Carousel” will be presented by a student theatre group from Kuzma Trichkov Secondary School, Vratsa, in four cities across the country. The first stop of the tour is Veliko Tarnovo on 5 November at 6:00 PM in the Grand Hall of the Municipality. On 6 November, the host city will be Ruse, where the performance will take place at the Lyuben Karavelov Regional Library starting at 1:00 PM. On 7 November, the play will be staged in Varna, in the hall of the Tourism High School, starting at 2:30 PM. In early December, “Money More>>>
The national tour passed through three Bulgarian cities—Veliko Tarnovo, Ruse, and Varna. In December, the theatre will visit Montana.
924 kilometers traveled by 24 young actors and singers from the theatre troupe of Kozma Trichkov Secondary School in Vratsa, three performances, and audiences of nearly 600 children—this is the numerical expression of the adventure that was the national tour of “The Money Carousel.”
But the most valuable result for us was the smiles, positive emotions, reflections, and reactions of our young audience. Equally valuable were the invitations received from various cities across the country to present the play there as well.
“It was really great!”“The play is funny and interesting, and you learn a lot.”“I understood why I More>>>
A new beginning usually brings hope for something better. Most people see the new year as an opportunity to reset their lives and achieve success—as they define it themselves. Success may have a financial dimension, but it is also connected to how we perceive ourselves and the world around us. Here are our 10 tips that can help you achieve your personal success in the new year:
1. Invest in Yourself!
There is no better way to achieve success—including financial success—than investing in yourself: developing and acquiring new knowledge, skills, and competencies. This will not only make you a more valuable professional or help you grow your business more successfully, but it will also open the door to new opportunities. Think of it as a kind of “insurance”—even if you find yourself without a More>>>
More than 30 teachers of “Technology and Entrepreneurship” were introduced to the innovative teaching methods of the Financial Literacy Initiative Foundation (FLI) during a methodological meeting organized by the Ministry of Education and Science.
Rositsa Vartonik and Rumyana Vitnyova presented the Foundation’s financial literacy programs, a range of online tools, and—together with the teachers—immersed themselves in the experience of one of the games from the guidebook “About Money and Other Important Things: Teen.” More>>>
On the occasion of Banker’s Day (6 December), a competition on the topic “Credit – Pros and Cons,” or when it is appropriate to take out a loan and when it is better to rely on personal savings, was held at the Vocational High School of Light Industry and Tourism in Kazanlak.
The activity is based on a game from our program “About Money and Other Important Things,” which is implemented at the school, and is an excellent example of what contemporary education can and should be.
The event was made possible thanks to Ginka Shtereva, Ombudsman of the City of Kazanlak, who has been working for years to develop the key competence of financial literacy among students in the city. More>>>
Once again, the performance “Money Carousel” was presented to great acclaim—this time in the city of Vratsa. More than 200 audience members enjoyed the play and the talented children from Kozma Trichkov Secondary School on 11 December 2019. More>>>
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In a “sweet” way — using candies — tenth-grade students from John Atanasoff Vocational High School in Targovishte entered the world of investments during a lesson held as part of the Careers Week. The workshop “Simple Interest, Compound Interest” is part of our program “About Money and Other Important Things: Teen” and represents an innovative, active learning game through which students, in an engaging way, acquire financial concepts and see the effects of compound and simple interest in practice.
The lesson was conducted under the guidance of Ms. St. Krasteva, senior mathematics teacher, who opened the class with the words of Albert Einstein:
“Compound interest is the eighth wonder of the world. He who understands it, earns it… More>>>
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“And they lived happily ever after…” — even the most hardened pessimist probably secretly hopes their own personal fairy tale will end this way. But even if you are convinced that love conquers all, it doesn’t hurt to give it a helping hand by paying attention to a much more down-to-earth aspect of life — money. After all, financial problems are among the top three reasons for divorce.
Here are some key questions to think about at every stage of a relationship — from the first dates to starting a family.
