National Economics Quiz: Empowering Financial Literacy and Economic Understanding


On May 9, the Money Museum of the Bank of Lithuania hosted the awards ceremony for the National Economics Quiz winners. This event honored the teachers who attracted the most students and active teams. Organized by the Lithuanian Free Market Institute (LFMI) in collaboration with the Bank of Lithuania and Lithuanian National Radio and Television, the event aims to promote financial and economic literacy among the general public.

Elena Leontjeva, President of LFMI, highlighted the inspiring motto for this year’s quiz: “Economics in Your Hands.” She emphasized the necessity of understanding economic principles and recognizing their presence in everyday actions.

Learning to appreciate others’ work, understanding the mutual service relationship, and inspiring a spirit of harmony are essential lessons of economic principles,” Leontjeva stated. “We are delighted to join forces with the Bank of Lithuania and Lithuanian National Radio and Television to nurture independent, financially and economically literate citizens.

The National Economics Quiz is part of the National Financial Literacy Day celebrations on April 14. Dr. Viktorija Dičpinigaitienė, Head of the Financial Literacy Center at the Bank of Lithuania, stressed the importance of such initiatives:

“Financial literacy is a basic competency alongside reading, writing, and arithmetic. Enhancing our knowledge, changing behaviors, and forming the right attitudes toward money is crucial. We should take another step to deepen economic literacy, as economics encompasses all life choices, not just financial ones. This empowers people to make informed and sound financial decisions.”

This year, 7,500 individuals from 25 Lithuanian cities and six countries, including students from over 160 schools, participated in the quiz. It encourages critical thinking and invites participants to explore situations related to market exchanges, economic policies, personal finances, and the basics of entrepreneurship. 

Despite these topics seeming distant or complex, understanding them is vital. Monika Garbačiauskaitė-Budrienė, Director General of Lithuanian National Radio and Television, highlighted the importance of economic and financial literacy:

“Economics, business, and finance often seem complicated and even intimidating. Lithuanian National Radio and Television aims to inform and educate, thus contributing to the public’s economic and financial literacy. We invite everyone to view economics as an integral part of daily life.”

The awards ceremony occurred at the Money Museum of the Bank of Lithuania, a fitting venue for celebrating the winners.

“Hosting such an important and necessary event is a pleasure. I congratulate the participants, winners, ambassadors, and organizers. You play a significant role in developing basic competencies and increasing our understanding of the importance of economic principles for our country’s future. Economic and financial literacy fosters other crucial life skills like responsibility, cooperation, planning, and selecting necessary information,” said Rasa Kulvietienė, Advisor to the Minister of Education, Science, and Sports.

The winners received monetary and partner prizes.

“We extend our wholehearted thanks to the school ambassadors who recognized the importance of economic knowledge and motivated their students to participate and learn. It is gratifying to unite forces to nurture independent, financially, and economically literate citizens,” said Justina Jablonskaitė, Head of Education Programs at LFMI.

Participants praised the quiz for its engaging, clear, and sometimes even fun questions that sparked curiosity and described everyday situations. They found the quiz valuable for testing knowledge and learning new things, making it attractive to young and older audiences.

“Such feedback allows us to confidently say that we have achieved our goal of encouraging more interest in economics and surprising participants with how many of their daily decisions are based on economic principles,” concluded Jablonskaitė.

The National Economics Quiz, part of Financial Literacy Month, is organized by the LFMI in collaboration with the Bank of Lithuania and Lithuanian National Radio and Television under the patronage of the Ministry of Education, Science, and Sports.

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