Department of Economics and Finance

One of the core missions of the Department of Economics and Finance at TalTech is to enhance financial awareness and competencies in society. In collaboration with various institutions and researchers, an expert group has been formed to address different challenges related to improving financial literacy and to carry out the necessary measurements. The broader goal of the project, commissioned by the Ministry of Finance, is to promote financial literacy in society by approaching the controversies and research questions related to financial literacy from a scientific perspective. This includes addressing topics related to financial literacy in scientific publications and student theses. Students from various academic levels are involved in the research group’s activities, and cooperation is established with researchers from foreign universities and companies in the Estonian financial sector.

In addition to publishing academic work, one of the outputs of the research group is to disseminate information to the public and conduct activities that help raise the general level of financial competence in society.

As part of the financial competence development project, the focus is on the following key challenges:

• Measuring the level of financial literacy in Estonia

• Proposing ways to teach financial knowledge in educational institutions so that it translates into behavior through attitudes

• Mapping activities to improve established financial behavior patterns among adults

In 2024, the first stage of the study was conducted, analyzing international experiences and theoretical foundations related to financial literacy promotion. Additionally, semi-structured focus group interviews were held throughout the year with vulnerable target groups and representatives of the financial sector.

In the first half of 2025, the focus is on in-depth interviews with financial literacy promoters. These include history and social studies teachers in Estonian schools, program directors responsible for teacher training at local universities, and financial influencers with a large following.

In parallel with other activities, the development of practical tools and calculators related to financial literacy is underway. These tools, soon to be introduced to the public, aim to enable every member of society to calculate their financial decisions and, if desired, improve them.

Recruitment of an IT Development Specialist for the Development of Experimental Finance Tools and IT Infrastructure at TalTech

The aim of the project is to develop the information technology infrastructure and financial technology tools required by Tallinn University of Technology's Finance Research Group to conduct experimental finance research. The project will result in the development of web-based financial planning tools, calculators, and an investment decision simulation environment that will enable researchers to study individuals' financial behaviour under controlled conditions and to test which interventions can positively influence financial decision-making. The public-facing tools developed within the project will be released as open-source software and made freely available. To implement the project, the research group will recruit a highly qualified software developer with expertise in user interface development and financial data processing.

The project contributes to the TAIE priority area "Digital solutions in every field of life" by developing software solutions that support scientific research and improve access to financial knowledge and financial counselling, particularly for vulnerable groups, lower-income households, and people living in more remote areas.

The total eligible budget of the project is EUR 149,805.19, of which up to 85% is covered by grant funding and at least 15% is provided through co-financing from eligible project costs. The maximum grant amount is EUR 127,334.41.

Project period: 1 January 2025 – 31 December 2026