1000 schoolchildren took part in the Lithuanian national finals of the European money quiz

This May not only the Eurovision Song Contest will take place, but also the biggest financial literacy competition in Europe, the European Money Quiz. In its finals planned for 7th May in Brussels Lithuania will be represented by two teenagers from Alytus Volungė progymnasium. The girls won the first place in the national finals of the competition, showing the best results from a total of 1000 students.

The winners of the Lithuanian finals were awarded this week in the Ministry of Education, Science and Sport of the Republic of Lithuania in the capital Vilnius. The winners Liepa Siauraitytė and Ugnė Juonytė and their lead, teacher for economics and technology Rūta Mockevičienė, received the main prize: a ticket to the competition finals in Belgium, where Lithuanians will compete with the colleagues from 27 other European countries.

The second try

Saving principles, daily finance, financial risk, and inflation are examples of the numerous topics covered by the quiz. According to the winner's duo, although most of them were known, there were also some unexpected questions, and the pressure to submit the right answer faster than other participants was an additional trigger. ‘We were delighted that we managed to forge ahead from the very beginning, but at the same time we tried not to overestimate it and to focus on the tasks instead,’ Liepa and Ugnė claimed.

‘We have been involved in various competitions for financial literacy for several years. After making a lot of effort, we usually take high ranking positions. Last year we took the 3rd place in the national finals of the European money quiz and we already knew that we will be taking part in this year,’ teacher R. Mockevičienė said. ‘Of course, the most important aspect to look at from the educational side is that this project encourages students to become interested in finance and economics in a simple and modern way. But the taste of victory is amazing!’

The second place in the national finals was taken by the 2 boys from Vilnius Lyceum, Joris Strazdas and Domantas Švažas (teacher Daiva Strielkūnienė). The third one went to Gabrielė Marija Pratkutė and Benedict Martin Magee (teacher Kristijonas Bartoševičius) from KTU Gymnasium.

All winners of the national finals answered 14 of the 15 quiz questions correctly. The results of the interactive virtual contest were determined not only by the correct answers, but also by the speed of their submission in the Kahoot! app.

Purposeful work

The winners of the Lithuanian national finals were welcomed and greeted by the Lithuanian Minister of Education, Science and Sport Algirdas Monkevičius and President of the Association of the Lithuanian Banks (LBA) Mantas Zalatorius.

The winners were awarded with the prizes established by the LBA. First-place winners received € 500 budget for their class initiative in addition to their travel to Brussels. Other two winning teams received € 400 and € 300 for class projects respectively.

The European Money Quiz is an international competition for 13-15-year-old teenagers. It aims to encourage young people to take an interest in economics and finance. Research confirms that the lack of financial knowledge is typical not only for the Lithuanian population. Summarizing various international surveys, Lithuania is usually in the middle with its results. According to LBA, the Lithuanian financial literacy index has reached 43 points out of 100 this year.

‘It is a clear sign that financial education is very important, regardless of age. By the way, the assumption that the young generation will naturally understand these topics better than the older ones is not quite right,’ emphasized M. Zalatorius.

‘If we are not going to cover financial topics at school level, current schoolchildren will only have to gain financial knowledge from their own experience, which means after entering their adult life. The goal behind our financial education projects is to encourage young people to become ready for the real-life challenges in advance.’

The first European Money Quiz attracted a total of 40 000 participants last year. The winners were Polish students. Lithuanian representatives from a school in Lavoriškės in Vilnius district ranked 14th.

The Lithuanian Banking Association coordinates the European Money Quiz in Lithuania. The project partners are the Ministry of Education, Science and Sport of the Republic of Lithuania, the Center for Educational Development, the non-governmental organization for business and economic education Lithuanian Junior Achievement and the professional volunteering initiative ‘būsiu__’.