Financial education: Current Practices and Future Challenges

About the Conference

This two-day conference aims to bring together promoters and researchers of financial literacy. It is the final conference of a three-year Erasmus+ project EUFin. In EUFin experts from five countries – Belgium, Estonia, Italy, the Netherlands and Slovakia – partnered for developing innovative financial education resources for schools and universities. In Tallinn, the key outcomes of this project will be introduced and shared for using around the world. There will be three keynote speeches discussing the practices and challenges of financial education. The rest of the days are filled with three parallel tracks. 

NB! Due to the Covid-19 pandemic, the conference will be held in hybrid format. This means that the conference will take place in parallel both at the Estonian Business School campus as well as at the online platform WorksUp. The Estonian government announced on May 11 that starting from May 24 conferences with up to 200 guests can be held in Estonia (with the 50% room occupancy restriction). As our conference meets this requirement, we welcome you to attend the conference in person. We do our utmost to provide a safe conference environment by following all the health and safety requirements, set by regulator at the time. For details concerning COVID-19 restrictions on travel, see the section Travel and Stay below
If you have any questions about the hybrid format, please don't hesitate to contact us at 


  • The first track is for teachers providing financial education at schools and introduces innovative resources they can use in their work. 
  • The second is aimed for researchers studying financial literacy and ways of promoting it through financial education, behavioural interventions or by other means. 
  • The third track is for the promoters of financial education, including policymakers developing national strategies for financial education, public and private sector institutions providing financial education, FinTechs and EduTechsis.

Keynote speakers

  • Tim Kaiser – Professor, University of Koblenz-Landau
    "Aggregating research on the effectiveness of financial education – Using evidence to inform the design of interventions

Tim Kaiser holds a junior professorship in Economics and Economic Education at the University of Koblenz-Landau. Previously he was a research associate at the University of Kiel and the German Institute for Economic Research (DIW Berlin). His current research focuses on experimental impact evaluations of financial education interventions in developing countries, as well as evaluations of economic education in schools in OECD countries.  


  • Chiara Monticone – Senior Policy Analyst, OECD
    “Financial resilience and (digital) financial literacy” 

Chiara is a senior policy analyst within the OECD Financial Education and Consumer Protection unit. She coordinates the work of the OECD International Network on Financial Education. In recent years, her work focused on assessing levels of financial literacy among adults, young people and small business owners, the role of financial education in streghtening financial resilience, and supporting the needs of women, seniors and other vulnerable groups. 
Previously, Ms Monticone was a researcher at the Center for Research on Pensions and Welfare Policies (CeRP) at Collegio Carlo Alberto in Torino.  She holds a PhD in Economics.


  • Olaf Simonse – Leader, Money Wise Platform, Ministry of Finance, the Netherlands; Vice-chair of OECD’s International Network on Financial Education (INFE).
     “Digital financial education in the Netherlands: opportunities and challenges”




Olaf Simonse heads the Money Wise Platform from the Ministry of Finance. In this role, he is responsible for executing the National Strategy for Financial Education in the Netherlands, which was relaunched in 2014. The mission of the Money Wise Platform is to join forces to promote responsible financial behavior. The platform initiated a range of projects to increase financial capability in the Netherlands, for example the National Money Week, the Pension3days, and more recently, a platform that helps employers increase the financial health of their employees. Her Majesty Queen Máxima of the Netherlands is the Honorary Chair of the platform.

Mr. Simonse is the Vice Chair of the OECD International Network on Financial Education (INFE). Mr. Simonse regularly shares his expertise in the area of financial education as a speaker on national and international conferences.

Preliminary Conference Programme (Hybrid conference)

Please note that this version of the conference programme is preliminary and may be subject to changes. (The latest update on April 30, 2021).












