Department of Economics and Finance

The lead partner of the project is Tallinn University of Technology (TalTech). Additionally, the Estonian Entrepreneurship University of Applied Sciences (Mainor) is involved as a partner, along with researchers from the following institutions: University of Tartu, Tallinn University, Estonian Business School, Aalto University (Finland), University of Trier (Germany), and Otto Beisheim School of Management (Germany). To better reach target groups and compile samples for experiments and surveys, the project collaborates with Swedbank, allowing potential access to their customer base for research purposes.

Introduction of project participants:

Tõnn Talpsepp, TalTech, Associate Professor of Finance
Tõnn Talpsepp has experience leading several international research projects (including collaborations with researchers and universities from Switzerland, Germany, Finland, and Sweden) and has managerial experience in the private sector (particularly in finance). He has worked as a postdoctoral researcher at the University of Zurich and Aalto University and as a research director at the Estonian Entrepreneurship University of Applied Sciences. His research, published internationally at a high level, focuses on big data-driven studies in behavioral finance, household finance, consumer behavior, and investment, combining approaches from finance, psychology, and data science. He is the author of three popular financial literacy textbooks, has led the TalTech team in a previous project on financial literacy learning outcomes, and is a recognized lecturer and public advocate of financial literacy, also serving as TalTech’s spokesperson in this field.

Laivi Laidroo, TalTech, Associate Professor of Finance
Laivi Laidroo has extensive research experience across various finance topics (banking, financial markets, fintech), utilizing diverse research methods (econometric models, surveys, case studies). She also has significant experience in higher education management (as vice-dean, program director, etc.), complemented by a strong theoretical foundation in learning and teaching acquired through a master’s degree in education and participation in research projects on learning practices at TalTech.

Kaire Põder, Estonian Business School, Professor
Kaire Põder is a professor of education economics and was nominated to the AcademiaNet portal of outstanding women scientists in 2024. Her research focuses on evaluating evidence-based practices and policies in education using experimental and quasi-experimental methods. From 2020 to 2022, she was a member of the European Commission's expert group on effective investment in education quality. Financial literacy is one of her research topics, and in collaboration with Prof. de Witte (KU Leuven, Belgium), a series of articles based on various experimental results is in preparation. She has also contributed to the development of financial literacy teaching materials in earlier cooperation projects.

Mai Beilmann, University of Tartu, Associate Professor
Mai Beilmann is Associate Professor of Empirical Sociology at the University of Tartu with over 15 years of experience researching youth non-formal education and participation in the context of youth work. She has studied vulnerable groups and recently participated in an international project involving action research and policy co-creation with disadvantaged youth. As an editor and instructor of social research methods, she has deep expertise in measuring attitudes, knowledge, and behavior.

Innar Liiv, TalTech, Associate Professor of Big Data
Innar Liiv is a multidisciplinary associate professor of big data at the TalTech Department of Software Science. He has broad and versatile experience in scientific and applied projects, collaborating with computer scientists, social scientists, political scientists, engineers, logisticians, philosophers, and legal scholars. He has researched practical applications of large language models, which could also support financial literacy learning.

Karin Jõeveer, TalTech, Associate Professor of Finance
Karin Jõeveer is an associate professor of finance whose research has focused on financial behavior related to financial service consumption and fraud. She has solid experience in academic leadership and supervises student theses on financial literacy topics, contributing knowledge in the area of financial literacy measurement and project management.

Aleksander Pulver, Tallinn University, Associate Professor and Head of Behavioral Sciences
Aleksander Pulver is an associate professor of personality psychology and head of psychology and behavioral sciences at Tallinn University. His expertise lies in developing, adapting, and validating measurement tools, including those related to new psychological constructs. He has been involved in numerous psychological and financial literacy studies.

Kristjan Liivamägi, TalTech, Senior Lecturer
Kristjan Liivamägi is a highly regarded senior lecturer at TalTech and the author of several popular financial literacy textbooks. He has contributed to high-level, award-winning research in behavioral finance at TalTech and has been active in developing financial literacy learning outcomes. He is a prominent public promoter of financial literacy.

