The World Children Are Growing Up In

Today’s children can hear advice about cryptocurrencies on TikTok before they even learn what interest is. They shop online in just a few clicks, use digital payments, and are constantly exposed to content about “easy money,” investing, and getting rich quickly.

Financial decisions are now everywhere around us — in our phones, social media feeds, online games, advertisements, and shopping apps. And they are often made much faster, under the influence of emotions, social pressure, or aggressive digital marketing.

That is precisely why financial literacy is increasingly seen as a fundamental life skill rather than just an additional area of knowledge. Today, it is no longer enough simply to recognize a few financial terms. People need to be able to assess risk, recognize manipulation, understand the consequences of their choices, and manage their financial behaviour responsibly.

And this leads to an important question: are schools really preparing children for this environment?

Not everyone will start a business. But everyone will manage their own money.

Financial literacy is present in Bulgarian school curricula to some extent, mainly through the subject “Technology and Entrepreneurship.” This is also noted in Bulgaria’s PISA 2018 analysis, which states that some financial literacy concepts have been incorporated into the updated curriculum for the subject. 

Financial Literacy Is Not Just Knowledge

Very often, conversations about financial literacy focus primarily on acquiring certain types of knowledge. And that is important. But simply understanding financial concepts, products, and decisions is not enough if habits, attitudes, and responsible financial behaviour are missing. A person may have knowledge and still make poor financial decisions. A simple example is that we all know how important it is to keep a budget, yet not all of us actually do it.

This is precisely why early age is so important in financial education. It is during this period that habits, attitudes, and patterns of behaviour are formed most deeply and often stay with us for life. Financial education for children — and not only for children — should therefore go beyond simply transferring information. It should help gradually build a healthy attitude towards money and the ability to make sound financial decisions.

This is difficult to achieve through theory and memorisation alone. Experience, participation, and real-life situations are far more effective — situations in which children make decisions, see the consequences of those decisions, and gradually build confidence and responsible financial behaviour.

And perhaps this is the most important point of all. Products and technologies are constantly changing. A few years ago, we barely talked about digital wallets, investment apps, or crypto-assets. A few years from now, entirely new forms of financial services will likely emerge. But the foundations of sound financial behaviour remain the same.

Financial Literacy Goes Beyond Personal Wellbeing

What Does This Mean in Practice?

The conversation about financial literacy should not be reduced simply to the question of whether there should be a new school subject. The more important question is what knowledge, skills, attitudes, and behaviours we consider fundamentally necessary for people in the modern world — and, accordingly, what our educational priorities should be.

It also means recognising that financial literacy does not end at school. The financial environment is constantly changing, which is why learning needs to continue throughout life — through schools, employers, institutions, digital platforms, and public initiatives.

And perhaps most importantly, we need to start seeing financial literacy not as an “additional topic,” but as a fundamental life competence in the modern world.

Rossitza Wartonick, founder and director, Financial Literacy Initiative Foundation