  • lobby desk

10:00 - 10:20

  • Welcome remarks: 
    Meelis Kitsing, Rector (Estonian Business School)  
    Madis Müller, Governor (Bank of Estonia)


10:20 - 10:45    

10:45 -11:30

  • Keynote speech I: Tim Kaiser, University of Koblenz-Landau, Germany
    "Aggregating research on the effectiveness of financial education - Using evidence to inform the design of interventions







11:45 - 13:15

Session 1: Financial  literacy in formal education (In Estonian language) 
Finantskirjoskuse edendamine formaalhariduses. Moderaator: Karmo Kroos, Estonian Business School

  • Kaire Põder, Estonian Business School, "Kuidas õpetada finantskirjaoskust - PISA 2018 õppetunnid"
  • Ene Saar, Tallinna Reaalkool "Praktiline investeerimine aktsiatega"
  • Tõnn Talpsepp, Tallinna Tehnikaülikool, Aalto ülikool „Rahaedu põhimõtted“ – uus õpik (kõrg)koolidele
11:45 - 13:15

Session 2: Financial behaviour and well-being

Three presentations, followed by a Q&A session. Moderator: Kätlin Pulk, Estonian Business School

  • Boukje Compen, University of Antwerp, Belgium
    "How to elicit and cease herding behaviour? On the effectiveness of a warning message as a debiasing technique"
  • Johan Gustafsson, Umeå University, Sweden
    "Implications of pension illiteracy for labor supply and redistribution"
  • Shekinah E. Dare, Leiden University, the Netherlands
     "How executive functioning and financial self-efficacy predict subjective financial well-being via positive financial behaviors"
11: 45-13:15

Session 3: Digitally delivered financial education in national strategies for financial education
Five presentations, followed by a panel discussion.
Moderator: Kristof de Witte, KU Leuven

  • Angela Romagnoli, Banca d´Italia, Italy 

  • Liisi Kirch, Ministry of Finance,Estonia

  • Suzanne Elferink, Ministry of Finance, Wijzer in geldzaken, the Netherlands
  • Hans Knapen, Financial Services and Markets Authority (FSMA), Belgium
  • Dávid Vrtaňa, University of Žilina, Slovakia

They will be joined in the panel discussion by keynote speaker Chiara Monticone, OCDE, France

  Lunch (45 min)    
14:00 -14:45
  • Keynote speech II -  Chiara Monticone OECD, France: 
    “Financial resilience and (digital) financial literacy” 
                                                                      Switching to sessions     
15:00 - 17:00

Session 4: Improvement of financial literacy in informal education

Four presentations, followed by a Q&A session. Moderator: Karmo Kroos, Estonian Business School

  • Sander Pikkel,  LHV, Estonia
    "From Stock Shark to investor – how to improve financial literacy with gamification?"
  • An Lavens, BELvue museum, Belgium
    "The mystery of finance"
  • Bogdan Buzuriu & Claudia Oprisan, The National Bank of Romania
     “Let’s talk about money and banks” & “Open doors for economics students"
  • Bettina Fuhrmann & Barbora Buchtova, Vienna University, Austria and Masaryk University, the Czech Republic 
    "The MoneywiseWUProgram as an integral part of the financial literacy international platform"
15:00- 17:00

Session 5: RCT and experiments in financial literacy

Four presentations, followed by a Q&A session. Moderator: Kaire Põder, Estonian Business School

  • Kaat Iterbeke, KU Leuven, Belgium
     "The role of students’ Interests during Learning. A field experiment"
  • Livia Remeijers, Aflatoun International, the Netherlands
    "RCT findings of life skills and financial education for adolescent girls in Tajikistan"
  • Kenneth De Beckker, KU Leuven, Belgium
     "The effect of financial education on students’ consumer decisions: Evidence from a randomized experiment"
  • Francisco Pitthan, KU Leuven, Belgium
    "Reaching the next level–On the effectiveness of a gamified online course material to improve financial literacy and reduce the myopic bias in insurance and investment decisions"
15:00 -17:00

Session 6: Examples of digitally delivered financial education
Five presentations followed by a panel discussion. Moderator: Rauno Pello, Estonian Business School

  • Panu Kalmi, Digiconsumers & University of Vaasa, Finland

  • Philip List, Erste Financial Life Park (FLIP), Austria

  • Nadia Linciano, Commissione Nazionale per le Società e la Borsa (CONSOB), Italy