1. First Dates
Butterflies flutter in your stomach when you meet. Time drags painfully when you’re apart… And the last thing you feel like discussing is something as prosaic as money. Still, if you want your fairy tale to continue, it’s worth More>>>
The second edition of “National Finansiada 2020”—a financial literacy competition for children and parents organized by Bank DSK—has officially launched. The Financial Literacy Initiative Foundation is once again a partner in DSK’s initiative.
Following the successful 2019 edition, DSK is expanding this year’s initiative by adding another student age group. As a result, younger students will also have the opportunity to participate. Participants will be divided into two age categories: 14–16 and 17–19.
The competition will again take the form of team challenges between students and parents, who will test their knowledge and skills in an online qualification phase and a live final event for the top 12 teams. This year, teams will More>>>
All of us—parents and children alike—are spending time together at home, going through the restrictions related to the state of emergency and the viral pandemic. A crisis can also be a teacher, albeit a harsh one. We have all learned firsthand how important prudent financial behavior is: the ability to save and consume responsibly, not to live beyond our means, and to service our obligations regularly. The crisis also gives us an opportunity to continue—or to start—the much-needed conversation about money with our children. And what better way to do this than through the method most familiar and beloved by children—play!
We offer you three game ideas that you can apply at home and further develop according to your personal situation. It is worth noting that they can also be easily used by teachers, even in More>>>
In the panel dedicated to financial literacy as a foundation for the development of digital finance, Rositsa Vartonik of the Financial Literacy Initiative (FLI) presented data from the OECD study “Financial Literacy of the Population in Southeast Europe 2020.” She commented that Bulgaria’s score of 58% is good when compared to the regional average of 57%. However, there is still much ground to cover when compared with the EU average of 64%, and even more so if the goal is to reach the 70% levels of countries considered “top performers” in financial literacy, such as Finland, Canada, Hong Kong, and China.
The study data reveal significant differences between social groups. Young people score lower—53% compared to 61% for those aged 30–60. An even more pronounced gap appears along the More>>>
On 24 October in the city of Silistra, FLI conducted training in innovative financial literacy, attended by 26 teachers from the city and the region. The training was carried out with the support of the Regional Department of Education – Silistra. The teachers were introduced to the educational programs and activities developed by FLI, which they can use in their classes in “Technology and Entrepreneurship.” And not only that—they immersed themselves in the world of children and games: they created budgets for their families, saved money and repaid loans to finance a desired purchase, earned money with imagination and… squats.
In addition, the teachers went through a short training module on the basics of personal finance management. The goal of this additional module was twofold. On the one More>>>
The financial literacy play “The Money Carousel” and the innovative method “lesson-performance” were presented as a promising and innovative practice at the international conference organized by the OECD, “Financial Literacy, Financial Resilience, and Digitalization in the CIS”, held on 15–16 December 2020.
Rositsa Vartonik of FLI noted that “The Money Carousel” is a tool not only for increasing the financial literacy of children and parents, but also has the potential to engage and motivate other groups and communities as a whole. In this sense, it would be particularly useful when working with vulnerable groups. More>>>
FLI took part in a discussion on “Financial Education in the Digital Era”, organized by the Bulgarian Fintech Association. The event, held on 11 January 2021, brought together representatives of the Ministry of Finance, the Ministry of Education and Science, the OECD, associations from the financial sector, academia, and others. The focus of the discussion was digital financial literacy and the draft National Strategy for Financial Literacy.
Rositsa Vartonik, Executive Director of FLI, commented as a panelist in the discussion:
Digital financial education does not mean only using digital technologies as communication channels. It includes raising awareness and providing education about digital financial products and services—their nature, advantages, and the risks associated with their use. Part of this is More>>>
The family budget under an emergency epidemic situation resembles a modest pizza that we try to enrich with borrowed ingredients, commented Rositsa Vartonik, Executive Director and Founder of the Financial Literacy Initiative Foundation (FLI), in an interview for the Bulgarian News Agency (BTA).
The pandemic has shown that a large share of people are financially vulnerable and has proven the need to have an emergency fund, she added, noting that most people do not have sufficient savings.
