That “the well-being of individuals will affect the well-being of society” stated the Governor of the Bank of Greece Giannis Stournara in his speech at the opening of the periodical exhibition “Personal Finances” in Bank Museum.

The speech of Giannis Stournaras in detail:

“Good evening.

Today we are launching a very interesting one educational report about financial issues that we face in our daily lives. Income, saving, borrowing, inflation, financial planning and digital scams are just some of the very essential topics presented in the report.

The report “Personal finance“, aims to empower students, young adults and the general public. This empowerment is accomplished by providing necessary knowledge and the consequent acquisition of skills which, if applied as a rule of life, can lead individuals to long-term financial prosperity. The well-being of individuals will then affect the well-being of society as a whole, multiplying its ability to successfully deal with financial risks, such as the recent pandemic and any new crisis.

So we understand the importance of financial education, in the context of which the exhibition is held. However, this is not the first time that the Museum has hosted an influential exhibition on these issues. As you heard from the Director of the Center for Culture, Research and Documentation, Mrs. Katerina Spyrou, the Museum works intensively in the field of informing students and the public on economic issues and indeed in a direct and practical way, which looks forward to the development of economic awareness and ultimately to improving the daily lives of all of us.

At the same time, the publications of the Center for Culture contribute to the creation of a supportive publishing framework for these subjects, with most books being posted in electronic format on the Bank’s website, in the section “Publications of the Center for Culture, Research and Documentation”, and with free access to anyone interested.

Also, the Communication Unit of the Bank implemented from March 2024 an information campaign on social media, addressed mainly to the young audience, about the secure paymentsand protection against electronic fraud. In the context of this action, a humorous video was created with the title & If you press it… you will press it & which you will also see among the exhibits. The campaign, which was supported by an informational material entitled “How do I protect myself from online scams?”, had a great and positive response, with more than 1.5 million viewers of the video.

Therefore, financial education is a critical issue for financial inclusion, i.e without exclusioncitizens’ participation in economic life.

It can create the basis for reducing income inequality and enhancing financial stability in society.

With financial knowledge, one is less likely to be exploited or defrauded, or to over-borrow, and to be more effective in planning one’s retirement. It also participates more actively in financial markets and makes more frequent use of financial technologies.

In the business sector, the success and growth of small and medium enterprises they often depend on the acquisition of financial knowledge and skills.

All this summarizes the reasons why, in addition to the actions undertaken by the Bank on its own initiative, it also actively participates in the actions of other bodies, with its most emblematic participation in the project of drawing up a National Strategy for financial literacy implemented under the coordination of the Ministry of National Economy and Finance, with technical assistance from the European Commission and expertise from the OECD.

In addition, the Bank of Greece cooperates with and supports organizations dealing with financial education issues. In this context, he is the national coordinator of the OECD’s annual global awareness campaign for financial education entitled “Global Money Week”. In 2024, 16 agencies under the coordination of the Bank of Greece participated or contributed to its actions.

Along the same lines, the Bank also collaborates with the Institute of Financial Literacy. It is the fruit of this collaboration two dictionaries of economic terms issued by the Bank: one for children up to 12 years old and one for teenagers, both written by the president of the Institute, Professor Mr. Nikolaos Philippa. In addition, the Bank supports the “Economic Olympiad” from 2020, as well as student initiatives such as “Get Involved” and the “E-Square project”. It has also previously joined forces with the Ministry of Citizen Protection, the Hellenic Police and the Hellenic Banks Association in an earlier campaign to inform the public about online fraud.

It is our deep conviction, here at the Bank of Greece, that all citizens of the country deserve and can claim a better financial future. The Personal Finance report is another way to that end.

I invite you to enjoy the Exhibition!»