  • Kristof de Witte, KU Leuven, Belgium

  • Mari-Liis Jääger, Institute for Finances, Swedbank, Estonia 

They will be joined in the panel discussion by keynote speaker Tim Kaiser, University of Koblenz-Landau, Germany

17:00  Announcments     
will be announced  Conference Dinner    
JUNE, 4 FRIDAY,     
9:30 - 10:00 Morning smoothie and coffee     
10:00 - 10:45
  • Keynote speech III - Olaf Simonse, Ministry of Finance, the Netherlands
     “Digital financial education in the Netherlands: opportunities and challenges”
  Switching to sessions     
11:00 - 12:30

Session 7: Lessons from (in)formal education for the improvement of financial literacy
Three presentations, followed by a Q&A session. Moderator: Karmo Kroos, Estonian Business School

  • Adina Teodora Paşa, University of Economic Studies, Romania 
    "Knowledge versus confidence: a financial literacy experiment"
  • Marta Cannistra, Politecnico Milano, Italy
     "A comparative analysis of European students: are they financially literate?"
  • Johan Mestdagh, Sint-Theresiacollege in Kapelle-op-den-Bos, Belgium
    "How to teach the basics of payment methods? The escape room approach"
11:00 -12:30

Session 8: Research in classroom

Three presentations, followed by a Q&A session. Moderator: Kätlin Pulk, Estonian Busines School

  • Gökhan Buturak, Panu Kalmi, Saija Alanko, University of Vaasa, Finland
    "Financial education Supporting financial independence of students: insights from a freshman course"
  • Kristof De Witte, KU Leuven, Belgium "The effects of parental involvement in homework Two randomised controlled trials in financial education"
11:00- 12:30

Session 9: FinTechs and apps helping to manage personal finances

Five presentations followed by a panel discussion. Moderator: Rauno Pello, Estonian Business School

  • Kadri Mäsak, MyFinancier, Estonia,
  • Bart Vanhaeren, InvestSuite, Belgium

  • Elin Helander, Dreams, Sweden

  • Clairette van der Lans, Ministry of Finance, Wijzer in geldzaken, the Netherlands 

  • Marcel Lukas, University of St. Andrews, the UK

12:30 - 13:30 Closing remarks and  farewell lunch     


The organizing committee apologizes in advance if minor changes in the programme need to be made in order to make the conference a success!

Call for Submissions

Track 1 – Teachers of financial education. We are looking for developers of the educational tools for formal education (incl. authors of study programs, textbooks, teaching cases etc) who would be willing to share (digital) financial education teaching resource during their presentations the best practices that can be used in the classroom in the form of a curriculum, textbook, testing kid, educational game, teaching case or some other pedagogical tool related to financial education.  Call in Estonian

Track 2 – Researchers of financial education From an empirical point of view, we appreciate papers that focus on the various determinants of financial literacy including financial knowledge, attitudes and behaviour but also financial education, institutional design and interventions that have an effect on financial literacy and financial well-being. From a methodological point of view, this track seeks to explore economic and econometric techniques to study financial literacy issues. We especially welcome research that applies impact evaluation identification strategies (e.g., difference-in-differences, instrumental variables, randomized controlled trials) or structural equation models. 


Track 3 - Promoters of digital financial education (DFE).  We are looking for promoters of financial education (e.g. policy-makers, private sector institutions, NGO-s, FinTechs & EduTechs) to share their experiences and to participate in two competitions to find the best (A) digital financial education solutions, and (B) personal finance apps that are available at least in one European country (EU, EEA & UK).  

For the first, we welcome solutions in all different formats, sizes, types, audiences, from public and private sector. Such as DFE programmes of financial institutions (banks, insurance companies), public sector institutions (central banks, ministries, regulators) and NGO-s. As well as all kinds of games, MOOCs and tools intended for different audiences for delivering financial education digitally; Solution needs to be live available at least in one European country (EU, EEA & UK). 

For the second, we welcome apps that are focused on managing personal or household finances in all different formats (mobile, PWA, desktop), sizes, types, audiences, from public and private sector. Such as apps for managing personal finances; apps for saving, investing, insuring, comparing the conditions of financial services, robo-advisors and banking apps. MVP needs to be ready and available in at least one European country (EU, EEA & UK).  