According to her, Bulgarians generally have savings that can cover expenses for about one month, but in stressful emergency situations the period without income may be longer. Studies conducted before the pandemic (Eurostat data and others) on household vulnerability show that over 30% of people in Bulgaria (and on average in Europe) cannot cope with More>>>
Bulgaria Now Has a National Strategy for Financial Literacy National Strategy for Financial Literacy
On 10 February 2021, the Council of Ministers approved the National Strategy for Financial Literacy and the Action Plan thereto for the period 2021–2025. The strategic documents were prepared within the framework of the Interinstitutional Working Group on Financial Literacy at the Ministry of Finance. The Financial Literacy Initiative Foundation is a member of this group and, through its contribution, provided substantial support to the process of developing the strategic documents.
The main priorities of the National Strategy for Financial Literacy are focused on building:
Knowledge and skills for short-term personal financial management and financial control: budgeting and control of household expenses, timely servicing of obligations, and prudent judgment when taking on commitments and making purchases.
Knowledge More>>>
FLI’s new game is dedicated to the theme of this year’s edition of the global initiative “Take Care of Yourself, Take Care of Your Money!”. Its message is that through responsible behavior and care for ourselves, our health, our belongings, and the environment, all of us—both children and adults—can support the family budget. Suitable for use at home, in the classroom, in a library, or in a community center, the game can involve children, parents, teachers, and educators.
Here is the game “Take Care of Yourself, Take Care of Your Money!”:
1. Prepare slips of paper with written statements, for example:
I brush my teeth regularly!
I am careful not to break my phone!
I always turn off the lights when I leave the room!
2. The participants are divided More>>>
The children’s financial theater “The Money Carousel” also “spun” in the village of Pavolche, with the support of Rumyana Vitnyova, in front of an audience on 31 August 2020.
Here is what they share about their preparation in financial literacy and the rehearsals at the Pavolche village library:
“During the Financial Literacy sessions with Rumyana Vitnyova, the children learned how everyone can contribute to their own well-being and to achieving their financial goals and dreams—by controlling their financial situation, by learning how to generate more income, and how to spend it wisely. And during the creative process of learning their roles in the theatrical performance ‘The Money Carousel’, which was presented to the public on 31 August, they learned about the More>>>
Is financial discipline alone enough to manage our money? How should we act if our teenagers spend their monthly “pocket money” in just a few days? These and other questions were discussed by Rositsa Vartonik of the Financial Literacy Initiative (FLI) in a conversation with the host of the program “Ask BNT”, Mira Dobreva.
Watch the full conversation! More>>>
Rumyana Vitnyova, a teacher and member of the team of the Financial Literacy Initiative Foundation (FLI), commented in a conversation with Katya Vasileva on Bulgarian National Radio:
“It is never too early to start a conversation about money, about managing financial resources, and in general about children’s attitudes toward money. Now is a particularly appropriate time for this, because regardless of what our children will do in the future, how they will earn a living, or where they will live, the issue of finances will always be key, and they will inevitably face the management of their personal funds.”
Here are also some ideas for family games that can serve as a starting point for conversations on the topic of finances.
Listen to the full conversation! More>>>
A true celebration was created by the wonderful children of Class 4B, together with their class teacher Boryana Popova, from Mati Bulgaria Primary School. The children are also the “creators” of the beautiful stage set. More>>>
Our children’s financial literacy play “The Money Carousel”, written by Teodora Panayotova, is among the six best plays in the country on the theme of “Money”. It was recognized in the competition for a new play on the theme “Money”organized by New Bulgarian University.
This recognition is especially valuable for the Financial Literacy Initiative Foundation. It shows us that we are on the right path.
We see it as an evaluation of the quality of the financial literacy educational programs developed by our team. We accept it as recognition and motivation to continue creating in the future.
