- 2017Implementation
- 2018Implementation
- 2019Implementation
- 2020Implementation
- 2021Implementation
- 2022Implementation
- 2023Implementation
- 2024Implementation
Background
In PISA 2015, learners in Slovakia achieved 445 points in financial literacy, which was significantly below the OECD average (489 points) and also significantly below the performance in PISA 2012 (470 points). Financiers also point out that Slovakia's household debt is growing rapidly and, therefore, banks and the finance ministry strongly support activities to improve the financial literacy of children and adults. In connection with this, the business world has also highlighted the need to improve the entrepreneurial culture.
Objectives
Activities are aimed at improving financial and entrepreneurial skills. ESF-related projects are used to support the efforts of schools.
Description
A new national standard for financial literacy was approved in 2017. It replaces the 2014 standard and includes entrepreneurship competence. It also addresses areas like planning, income and labour; consumer protection; counteracting corruption and fraud through consumer financial responsibility; consumer decisions and financial management; loans and debts; savings and investment; risk management and insurance. The revision was based on the 2016 thematic assessment of learner performance in the final grades of basic and secondary education. The assessment covered 158 VET schools. Surveys on factors that may affect performance were also conducted in 2017 and recommendations for school directors and in-service training providers were issued.
A renewed guide to help schools integrate the standard in VET curricula was made available as of 1 September 2018. On 15 November 2018, a meeting of an inter-sectoral expert group discussed diverse initiatives in support of financial literacy. The State Institute of Vocational Education (ŠIOV) was entrusted with mapping financial literacy related initiatives and websites. Translation of the national standard for financial literacy into Hungarian was also agreed, to serve schools using the language for instruction.
Small grants (up to EUR 2 000 in 2017) were available for schools, including VET, for teacher training in financial literacy. The grant scheme aimed at attracting innovative...
A new national standard for financial literacy was approved in 2017. It replaces the 2014 standard and includes entrepreneurship competence. It also addresses areas like planning, income and labour; consumer protection; counteracting corruption and fraud through consumer financial responsibility; consumer decisions and financial management; loans and debts; savings and investment; risk management and insurance. The revision was based on the 2016 thematic assessment of learner performance in the final grades of basic and secondary education. The assessment covered 158 VET schools. Surveys on factors that may affect performance were also conducted in 2017 and recommendations for school directors and in-service training providers were issued.
A renewed guide to help schools integrate the standard in VET curricula was made available as of 1 September 2018. On 15 November 2018, a meeting of an inter-sectoral expert group discussed diverse initiatives in support of financial literacy. The State Institute of Vocational Education (ŠIOV) was entrusted with mapping financial literacy related initiatives and websites. Translation of the national standard for financial literacy into Hungarian was also agreed, to serve schools using the language for instruction.
Small grants (up to EUR 2 000 in 2017) were available for schools, including VET, for teacher training in financial literacy. The grant scheme aimed at attracting innovative schools to elaborate a specific topic and to develop good practice examples for other schools. A good practice dissemination seminar capitalising on these projects was organised by the State Institute of Vocational Education in January 2018. 23 projects were supported within the 2018 scheme with an allocated budget of EUR 44 000. A good practice dissemination seminar was held in December 2018. EUR 50 000 are indicated for grants in 2019.
In September 2017, a new board game Financial odyssey, designed particularly for secondary learners, was presented with subsequent training of teachers. An online application of Financial odyssey is under preparation. A dedicated portal has been created to inform schools, adult learning providers, citizens and also the media about financial literacy issues.
Within the call Support for improving educational achievements and competences, two ESF projects run by non-governmental organisations (NGOs) targeting basic and secondary schools including secondary VET schools were approved.
Within the project Developing competences of pupils for the modern labour market, teachers should develop their knowledge of the labour market, labour market orientation, managerial, financial and economic and entrepreneurial competences, and skills.
The main objective of the project Step by step in financial education is to increase the financial literacy and consumer awareness competences and skills of basic and secondary school learners in the Trencín region through the games and practical exercises they undertake at the project training seminars.
In 2019, within the grant scheme of the education ministry aimed at attracting innovative schools, 53 applications were submitted, 41 of which were from secondary VET schools. 26 projects were financially supported, including 21 VET projects. Project outputs were presented and evaluated at a seminar, held on 10 December 2019, with the participation of stakeholders from government, financial institutions and participating schools. The main objectives of the projects were:
- increasing the professional competences of teaching and non-teaching staff in financial literacy and entrepreneurship education;
- improving financial literacy and entrepreneurship education.
