VR magazine - 23.10.2024

The financial literacy of young people

Understanding finances, knowing key terms, and being aware of how things work in the labor market is crucial for individuals’ well-being. According to a survey conducted by Gallup and the Icelandic Financial Services Association earlier this year, financial literacy among young people in Iceland is too low, and there is a common belief that young people should learn about the topic at the elementary and secondary school levels.

VR has long contributed to the financial literacy of young people and has been offering presentations on rights and responsibilities in the labor market to elementary and secondary schools for over 20 years. In the last school year, VR visited 70 elementary schools in its districts and gave presentations on rights and responsibilities to approximately 4,500 10th-grade students. The VR presentation has become a regular feature in many schools, with 98% of elementary schools in the greater capital area and West Iceland receiving a presentation. In the Suðurnes region, 70% of elementary schools received a presentation, 73% in South Iceland, and 58% in East Iceland. The goal of the presentations is to educate and empower young people so that they are more aware of their rights and less likely to be taken advantage of in the labor market.

Several secondary schools also received presentations for their graduating classes, amounting to 40% of all secondary schools in the country. It has been more popular among secondary schools to go through VR’s School of Life, which is an online course covering the main aspects of labor rights and responsibilities, along with useful advice for job searching, workplace communication, and other helpful topics. In the last school year, 834 students in 12 secondary schools completed the online course. VR’s School of Life School celebrates its 10th anniversary in 2024 and has been holding an anniversary contest for students who complete the online course. To participate in the contest, students need to complete a short survey about the course after finishing it, and 92% of respondents say they believe that VR’s School of Life will be useful to them.

The article was first published in issue 2 of the VR magazine 2024. Click here to read the magazine.