{"id":3833,"date":"2025-11-21T10:32:50","date_gmt":"2025-11-21T08:32:50","guid":{"rendered":"https:\/\/credy.mk\/?p=3833"},"modified":"2025-11-21T10:45:06","modified_gmt":"2025-11-21T08:45:06","slug":"finansiska-pismenost","status":"publish","type":"post","link":"https:\/\/credy.mk\/en\/finansiska-pismenost\/","title":{"rendered":"Financial literacy among the younger generation: contemporary challenges and the path to economic security"},"content":{"rendered":"
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\u00a0<\/p>\n\n

In times of rapid digital transformation, global economic instability and rapid changes in the labour market, financial literacy is becoming an essential skill for young people in North Macedonia. This is not just about knowing about money \u2013 it is about being able to make informed, responsible and long-term decisions related to personal finances.<\/p>\n\n

While previous generations grew up in a system with limited financial resources and few choices, today's young people live in an environment with access to credit cards, digital wallets, cryptocurrencies, online shopping, investments and entrepreneurial opportunities \u2013 but also with many more risks.<\/p>\n\n

The importance of financial literacy in contemporary society<\/strong><\/p>\n\n

Financial literacy involves understanding concepts such as:<\/p>\n\n

    \n
  • budgeting and planning expenses<\/li>\n\n
  • savings and investments<\/li>\n\n
  • camera steps and credits<\/li>\n\n
  • inflation and purchasing power<\/li>\n\n
  • financial risks<\/li>\n\n
  • basics of entrepreneurship<\/li>\n\n
  • digital poverty and financial fraud<\/li>\n<\/ul>\n\n

    Young people who possess these qualities are more likely to:
    \u2714 be independent
    \u2714 avoid unnecessary debt
    \u2714 develop good habits
    \u2714 run their own businesses
    \u2714 invest wisely
    \u2714 create a financially stable future<\/p>\n\n

    The financial reality in North Macedonia<\/strong><\/p>\n\n

    Although there are positive developments, young people in North Macedonia face specific economic conditions:<\/p>\n\n

    Problems in the home context<\/strong><\/p>\n\n

      \n
    • Higher standard of living in relation to average income<\/strong> \u2013 especially in urban centres such as Skopje and Bitola.<\/li>\n\n
    • Emigration of young people<\/strong> for economic reasons, which reduces the motivation for long-term financial planning.<\/li>\n\n
    • Unsatisfactory practical content in education<\/strong>, which are not applicable in real life.<\/li>\n\n
    • Low trust in institutions<\/strong>, which causes some young people to avoid banking services.<\/li>\n<\/ul>\n\n

      Positive trends<\/strong><\/p>\n\n

        \n
      • Banking institutions offer more youth savings accounts<\/strong>, credit cards with controlled limits and educational programmes.<\/li>\n\n
      • Fintech platforms enable easy transactions<\/strong>, which makes managing personal finances easier.<\/li>\n\n
      • Youth organisations<\/strong> more workshops and educational campaigns are being organised.<\/li>\n<\/ul>\n\n

        \u00a0The most common financial challenges for young people<\/strong><\/p>\n\n

        1. Lack of financial discipline<\/strong><\/p>\n\n

        The rapid spending of money, most often on social media and through online shopping, creates a habit of impulsive buying.<\/p>\n\n

        2. Poor knowledge of credit and debt<\/strong><\/p>\n\n

        Many young people do not understand the difference between minimum and full credit card payments, nor the consequences of late payments.<\/p>\n\n

        3. Unrealistic revenue expectations<\/strong><\/p>\n\n

        Social media creates pressure for a lifestyle that is not in line with Macedonian incomes.<\/p>\n\n

        4. Inadequate knowledge of digital risks<\/strong><\/p>\n\n

        Online scams, phishing attacks and fake investment offers are becoming more common.<\/p>\n\n

        5. Lack of practical planning tools<\/strong><\/p>\n\n

        Although there are numerous apps for tracking expenses, only a small proportion of young people use them regularly.<\/p>\n\n

        The role of education<\/strong><\/p>\n\n

        Formal education in the country includes some content related to financial education, but it is often theoretical. Young people would benefit much more from:<\/p>\n\n

          \n
        • simulations of household budgets<\/li>\n\n
        • practical projects for studying<\/li>\n\n
        • creating mini-companies within schools<\/li>\n\n
        • hours for digital financial security<\/li>\n\n
        • familiarisation with real banking products<\/li>\n<\/ul>\n\n

          This would help students prepare in time for the financial reality that awaits them.<\/p>\n\n

          The role of parents and family<\/strong><\/p>\n\n

          Financial education begins at home. Children who grow up with a clear structure for saving, spending and responsibility easily develop healthy financial habits.
          Family discussions about finances, expenses, and planning create a sense of security and stability.<\/p>\n\n

          \u00a0Financial literacy and the digital age<\/strong><\/p>\n\n

          With mobile banking, PayPal, Revolut, and crypto platforms, young people in North Macedonia have quick access to financial products. But this requires additional knowledge:<\/p>\n\n

            \n
          • identifying unsafe online sellers<\/li>\n\n
          • planting strong vines<\/li>\n\n
          • avoiding dubious links<\/li>\n\n
          • knowledge of consumer protection laws<\/li>\n<\/ul>\n\n

            Digitalisation offers opportunities, but also risks that can easily be avoided with appropriate education.<\/p>\n\n

            \u00a0How can financial literacy be improved?<\/strong><\/p>\n\n

            1. Accessible educational programmes<\/strong><\/p>\n\n

            Organising public workshops, webinars and youth academies.<\/p>\n\n

            2. Partnerships between schools and banks<\/strong><\/p>\n\n

            Studio visits, practical examples, financing simulations.<\/p>\n\n

            3. Promotion through social networks<\/strong><\/p>\n\n

            Creative formats \u2013 short videos, infographics, podcasts.<\/p>\n\n

            4. Learning through play and simulation<\/strong><\/p>\n\n

            Applications that simulate the economy and personal finances.<\/p>\n\n

            5. Creating a national strategy for financial education for young people<\/strong><\/p>\n\n

            Centralised programmes and materials adapted to the Macedonian context.<\/p>\n\n

            Financial literacy among young people in North Macedonia is an important factor for the development of an economically stable and self-confident society. Young people today are dynamic, digitally active and ambitious \u2014 but without the right financial tools, they are exposed to risks that could jeopardise their future.<\/p>\n\n

            With the joint efforts of schools, families, institutions and the youth sector itself, it is possible to create a new generation that will be:
            \u2714 financially responsible
            \u2714 independent
            \u2714 ready to invest
            \u2714 capable of planning
            \u2714 motivated to create
            \u2714 and protected from financial risks<\/p>\n\n

            Financial literacy is not a luxury \u2013 it is a necessity. And now is the right time to invest in knowledge that will shape the financial future of young people in the country.<\/p>\n\n

            \u00a0<\/p>\n\n

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            financial literacy among the younger generation<\/p>","protected":false},"author":2,"featured_media":3834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[88],"tags":[],"class_list":["post-3833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-88"],"_links":{"self":[{"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/posts\/3833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/comments?post=3833"}],"version-history":[{"count":8,"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/posts\/3833\/revisions"}],"predecessor-version":[{"id":3843,"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/posts\/3833\/revisions\/3843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/media\/3834"}],"wp:attachment":[{"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/media?parent=3833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/categories?post=3833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/credy.mk\/en\/wp-json\/wp\/v2\/tags?post=3833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}