Innovative Strategies for Promoting Information Literacy in Libraries: Challenges and Opportunities in Financial Literacy

Abstract

Acceleration of globalization and the growing complexity of the financial system have a huge impact on people’s competencies and skills. The recent financial crises and economic problems, exacerbated by the pandemic, have reinforced the importance of information literacy and the need for financial education. Managing personal finances requires a diverse set of information and knowledge. From budgeting and saving to investing and debt management, understanding financial concepts and the ability to apply them helps people make informed decisions to ensure a prosperous future. The principles of information literacy are reflected in all aspects of financial literacy and are adapted to the needs and resources of society. In this context, libraries see their role in developing and implementing financial literacy programs. They are transforming themselves into community hubs for increasing the financial capabilities of citizens. Through accessible educational programs, reliable and unbiased information resources, and by strengthening partnerships with organizations and financial experts, libraries make a significant contribution to increasing citizens’ understanding and application of financial skills in their communities. The article highlights the experience of libraries in other countries regarding activities to promote financial literacy among citizens of various ages. It also analyzes the theoretical and practical perspectives in approaching innovative strategies for implementing financial education programs and services in libraries. UDC: 021.2:[336-048.67:371.214.19]; JEL: D83; I22; I23.