Drowning debt, gambling, and a lack of financial literacy: Experts call for reform in financial education

A systematic and coordinated approach is needed to improve students’ financial literacy—this was the consensus reached by representatives from government institutions, the business community, the education sector, and civil society during a working discussion on the topic “How to Improve Financial Literacy Among Young People.” The event was organized by the Teach For Bulgaria Foundation and UniCredit Bulbank.

The discussion included representatives from the Ministry of Finance, the National Revenue Agency (NRA), the Center for Human Resources Development, employer organizations such as KRIB, BIA, AIKB, BESCO, and BRAIT, the Chamber of Private Enforcement Agents, the Bulgarian Association of Financial Crime Prevention Experts, the Institute for Market Economics, as well as representatives of the non-governmental sector, teachers, students, and university professors.

“It is extremely important for us to hear the voices of all stakeholders, because only together can we identify effective practices and outline the necessary steps so that young people leave school with the confidence and skills to manage their personal finances,” said Neli Koleva from Teach For Bulgaria at the start of the meeting.

Alarming data was also presented during the discussion. “In just one year, the population’s credit debt, including so-called payday loans, has risen from 6.6 billion BGN to 7.8 billion BGN,” noted the discussion moderator, Kristina Nikolova—an alumna of the New Way To Teaching program and a teacher trainer. This trend runs parallel to an increase in the number of people listed in the National Revenue Agency’s gambling restriction registry.

Teacher training was highlighted as a key factor. Participants emphasized that teachers’ confidence and competence are crucial for the effective introduction of financial literacy as early as the primary education stage. “Financially illiterate teachers and parents can hardly raise financially literate children,” commented Lilia Todorova, principal of 108th Secondary School.

A consensus was also reached on the need for financial literacy education to begin as early as first grade. According to Nikolay Mishovski, Chief Secretary of the National Revenue Agency (NRA), engaged students can serve as a corrective influence on their parents while simultaneously acquiring basic skills to avoid financial mistakes.

At the same time, high school students shared that despite the topic’s formal inclusion in the curriculum, it is rarely covered in the classroom. “I’m already in 12th grade—what I know about financial literacy comes solely from my family,” noted Polina Trifonova from the Sofia Student Council.

The issue of reducing the administrative burden in organizing student internships was also discussed, with the aim of fostering a more active partnership between schools and businesses. Representatives of employer organizations emphasized the importance of including topics related to labor-law relations as part of efforts to curb the informal economy.

Participants in the discussion were adamant that a game-based approach, a practical focus, and working on real-life case studies are the most effective methods for engaging students and preparing them for independent living.The event is part of the annual EduAction campaign. EduAction 2026 takes place from April 13 to 24 in Bulgaria, Austria, Germany, Italy, Romania, Serbia, and Slovakia, offering opportunities for learning and exchanging ideas that strengthen communities through education, with the support of local UniCredit banks and partners from the Teach For All network.