Laughter, inspiration, and serious discussions on key financial topics marked the conclusion of yet another successful Financial Literacy Week. From March 18 to 21, Zagreb became the epicenter of financial education, gathering professionals and the general public with the goal of raising financial awareness and empowering citizens to make informed decisions about personal finances. The Faculty of Economics – Zagreb has once again confirmed its crucial role in the financial education of all age groups.
Opening with a book and a financial workshop
The event began with the presentation of the new edition of Velimir Šonje‘s book ‘Pensions for the 21st Century’ at the Faculty of Economics in Zagreb. Concurrently, at the Moneterri – the Money Museum of the Croatian National Bank, the first Financial Workshop for children and parents was held, which, through reading the picture book ‘Little Elephant Miro’, a museum tour, and interactive games, introduced basic concepts of saving, investing, and money management to the little ones.
FLxTalk: Inspiration for Generation Z
Wednesday was reserved for Financial Literacy x Talk, a dynamic format aimed primarily at a younger audience. In Urania – the space of creation, with inspiring speeches and panel discussions, young people had the opportunity to hear stories from those who shaped their own successes through financial decisions. The evening was opened by Assoc. Prof. Dr. Ljubica Milanović, Vice Dean for Study Programs, Communication, and Digitalization at the Faculty of Economics, and Assoc. Prof. Dr. Dajana Barbić, the organizer of the Week.
Mario Mandarić shared his fascinating journey to the prestigious Forbes 30 Under 30 list, emphasizing that passion, innovation, and financial discipline are key to success in hospitality. He inspired attendees with stories of the challenges he faced and how financial literacy played an important role in building a sustainable business model.
Magda Milas spoke about the world of blockchain, AI, and DeFi, emphasizing the quote: ‘The future belongs to those who can imagine, design, and create it.’ For this reason, she highlighted the importance of preparing for the upcoming changes and opportunities brought by the financial revolution.
The Deputy Mayor of the City of Zagreb, Assoc. Prof. Dr. Luka Korlaet, brought concrete numbers and data on the housing issue in Zagreb, revealing that there are as many as 50,000 vacant housing units in the city. He presented a plan for affordable housing for the City of Zagreb, emphasizing that innovative rental models will enable young people to have a better and more accessible living space.
Josip Kljaković Gašpić, Director of the Development and Control of Non-Life Insurance at Wiener osiguranje Vienna Insurance Group d.d., spoke about the importance of financial security and emphasized that insurance can be an extremely useful tool for achieving financial security. He explained the key elements to consider when choosing insurance products so that everyone can sleep peacefully.
Dr. Lana Žaja, author of the book ‘The History of Artificial Intelligence’, shared with the audience the story of how her book came to be and why ‘robots and AI are not the end of our story, but the beginning of something better and of higher quality life.’ Lana explained that artificial intelligence should not be perceived as a threat, but as a tool that can help us optimize work and everyday life.
Financial Literacy Academies
On Thursday, two academies were held: The Financial Literacy Academy for Adults and the Academy for Youth, where experts from the financial industry, professors, and scientists shared their knowledge and experiences. The education covered topics from basic concepts of personal finance to advanced investment strategies and financial planning. All participants also received their copy of the educational brochure ‘Money Talks: A Financial Literacy Handbook for Citizens’.
—
—
The highlight of the week – Regional Conference on Financial Literacy
The week concluded with the 3rd Regional Conference on Financial Literacy titled ‘Financial IQ: Smart Finance as a Response to Contemporary Problems‘, which offered in-depth analyses of economic trends and challenges we face.
The conference was opened by the Dean of EFZG, Prof. Dr. Sanja Sever Mališ, emphasizing that financial literacy is not just theoretical knowledge but a tool for improving everyday life and that the goal of the faculty is to open a dialogue on key financial challenges of today and, through the exchange of knowledge and experiences, contribute to the development of financial resilience of individuals and society as a whole.
Following that, the speech of the CEO of Raiffeisen Pension Funds, Gordan Šumanović, highlighted that their company is strongly committed to financial literacy and that over 2,500 people have participated in the Financial Literacy Week so far.
