In the Financial Literacy Competition, ninth graders will test their financial literacy skills within the broader social context. In the qualifying round, the ninth graders answered questions ranging from the economic impacts of the coronavirus to platform economies, investment savings accounts, mobile IDs and interest rate trends. More than 170 schools and 7,000 young people took part in the highly competitive qualifying round. Many schools also took part in the event by having a teacher hold a version of the competition as a social studies exam.
In the final of the Financial Literacy Competition, the ninth graders described the qualities of a self-employed person, explained financial concepts, and reflected on the effects of the coronavirus pandemic on the global economy in the form of a verbal interview with a partner. The finalists were also interviewed by means of an individual written task where the students examined the economic operating conditions of an area in Finland suffering from population loss, and mulled over ways to improve the situation.
Held via a remote connection due to the exceptional situation, the final of the Financial Literacy Competition was reached by ten students in total. The top three were awarded mutual fund gift cards. The top three of the final were:
- Teemu Koukkari, Pielisjoki School, Joensuu
- Tuulia Kervinen, Riistavesi School, Kuopio
- Marttina Helin, Maunu School, Rusko
-We are glad that we were able to organise the traditional Financial Literacy Competition this spring, despite the highly unusual circumstances. Organising the competition required a lot of effort from the teachers of the participating schools, for which we are extremely thankful, says Kirsi Ruhanen, Executive Director of HYOL ry, the Association for Teachers of History and Social Studies in Finland, the event organiser.
Aimed at ninth graders, the Financial Literacy Competition is an established national competition that was held for the first time in 1966. The Financial Literacy Competition, Finland’s oldest competition for schoolchildren, has established its position as a spring activity for ninth graders, and many generations have already participated in the competition. Since 2018, the Financial Literacy Competition has been jointly organised by the Association for Teachers of History and Social Studies in Finland and OP Financial Group, together with its banks.
-Financial literacy is an important life skill, and we want to encourage ninth graders to become curious about economy and openly talk about money. According to the recently published PISA survey, the Finnish youth are the cutting edge of financial literacy. That said, financial literacy is also dependent on things such as the family’s income level. The financial literacy work taking place at schools helps us to level the playing field when it comes to young people’s financial literacy skills, says Kati Ihamäki, Vice President, Brand and Corporate Responsibility at OP Financial Group.
Strengthening the financial skills of Finns is part of OP Financial Group’s Corporate Responsibility Programme, updated in December 2019. In 2019, OP taught more than 70,000 children and young people the knack of managing their personal finances. In the spring of 2020, OP taught financial literacy remotely to thousands of secondary school students. Read more about our financial literacy work.
Further information and interview requests:
Kirsi Ruhanen, Executive Director, HYOL ry (Association for Teachers of History and Social Studies in Finland), kirsi.ruhanen@hyol.fi, tel. +358 44 3031789
OP Corporate Communications, tel. +358 50 5239904, viestinta@op.fi