Banks’ Involvement in Financial Education – The Case of Poland

Abstract

Goal – the article aims to review and assess the compliance of educational initiatives implemented by the largest commercial banks in Poland with the priorities set out in the National Strategy for Financial Education for Poland (NSFE). Research methodology – the article contains a review of the literature on the subject and case studies of ten commercial banks operating in Poland involved in educational activities. Each bank was assessed using a set of criteria based on the key priorities indicated in the NSFE for Poland. The article presents synthetic conclusions from the analysis in terms of each criterion. Score/results – The educational activities of banks have gone into nationwide efforts to increase the financial awareness of society in accordance with the National Strategy for Financial Education for Poland. In general, these activities are in line with the priorities outlined in the Strategy. However, commercial banks have taken into account particular priorities to a different extent. Leading priorities can be indicated, such as consumer-centric financial education programmes targeted at children and teenagers or financial well-being through responsible personal financial planning. However, there are also key priorities in which no action has been taken by banks (for instance monitoring the impact of educational activities on the participants’ knowledge) or those in relation to which only indirect actions can be indicated (e.g. education about saving for retirement). Banks also avoid teaching consumers at risk of over-indebtedness or over-indebted. Only some banks even address the issue of avoiding over-indebted. It means that the involvement of banks in one of the most problematic issues, i.e. over-debt, is relatively small. Banks usually educate in line with these key priorities of NSFE for Poland, which are beneficial for banks as well. Originality/value – The review of banks’ educational activities, together with the results of various studies on financial education, allowed to indicate further directions, which will help banks to contribute to the implementation of the National Strategy for Financial Education to a greater extent and to meet their own goals. Education against the over-indebted is favourable as it helps banks indirectly to increase their stability. It is recommended to educate more about investing and financial markets, but this must go in line with expanding the target groups, beyond the leading children and teenagers and include e.g. to include people of working age. Banks are also expected to provide intense senior education and continue cybersecurity educational activities.