And the play “The Money Carousel” will continue to delight and educate both children and parents. More>>>
In a conversation with host Eli Penchukova, Rositsa Vartonik of the Financial Literacy Initiative (FLI) stated:
“Through the active games in our programs—through doing and experiencing—children do not only acquire knowledge. They form sustainable behavioral models in relation to money management. This is particularly important, as managing money is to a large extent a matter of behavior and habit. Talking with children about money is important because, regardless of what they will do in the future, what they will work as, and where they will live, one thing is certain—they will need to be able to manage their finances in order to live well.”
Rositsa Vartonik explained that interest in the play “The Money Carousel” is truly high—both among children and among parents. The next More>>>
“There are expectations of rising inflation, largely linked to the pandemic situation and the measures governments are taking to support citizens and businesses,” commented Rositsa Vartonik on the programme “Our Afternoon” on BSTV. Securing the necessary funds generally happens in two ways—by taking on new public debt and by printing money. However, she stressed that we must be aware this will have long-term effects on society’s quality of life, not least because our children will have to repay these debts.
The question of how inflation is measured sparks considerable debate among economists, while people often feel in their own budgets that inflation is higher than the officially reported figures. There are various explanations for this, one of which is More>>>
Rumyana Vitnyova, a long-standing teacher at Kozma Trichkov Secondary School in Vratsa and a member of the team of the Financial Literacy Initiative (FLI) Foundation, has been awarded the prestigious “Neofit Rilski” honorary distinction for her many years of outstanding, highly professional work in the system of pre-school and school education. She received the honorary certificate at an official ceremony held at the Ministry of Education and Science on 31 May 2021. This is the second consecutive distinction awarded to Rumyana Vitnyova.
Rumyana Vitnyova has been a long-standing member of the FLI Foundation team, which has developed a number of innovative financial literacy programs with no equivalent in the country and has trained a large number of teachers.
The More>>>
The children’s financial theatre performance The Carousel of Money will be presented to the public in the city of Montana on 9 June at 5:00 p.m. at Sts. Cyril and Methodius Primary School. The young students of teacher Kristina Ignatova have prepared the festive performance with great enthusiasm and inspiration—and, of course, with the financial literacy knowledge they have acquired.
The children are trained under the FLI Foundation’s innovative financial literacy program “About Money and Other Important Things: First Steps,” of which The Carousel of Money is a part.
The play represents an innovative educational approach based on the concept of a “lesson-performance.” Through it, students step out of the role of passive More>>>
Children from Sts. Cyril and Methodius Primary School in the city of Montana turned The Carousel of Money into an exciting and wonderful celebration, earning the applause of their parents, representatives of local authorities, the media, and the business community.
Our sincere congratulations for the impressive performance—and not only for that. We met talented, knowledgeable, and smiling children, along with their remarkable teachers—the principal, Ms. Ivanova; Ms. Kristina Ignatova; Ms. Mirela; and many others. We felt a true Revival spirit—care, dedication, and personal attention to every child. We saw how good things can happen when there is willingness and commitment.
Once again, we witnessed the power of our programs and of the performance—not only to impart knowledge, but More>>>
A double-digit surge in energy prices and rising inflation will be the main challenges facing Bulgarian households when planning their family budgets this winter. The difficult task of the household “budget manager” will be to convince family members that there is always room to punch another hole in the belt. The approach should be constructive—softly, kindly, and with a little… which, translated into the language of positivism, means: it will be tough, but we will get through this challenge together, without unnecessary luxuries, advises Rositza Vartonik, Executive Director and Founder of the Financial Literacy Initiative Foundation, in an interview with BTA.
There are neither ready-made nor easy solutions for how to act in such a situation, especially for people with more limited incomes, More>>>
In the latest episode of MoitePari TV, Rositza Vartonik from the Financial Literacy Initiative (FLI) and Deyan Vasilev from MoitePari discussed the importance and the need to help children develop personal money management skills from an early age, as well as the challenges posed by the digital environment. The main highlights of the conversation included:
If we, as parents, are not financially literate, the chances of raising a financially literate child are rather low.
Financial literacy is a fundamental life skill, because whatever our children choose to do in the future—regardless of their profession, whether they become entrepreneurs, employees, or freelancers—they will need to be able to manage their money.