Assoc. Prof. Dr. Dajana Barbić, the organizer of the Week, in her speech emphasized that the motto of the project #learn #empower #prosper reflects what they strive for, which is learning, as knowledge opens doors to new opportunities; empowerment, as financial independence gives freedom of choice; and prosperity, as responsible management of personal finances brings a safer and higher quality life.
The Deputy Prime Minister and Minister of Finance, Assoc. Prof. Dr. Marko Primorac, delivered an introductory lecture on the key challenges of financial literacy, emphasizing that financial literacy has increased by almost 7 percentage points in the last 7 years. He stressed the need for long-term planning, revealing that Croatia ranks second in the EU in investing in crypto assets. He also pointed out that social media is the main source of political and social topics for younger respondents, which can be problematic given the presence of misinformation and fake news.
Prof. Dr. Boris Vujčić, Governor of the HNB, also expressed concern about the increasing tendency of citizens to risky investments in cryptocurrencies, which is a common practice in Croatia and Slovenia, but can also indicate a lack of financial knowledge and responsible behavior in managing finances. He revealed that household debt in Croatia is lower compared to the EU average; however, the emphasis is on the high increase in cash loans, whose average amount has risen from €7,500 to €8,500 in the last three years. For all these reasons, Vujčić stated, the HNB has adopted a Decision on Credit Criteria that will come into effect on July 1, 2025. According to this Decision, the maximum ratio of monthly repayment of total debt to income will be 45 percent for housing loans and 40 percent for non-housing loans, and the ratio of the amount of housing loan to the value of the property will be limited to 90 percent.
Dr. Ante Žigman, Chairman of the Management Board of Hanfa, warned of the increasing exposure to financial fraud and emphasized that ‘Financial literacy is not only the task of regulators and institutions like Hanfa, HNB, and the Ministry of Finance. It is crucial that educational institutions and the media, which play a significant role in raising citizens’ awareness, actively engage in the process.’
A particular interest of the audience was sparked by a study on the financial behavior of Croatian citizens presented by Petra Bašić Jantolić from Addiko Bank, which showed that 71 percent of citizens in Croatia associate money with shame or envy and that only 36 percent of citizens regularly talk about money with close persons. Particularly interesting findings include that as many as 38 percent of partners are not aware of their partner’s financial situation before starting cohabitation or marriage, and as many as 20 percent have their secret fund. Additionally, 68 percent of parents want to teach their children smart money management, but do not do so due to daily obligations.
The conference also featured three panel discussions that brought together leading experts from the financial industry, economy, and entrepreneurship. In the panel Global Trends, Local Challenges: How Economic Factors, AI, and Technology Shape Our Wallets, Luka Babić, a member of the Management Board from Croatia osiguranje, Boris Drilo, a member of the Management Board from Hrvatski Telekom, economic analyst Damir Novotny, Zoran Stanković, a member of the Management Board from Atlantic Group, and Renata Vujasinović, country manager from Visa Europe discussed the transformation of the financial sector in the digital age.
The panel From Artist to Entrepreneur: Financial Literacy as the Key to Success for All brought inspiring stories from entrepreneurs and creatives, including Pamela Badžek, an influencer and owner of the brand August Studio, business consultant Kristina Ercegović, Nataša Kapetanović, CEO of GRAWE Croatia, visual artist Stjepan Šandrk, and sports director Igor Vori.
Sustainable consumption and consumer habits were the focus of the panel Between Luxury and Minimalism: The Path to Sustainable Consumption, where designer and owner of the brand Krie design, Kristina Burja, architect and co-founder of the studio 3LHD, Marko Dabrović, Ana Ruža Jurman, brand manager for Porsche from Porsche Inter Auto, and Ivanka Mabić Gagić, executive director from Aleph Croatia shared their thoughts.
Inspiration that Leaves a Mark
Along with expert lectures and discussions, the Financial Literacy Week was also a space for networking, exchanging ideas, and raising awareness of the importance of financial education. This year’s edition brought new insights, opened important topics, and laid the foundations for an even better financial future for the citizens of Croatia. The question is not ‘Do we need to know more about money?’, but ‘Can we afford not to know?’. Judging by this year’s response and enthusiasm, the answer is clear – financial literacy is becoming the key to success in everyday life.