Tarvo Vaarmets, TalTech, Visiting Researcher
Tarvo Vaarmets is a visiting lecturer and researcher at TalTech, while also working as a senior expert at the Estonian Financial Supervision Authority. He is the author of four financial literacy books and has published award-winning academic work in behavioral and household finance. He contributed to the development of financial literacy learning outcomes and actively promotes financial literacy in society. His PhD dissertation on financial behavior was awarded Estonia’s best student research work in 2021.

Marit Rebane, TalTech, Senior Lecturer
Marit Rebane is a senior lecturer and program manager in applied economics at TalTech. Her research focuses on education and inequality, and she has participated in projects measuring educational and social factors.

Liina Randmann, TalTech, Senior Lecturer
Liina Randmann is a lecturer in organizational and managerial psychology. Her research covers organizational behavior and communication, focusing on how psychological measures and interventions can influence organizational members or consumer behavior through management decisions and communication.

Kirsti Rumma, TalTech, Senior Lecturer
Kirsti Rumma is a senior lecturer at TalTech specializing in the application of mathematical methods. She has extensive experience in developing, piloting, and validating questionnaires. Her background is in education and quantitative methods, especially survey-based measurements.

Kadi Liik, Tallinn University, Lecturer
Kadi Liik is a respected lecturer at Tallinn University with long-standing experience in conducting surveys. She has adapted numerous instruments describing attitudes, personality, and behavior into Estonian and has represented Estonia in international comparative studies. Her teaching and research include money-related attitudes and stereotypes, their development, behavioral impact, and personality links, as well as topics such as wage satisfaction and financial stress. More broadly, her focus is on motivation, satisfaction, and behavior-influencing factors.

Marii Haak, TalTech, Lecturer
Marii Haak has led TalTech’s university-wide Self-Management course since 2019, aiming to enhance students’ self-management competencies, including financial literacy. As a psychologist, she is well-versed in the theories and models shaping attitudes and behaviors and has experience conducting behavioral science research.

Anu Olvik, Mainor, Lecturer and Program Director
Anu Olvik is a program director and lecturer at the Estonian Entrepreneurship University of Applied Sciences. She has experience promoting financial literacy among students, teachers, aspiring entrepreneurs, advanced professionals, and employers. Her work with diverse educational methods has fostered financial awareness across various Estonian and Russian-speaking communities.

Matti Keloharju, Aalto University (Finland), Distinguished Professor
Matti Keloharju is a highly respected professor at Aalto University and one of the world’s most cited researchers in behavioral finance. He has collaborated with TalTech on several projects since 2019, including co-authoring a forthcoming article with Tõnn Talpsepp on consumer behavior. His top-tier academic expertise significantly enhances the project and broadens the international network in financial behavior research.

Marc Oliver Rieger, University of Trier (Germany), Professor
Marc Oliver Rieger is a professor at the University of Trier who has published high-level research in behavioral finance using surveys and experiments conducted in numerous countries. He provides not only knowledge and experience but also valuable international networks, strengthening Estonia's competence in financial literacy. His collaboration with Tõnn Talpsepp and TalTech’s behavioral finance doctoral students dates back to 2008.

Mei Wang, Otto Beisheim School of Management (Germany), Professor
Mei Wang is a recognized professor at a German business school and an internationally known expert in experimental finance. She brings expertise in conducting finance-related experiments (tasks, controlled activities, surveys, etc.). Her collaboration with Tõnn Talpsepp and TalTech’s behavioral finance doctoral students dates back to 2010.

Indrek Mäe, Doctoral Student and Junior Researcher
Indrek Mäe is a doctoral student and early stage researcher at the TalTech Department of Economics and Finance. His research focuses on assessing the role of financial influencers in stock markets and on financial literacy topics in society. With a long-standing background in financial journalism, he has deep insights into financial literacy and market behavior.