This is even more important in a context More>>>
financial literacy, OECD, digital financial education
On 24–25 November 2021, the annual conference “Financial Literacy in the Digital Era” was held, organized by the OECD, the Ministry of Finance of the Netherlands, and co-hosted by the Ministry of Finance of Bulgaria. The online event focused on achievements and challenges in the field of digital financial literacy in the countries of Southeastern Europe. It was part of a project implemented by the OECD and the Ministry of Finance of the Netherlands, aimed at encouraging the development of national policies in the area of financial literacy, covering six countries in the region, including Bulgaria.
Rositza Vartonik, Founder and Director of the Financial Literacy Initiative (FLI), moderated the More>>>
FLI, personal finance, management, inflation, advicePDF file
In a conversation with Emilia Antova, journalist at the newspaper Third Age, Rositza Vartonik commented on some prudent strategies for managing personal finances in a context of rising inflation.
On the current situation and rising inflation
We cannot expect good news in the near future. Over the past year there was a recovery in economic activity, but the war in Ukraine has halted this development. On a personal level, this has a severe impact on people.
On the emergency fund
Standard recommendations suggest that people should have savings set aside specifically in an emergency fund sufficient to cover living expenses for three to six months. The exact amount depends on one’s personal situation. At the same time, it is important to More>>>
A total of 48 librarians from Vratsa Region completed training under the “Financial Literacy in the Digital Age”programme of the Financial Literacy Initiative Foundation (FLI) at the Hristo Botev Regional Library.
Delivered in an interactive, game-based format, the trainers from the Financial Literacy Initiative Foundation, Rositza Vartonik and Rumyiana Vitnyova, provided practical guidance on managing household and personal budgets, as well as techniques for saving and protecting personal data when shopping and banking online. Another key focus of the training was the presentation of educational financial literacy programmes for different target groups, which can be applied in work with local communities.
Rositza Vartonik and Rumyiana Vitnyova introduced participants to the More>>>
Fourth-grade students from Secondary School No. 108 “Nikola Belovezhdov” in Sofia turned “The Carousel of Money”into an exciting celebration and a memorable finale of Global Money Week. They presented the lesson-theatre performance to their classmates, teachers, and parents, earning enthusiastic applause. Special guests at the event were Rositza Vartonik and Teodora Panayotova from the Financial Literacy Initiative Foundation (FLI), who were welcomed by the school principal, Ms Lidiya Todorova, and the teacher of the young performers, Ms Lyubka Stoyanova.
In her address to the audience, Rositza Vartonik encouraged the children to be curious, open to knowledge, and to learn how to manage money so they can turn their dreams into reality. “Once again, we saw the More>>>
The campaign “Home Insurance: Protect Your World” is organised by the Association of Bulgarian Insurers (ABI) and aims to explain the need for and the benefits of property insurance as a tool for ensuring financial and personal stability. The main emphasis is placed on practical aspects related to choosing a property insurance policy that is appropriate for one’s individual situation, as well as on the process of filing and settling claims.
The ABI initiative “In Focus: Property Insurance” – “Home Insurance: Protect Your World” will run for two months and will include a range of activities, such as a social media campaign through ABI’s Facebook and LinkedIn pages, a quiz game with prizes titled “Your Insurance IQ: Property Insurance”, and More>>>
FLI, Rositsa Vartonik, financial literacy, youth, parents
“Our children really do prefer to stay with us, their parents, for a longer time. For the United States this is striking, because there children traditionally leave the family home earlier. In Bulgaria and in southern, more patriarchal countries, this is not particularly surprising. This process became more pronounced around the pandemic, when there were income problems and many people lost their jobs. It was logical for households to come together in order to survive that period.”