Due to the high quality of projects and potential use of their outputs, a new call was launched in 2020 with the indicated budget of EUR 50 000.
On 22 October 2019, the National Bank of Slovakia (NBS) approved its strategy to support financial literacy. The NBS offers education to schools, particularly in relation to the National days of financial consumer event held on 23 and 24 October 2019. A simple test of financial literacy is available for all at the NBS web portal.
In 2020, within the annual grant scheme of the education ministry aimed at attracting innovative schools, 43 applications were submitted, 22 of which were from secondary VET schools. 26 projects were financially supported, including 19 VET projects. Project outputs were presented and evaluated online with the participation of the representatives of the education and financial sectors, in December 2020.
The Slovak savings bank foundation (Slovenská Sporitelna foundation) developed a comprehensive modularised programme FinQ to improve the financial literacy of learners from basic and secondary schools including VET schools. 250 methodological worksheets (including teaching guidelines) were prepared to offer activities to be used within respective curriculum domains, aiming to develop learners' financial culture. In February 2020, one-week face-to-face training for 150 educators took place, following half-year distance learning, preparing them to start using the FinQ programme from the 2020/21 school year. On 4 September 2020, entry diagnostic tests took place in 25 schools including seven VET schools that participated in piloting this programme.
Within the ESF project Sector-driven innovations for an efficient labour market, the Sector Council for Banking, Financial Services and Insurance set out recommendations for improving the financial literacy of learners, adjusting initial and in-service teacher training to cope with challenges related to the need for increasing the quality of teaching in this area.
Within the annual grant scheme of the education ministry aimed at attracting innovative schools, 87 applications were submitted. 26 projects were supported, including 10 VET school projects. Project outputs were subsequently presented and evaluated online due to pandemic restrictions. In December 2021, the education ministry approved the proposal of the State Institute of Vocational Education (national curriculum authority), to include new standards of financial literacy in all VET programme economic education. These standards reflect the earlier approved national standard for financial literacy. Performance standards of financial literacy are now in detail embedded into respective State education programmes (national curricula) in the domain Economic education and schools are obliged to reflect this change in their school education programmes to be used from the 2022/23 school year. This domain also addresses entrepreneurship competences and consumer competences.
Within the annual grant scheme of the education ministry to attract innovative schools, 87 applications were submitted, of which 28 were from VET schools. 28 projects were supported, including 14 VET school projects. Newcomers focused their projects on topics like financial responsibility, consumer decision-making, saving and investing, risk management and insurance. In contrast, advanced applicants focused on consumer protection, entrepreneurship education, and the fight against corruption and fraud.
Stakeholder networking was supported by a round table meeting organised by the State Institute of Vocational Education on 23 September 2022 entitled Financial literacy education in a nutshell. New initiatives from the banking sector were presented, inter alia, activities of the FinQ Centrum, a non-profit organisation that was newly established as a joint initiative of the National Bank of Slovakia Foundation and the Slovak Savings Bank Foundation. The initiative focuses on the development of financial education in schools, including increasing the competence of teachers.
Within the annual grant scheme of the education ministry aimed at attracting innovative schools to develop ideas for improving financial literacy and entrepreneurial thinking among students, 49 applications were submitted, of which 25 were from VET schools. 27 projects were supported, including 15 VET school projects. The approach taken by advanced applicants that focused also on topics of anti-corruption measures and the protection of the EU's financial interests, already promoted in 2022, received explicit praise. During the stakeholders' assessment of project quality, the OLAF unit of the government office highlighted the importance of this focus.
The State Institute of Vocational Education prepared an evaluation report on education in financial literacy for 2020-22. The report examined the coverage of topics specified in the national standard for financial literacy by diverse institutions dealing with financial literacy education. This gives an overview of the focus of strong players, such as FinQ and the National Bank of Slovakia with the 5penazí (five cents) initiative, and also about the coverage of individual topics and specifications of the standard. The topic of consumer decisions and financial management was identified as the most covered, whereas savings and investments, loans and debts, and risk management and insurance, all of which have significant, sometimes even existential relevance to everyday life, are the least covered. Since Slovakia ranks among the countries with the highest debt rate of citizens to banks and non-banking companies, loans and debts is a critical topic for organisations focusing on education in financial literacy. It is essential to increase the coverage of this topic.