Important Dates 
Deadline for submission: March 20, 2021       Notification of acceptance: April 1, 2021 

Registration and Fee


The registration fee of:

€ 99 -  for participation (until April 26)
€ 149 - for participation (until May 15)
€ 49 -  for secondary school teachers (until May 15)
€ 49 only for EUFIN member organizations (until April 26)

Fee includes conference participation, coffee breaks, lunch, and dinner.

Venue: Estonian Business School  and online platform (TBA )



Participation fee of 49€ /99€/ 149€  has to be transferred to the following account of the Estonian Business School

Bank details 
Payee: SA Estonian Business School
Bank: SEB Pank
IBAN: EE431010220267429223

References: name of the participant and the code EUFIN2021. Without this code we cannot trace your payment, please make sure it is included. All bank charges and commissions are to be paid by the participants. Please inform your bank about this when ordering the transfer. In case you would like to pay according to the invoice, which we can send to you, please contact  beforehand!
Your registration will only be valid after we have received your payment. In case of any questions, don't hesitate to contact us.

Refund of conference fees: Before June 1, 2021: all fees will be refunded, minus an administrative charge of EUR 20.

There will be no refunds for cancellations made after June 1, 2021!

Registration form

Travel and stay

Traveling to Estonia is possible. The latest information about the direct flight options can be found at the website of Tallinn Airport.
Travelling to Estonia is quick and convenient thanks to frequent connections with Scandinavia, Russia, Eastern and Central Europe.  Ferry routes connect Tallinn with Helsinki. Read more about entering Tallinn through Finland.

Attention for foreign guest – as of May 11, “a 10-day restriction on the freedom of movement applies on entering Estonia from a country in the European Union, European Economic Area and the Schengen area with an infection rate above 150 persons per 100 000 inhabitants in the past 14 days.”

The obligation to self-isolate for 10 calendar days after arriving in Estonia applies to:

  • all symptomatic persons,
  • people who are returning to Estonia from the countries with a high COVID-19 risk, or who have travelled through an at-risk country,
  • all persons entering Estonia who started their journey from a country, or travelled through a country where there is no data on the infection rates,
  • third-country nationals who are not included in the EU joint list of third countries (including, for example, the Russian Federation and Ukraine).

As the situation and respective government regulations are constantly evolving, we encourage also to keep an eye on the official information that can be found at the following official websites of Estonian government: 
Travelling to Estonia - foreigners
Information on countries and restriction on freedom of movement requirements for passengers
Coronavirus 2019-nCoV - FAQ


Travelling to Tallinn city centre
There is a direct tram line from Tallinn Airport to the city centre (line number 4). Bus number 2 connects the port with Tallinn airport. Trams only operate in Tallinn. For Tallinn public transport routes and schedules, please visit Tickets can be purchased in cash from the drivers and a prepaid  Smartcard (Ühiskaart) can be bought and reloaded online or at a number of supermarkets, kiosks, and post offices. Taxi rates vary by company but are posted on a yellow sticker in the right rear window of each vehicle. You can easily order taxis and verified private drivers via the Bolt and Uber mobile app.


Tallinn offers a broad range of accommodation options, most of which are within easy walking distance of the conference venue and the historical city centre. Participants are expected to book their accommodation individually by contacting the providers directly. The  three closest hotels to our conference venue: Hestia Hotel Kentmanni,  Hotel L'EmbituRadisson Blu Hotel Olümpia Tallinn

Please see the respective websites for booking terms and conditions

Organizing committee

For specific enquiries regarding the programme, please contact the head of the track:  

  • Track 1: Development of Financial education – Karmo Kroos    
  • Track 2: Research on financial education –  Kaire Põder
  • Track 3: Promoters of digital financial education – Leonore Riitsalu

​​​​​For all general enquiries, please contact: Kadri Osula

The European Commission support for the multiplier event does not constitute an endorsement of the contents which reflects the views only of the participants, and the Commission cannot be held responsible for any use which may be made of the information contained.



Registration for participants with the conference paper


Registration for participants without conference paper

Additional Information
Additional information

Kadri Osula

Project Manager