This was stated by Rositsa Vartonik, Director of the Financial Literacy Initiative Foundation, in an interview for Bulgarian National Radio (BNR) in connection with a study by the website Moite Pari (“My Money”) on the age at which adults start living independently. A More>>>
FLI, personal finance, management, financial literacy, youth, parents
“The level of financial literacy among Bulgarian young people is relatively lower than that of their peers around the world. In 2018, a PISA study on financial literacy was conducted and, out of 20 countries, Bulgaria ranked 18th. The reasons for this are complex. Children’s financial literacy is a mirror of that of their parents, which is normal, because these skills and attitudes toward managing money are largely about behaviour,” said Rositsa Vartonik, Director of the Financial Literacy Initiative Foundation, in the studio of Bulgaria Morning.
“If parents themselves are not sufficiently financially literate, their children are unlikely to be either. Traditionally, school is the place that helps minimise social disparities, whereas in More>>>
Financial literacy means managing resources and money in a way that allows us to live the life we envision. Financial literacy and financial education are of growing importance in today’s society, stated Rositsa Vartonik, Founder of the Financial Literacy Initiative Foundation, in a discussion on BNR – Hristo Botev with James Yolovski, finance lecturer at VUZF, and Magdalena Delinesheva, Chair of the Board of the Education 5.0 Foundation, hosted by Nina Tsaneva on the programme Our Day.
Financial literacy and financial education are recognised as important individual skills necessary for making sustainable financial decisions and achieving financial well-being. This is driven by the availability of increasingly complex financial products, the emergence of new risks, and the rapid development of the financial sector.
In More>>>
“Financial education is a set of knowledge, skills, and behaviours that help us manage our finances in a way that allows us to achieve our goals—in other words, to live the life we want,” explained Rositsa Vartonik, Founder and Director of the Financial Literacy Initiative Foundation, in the programme Social Network on NOVA TV. It is not enough to know how to manage our money—we must also apply this knowledge in practice.
The first lessons in financial literacy are either received or not received from our parents, which is why children’s financial literacy often reflects that of their parents. Later on, educational institutions should also become involved in order to achieve a more level starting point. “Imagine a child growing up in a family where the parents do not have in-depth knowledge. More>>>
New year, new beginning—this is often the mindset with which we start the year. We promise ourselves to live healthier lives, to be more financially sensible, to be better and more generous, to find time for the people close to us… Whether we keep our own promises depends entirely on us.
Here are our five suggestions for New Year’s resolutions which, if followed, are a solid foundation for financial well-being.
1. Invest in yourself!
There is no better way to achieve success—including financial success—than by investing in yourself: developing and acquiring new knowledge, skills, and competencies. In doing so, you will not only become an increasingly valuable professional or develop your business more successfully, but you will also open the door to new opportunities. Think of this as a form of More>>>
Financial literacy is a fundamental life skill, and its importance is growing
Financial literacy is globally recognised[i] as a fundamental life skill in the 21st century, which is essential for achieving and maintaining the financial well-being of individuals and society. Its growing importance is driven by a number of factors: changes in social systems and the transfer of risks to individuals; the increasing diversity and complexity of financial products and instruments, including digital ones (for example, crypto-assets); the “democratisation” of the financial sector and investments as a result of the dynamic development of digital technologies; the emergence of new, alternative forms of financial advice (e.g. finfluencers); and the increasing frequency and complexity of financial fraud. In addition to these More>>>
The Education 5.0 Foundation, in partnership with the Financial Literacy Initiative Foundation (FLI), “Angel Kanchev”University of Ruse, and the “Successful People” club at “Baba Tonka” High School of Mathematics, Ruse, are organising the Financial Literacy Academy, which will take place from 6 to 9 March 2024. The general sponsor of the initiative is DSK Bank.
The aim of the Academy is not only to challenge young people to propose innovative solutions to a case from the field of financial literacy, but also to enrich their knowledge on the topic through lectures delivered by academics and practitioners from the financial sector. Participation is planned for 15 teams of five members each, with a teacher as team leader.
Key information
Registration deadline: 3 March More>>>
#financialliteracy #success #innovation #fintech #students
Innovation, motivation, broad outlook, and teamwork skills – all this and much more were demonstrated by the participants in the Financial Literacy Academy 2024. For nearly a week (3–9 March), they worked on their ideas for innovations in the field of digital financial services and financial literacy, attended engaging lectures, responded to intriguing challenges, and built new connections and friendships.