The traditional call within the annual grant scheme of the education ministry to attract innovative schools for submission of ideas for improving financial literacy and entrepreneurial thinking among students is pending, despite strong interest from schools. This delay is due to the education ministry's efforts to develop a stronger financial scheme, supported by ESIF.
In April 2024, the education ministry signed a memorandum of cooperation with the National Bank of Slovakia, Slovak Savings Bank, National Institute of Education and Youth, and FinQ Centre. The cooperation aims to support the development of financial literacy, as well as the curricular reform itself. The FinQ educational programme is the first programme in which the Database of Cognition and Social Interaction Descriptors (DaCoSiDe) methodology was applied. Education based on the DaCoSiDe reference framework, which uses the Common European Framework of Reference for Languages classification (A1 to C2), stimulates learning through self-knowledge and targeted development. The FinQ experience related to financial literacy should be extended into other areas: digital skills, green skills, and citizenship skills. The 2024-27 ERDF project Digital skills for a green future of Slovakia will offer 20 conferences nationwide titled Digital future in support of digital and green transformation within which a diagnostic tool for assessment of digital and green skills of employees (in levels A1 to C1) will be presented.
Bodies responsible
- Ministry of Education, Research, Development and Youth
- Ministry of Finance
- Ministry of Education, Science, Research and Sport (until 2024)
Target groups
Learners
- Learners in upper secondary, including apprentices
- Adult learners
Education professionals
- Teachers
- Trainers
- School leaders
Thematic categories
Governance of VET and lifelong learning
This thematic category looks at existing legal frameworks providing for strategic, operational – including quality assurance – and financing arrangements for VET and lifelong learning (LLL). It examines how VET and LLL-related policies are placed in broad national socioeconomic contexts and coordinate with other strategies and policies, such as economic, social and employment, growth and innovation, recovery and resilience.
This thematic category covers partnerships and collaboration networks of VET stakeholders – especially the social partners – to shape and implement VET in a country, including looking at how their roles and responsibilities for VET at national, regional and local levels are shared and distributed, ensuring an appropriate degree of autonomy for VET providers to adapt their offer.
The thematic category also includes efforts to create national, regional and sectoral skills intelligence systems (skills anticipation and graduate tracking) and using skills intelligence for making decisions about VET and LLL on quality, inclusiveness and flexibility.
This thematic sub-category refers to the integration of VET into economic, industrial, innovation, social and employment strategies, including those linked to recovery, green and digital transitions, and where VET is seen as a driver for innovation and growth. It includes national, regional, sectoral strategic documents or initiatives that make VET an integral part of broader policies, or applying a mix of policies to address an issue VET is part of, e.g. in addressing youth unemployment measures through VET, social and active labour market policies that are implemented in combination. National skill strategies aiming at quality and inclusive lifelong learning also fall into this sub-category.
This thematic sub-category refers both to formal mechanisms of stakeholder engagement in VET governance and to informal cooperation among stakeholders, which motivate shared responsibility for quality VET. Formal engagement is usually based on legally established institutional procedures that clearly define the role and responsibilities for relevant stakeholders in designing, implementing and improving VET. It also refers to establishing and increasing the degree of autonomy of VET providers for agile and flexible VET provision.
In terms of informal cooperation, the sub-category covers targeted actions by different stakeholders to promote or implement VET. This cooperation often leads to creating sustainable partnerships and making commitments for targeted actions, in line with the national context and regulation, e.g. national alliances for apprenticeships, pacts for youth or partnerships between schools and employers. It can also include initiatives and projects run by the social partners or sectoral organisations or networks of voluntary experts and executives, retired or on sabbatical, to support their peers in the fields of VET and apprenticeships, as part of the EAfA.
Modernising VET offer and delivery
This thematic category looks at what and how individuals learn, how learning content and learning outcomes in initial and continuing VET are defined, adapted and updated. First and foremost, it examines how VET standards, curricula, programmes and training courses are updated and modernised or new ones created. Updated and renewed VET content ensures that learners acquire a balanced mix of competences that address modern demands, and are more closely aligned with the realities of the labour market, including key competences, digital competences and skills for green transition and sustainability, both sector-specific and across sectors. Using learning outcomes as a basis is important to facilitate this modernisation, including modularisation of VET programmes. Updating and developing teaching and learning materials to support the above is also part of the category.