The organiser of the inspiring initiative was the Education 5.0 Foundation, in partnership with the Financial Literacy Initiative Foundation (FLI) and the entrepreneurship club “Successful People” at “Baba Tonka” High School of Mathematics, Ruse. The general sponsor of the initiative was DSK Bank, and “Angel More>>>
On 26 March 2024, community centre staff and librarians from Pazardzhik Region completed training under the FLI programme “Financial Literacy in the Digital Age” at the “Nikola Furnadzhiev” Regional Library in Pazardzhik.
In the form of games, lecturers from the Financial Literacy Initiative Foundation (FLI), Rositsa Vartonik and Rumyana Vitnyova, discussed the importance of financial literacy in our time, especially in light of the rapid development of digital technologies. They provided practical guidance on allocating family and personal budgets. Techniques for saving and for protecting data during online shopping and banking were also examined.
Another focus of the training was the presentation of educational financial literacy programmes for different target groups that More>>>
A large proportion of 15-year-old children in Bulgaria have bank accounts and use debit cards. The level of financial literacy among Bulgarian students is below average, the PISA tests showed. With an average score of 498 points, Bulgarian students scored 426.
“Financial literacy education itself is not systematically integrated into school curricula, and conversations with parents on this topic are also important. Children need to learn how to make such financial decisions in order to live the life they want. They need to be able to do the calculations when they shop; at this age, the foundations of long-term thinking and planning are also laid,” commented the founder and director of the Financial Literacy Initiative Foundation (FLI), Rositsa Vartonik, in the studio of “Bulgaria Sutrin” on More>>>
financial literacy, children, games, summer, community centre
A fun and useful activity for the children from the “Razvitie” club at the “Razvitie-1869” Community Centre in Vratsa was conducted by Rumyana Vitnyova from the Financial Literacy Initiative Foundation (FLI) on 10 July 2024. The children participating in the “Book Summer” programme learned how to manage money and how to make their dreams come true in a complex and dynamic world. Through the educational game “To Borrow or Not” by the Financial Literacy Initiative Foundation (FLI), the children became familiar with important concepts such as credit and interest. With the help of the game, they understood how to save, what the difference is between needs and wants, and how to make More>>>
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The summer activities on financial literacy with children from the community centres in the village of Pavolche and the town of Krivodol continue – NCh “Far 1930” and NCh “N. Y. Vaptsarov”. On 20 August, Rositsa Vartonik and Rumyana Vitnyova conducted the interactive game “Discover the Treasure”, developed by the Financial Literacy Initiative Foundation (FLI). The children went through a series of challenges that required teamwork and financial knowledge. They had to decipher a series of secret “keys” in order to discover where and what the “treasure” was.
We extend our heartfelt thanks to the leaders of the children at the community centres in the village of Pavolche and the town More>>>
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Another “adventure” was created by the Financial Literacy Initiative Foundation (FLI), Rositsa Vartonik, and Rumyana Vitnyova for the children attending the summer workshops at the community centres in the village of Pavolche and the town of Krivodol. As a reward for the themed game about the Bulgarian National Bank (BNB), “Discover the Treasure”, which we conducted in August in Vratsa, the curious young participants visited the permanent museum exhibition of the Bulgarian National Bank on 9 September 2024.
The idea for the creation of the museum exhibition emerged in the 1920s, but it was opened in 1999 in connection with the 120th anniversary of the founding of the Bulgarian National Bank. The children traced the wealth of ancient More>>>
On 14 July 2025, community centre staff and librarians from Kardzhali Region completed training under the programme “Financial Literacy in the Digital Age” of the Financial Literacy Initiative Foundation (FLI) at the “N. Yl. Vaptsarov”Regional Library, Kardzhali.
In the form of games, lecturers from the Financial Literacy Initiative Foundation (FLI), Rositsa Vartonik and Rumyana Vitnyova, discussed the importance of financial literacy in our time, especially in light of the rapid development of digital technologies. They provided practical guidance on allocating family and personal budgets. Techniques for saving and for data protection when carrying out operations in a digital environment were also examined.
Another focus of the training was the presentation of educational financial More>>>
In a BNT report dedicated to financial literacy in schools, student activities conducted using the materials of the Financial Literacy Initiative Foundation (FLI) were presented. The students worked on the topic of saving through our workshop “Saving Routes”, which is part of the programme “About Money and Other Important Things”.
The inclusion of our resources in classroom lessons is further proof of their practical value and of their active use by teachers across the country. We thank the teachers who integrate the workshops into their work and help children develop skills for sensible and conscious money management.
FLI continues to develop and provide modern educational materials that support the financial culture of the youngest learners.
View the full More>>>
The biggest mistake parents can make is to satisfy their children’s every whim. This fosters an attitude toward money as something given and automatically available, disconnected from effort, planning, and choice. This was commented on for BNR by Rositsa Wartonick, founder and director of the Financial Literacy Initiative Foundation, in an interview for the “Before All” program on BNR-Horizont.
“One of the main long-term problems that arises is related to one’s attitude toward money and the world as a whole. The child does not learn to distinguish between wants and needs, nor to plan how to achieve what they want. In fact, this is at the core of good personal finance management — knowing that not everything is possible right away, but almost anything can be achieved with a plan and patience,” More>>>
On 26 January 2026, the national initiative “Let’s Turn the Money Carousel – Together!” was officially launched, aiming to transform financial literacy into a shared experience for children and communities across the country. The initiative is dedicated to Global Money Week (16–22 March 2026)—an annual campaign of the International Network on Financial Education (INFE) of the Organisation for Economic Co-operation and Development (OECD). It is organised by the Financial Literacy Initiative Foundation and the Education 5.0 Foundation.
In March, during Global Money Week, children from different locations across Bulgaria will prepare and present the educational theatre “The Money Carousel” in their own environment—in classrooms, school halls, or small stages in front of their local More>>>
If you have already registered to take part in the initiative “Let’s Spin the Carousel of Money – Together” or are considering joining, this online discussion will be truly valuable for you.
To support participants, the organisers of the initiative – the Financial Literacy Initiative Foundation and Education 5.0 Foundation – will host an online discussion focused on practical aspects of implementing the theatre lesson “Carousel of Money”.
A particularly valuable element of the discussion is the participation of teachers who have already presented the “Carousel of Money” theatre lesson before live audiences. They will share their hands-on experience and respond to questions from participants attending online.
REGISTER HERE!
Date and time: 17 February 2026, 5:30 PM More>>>
On 17 February 2026, the online discussion “The Money Carousel – Practical Aspects of Implementing the Educational Theatre” brought together over 100 teachers, school principals, and representatives of schools, community centres (chitalishta), libraries, and municipalities from across the country. The meeting aimed to support participants in the initiative “Let’s Turn the Money Carousel – Together!” in preparing their performances and to give them the confidence to turn financial literacy into a vivid, shared experience.
The discussion featured:
Rossitza Wartonick, Financial Literacy Initiative Foundation
Dr. Magdanelа Delinesheva, Education 5.0 Foundation
Rumyana Vitnyova, Secondary School “Kozma Trichkov”, Vratsa
Lyubka Georgieva, 108 Secondary School More>>>
With the start of Global Money Week, taking place on 16–22 March 2026, performances of the educational theatre production “The Money Carousel” are beginning across dozens of locations throughout the country. Schools, community centres (chitalishta), and libraries are turning into stages where children present lessons about money and life through theatre. These performances bring together students, parents, and members of the local community around the topic of financial literacy.
Information on where and when the performances take place is available in the calendar on the initiative’s website: www.finansovogramoten.bg. At present, the calendar includes nearly 100 events, and the list continues to be updated. In some schools, two or even three performances are scheduled to allow more students and guests to take More>>>