The thematic category continues to focus on strengthening high-quality and inclusive apprenticeships and work-based learning in real-life work environments and in line with the European framework for quality and effective apprenticeships. It looks at expanding apprenticeship to continuing vocational training and at developing VET programmes at EQF levels 5-8 for better permeability and lifelong learning and to support the need for higher vocational skills.
This thematic category also focuses on VET delivery through a mix of open, digital and participative learning environments, including workplaces conducive to learning, which are flexible, more adaptable to the ways individuals learn, and provide more access and outreach to various groups of learners, diversifying modes of learning and exploiting the potential of digital learning solutions and blended learning to complement face-to-face learning.
Centres of vocational excellence that connect VET to innovation and skill ecosystems and facilitate stronger cooperation with business and research also fall into this category.
VET standards and curricula define the content and outcomes of learning, most often at national or sectoral levels. VET programmes are based on standards and curricula and refer to specific vocations/occupations. They all need to be regularly reviewed, updated and aligned with the needs of the labour market and society. They need to include a balanced mix of vocational and technical skills corresponding to economic cycles, evolving jobs and working methods, and key competences, providing for resilience, lifelong learning, employability, social inclusion, active citizenship, sustainable awareness and personal development (Council of the European Union, 2020). The thematic sub-category also refers to establishing new VET programmes, reducing their number or discontinuing some. It also includes design of CVET programmes and training courses to adapt to labour market, sectoral or individual up- and re-skilling needs.
This thematic sub-category focuses on developing and updating all kinds of learning resources and materials, both for learners and for teachers and trainers (e.g. teachers handbooks or manuals), to embrace current and evolving content and modes of learning. These activities target all kinds of formats: hard copy and digital publications, learning websites and platforms, tools for learner self-assessment of progress, ICT-based simulators, virtual and augmented reality, etc.
This thematic sub-category refers to acquisition of key competences and basic skills for all, from an early age and throughout their life, including those acquired as part of qualifications and curricula. Key competences include knowledge, skills and attitudes needed by all for personal fulfilment and development, employability and lifelong learning, social inclusion, active citizenship and sustainable awareness. Key competences include literacy; multilingual; science, technology, engineering and mathematical (STEM); digital; personal, social and learning to learn; active citizenship, entrepreneurship, cultural awareness and expression (Council of the European Union, 2018).
Teachers, trainers and school leaders competences
Competent and motivated VET teachers in schools and trainers in companies are crucial to VET becoming innovative and relevant, agile, resilient, flexible, inclusive and lifelong.
This thematic category comprises policies and practices of initial training and continuing professional development approaches in a systemic and systematic manner. It also looks at measures aiming to update (entry) requirements and make teaching and training careers attractive and bring more young and talented individuals and business professionals into teaching and training. Supporting VET educators by equipping them with adequate competences, skills and tools for the green transition and digital teaching and learning are addressed in separate thematic sub-categories.
The measures in this category target teachers and school leaders, company trainers and mentors, adult educators and guidance practitioners.
This thematic sub-category refers to all kinds of initial and continuing professional development (CPD) for VET educators who work in vocational schools and in companies providing VET. VET educators include teachers and school leaders, trainers and company managers involved in VET, as well as adult educators and guidance practitioners – those who work in school- and work-based settings. The thematic sub-category includes national strategies, training programmes or individual courses to address the learning needs of VET educators and to develop their vocational (technical) skills, and pedagogical (teaching) skills and competences. Such programmes concern state-of-the-art vocational pedagogy, innovative teaching methods, and competences needed to address evolving teaching environments, e.g. teaching in multicultural settings, working with learners at risk of early leaving, etc.
Subsystem
Further reading
Country
Type of development
Cedefop, & ReferNet. (2025). Promoting financial literacy including entrepreneurship competence: Slovakia. In Cedefop, & ReferNet. (2025). Timeline of VET policies in Europe (2024 update) [Online tool].
https://www.cedefop.europa.eu/en/tools/timeline-vet-policies-europe/search/28575