FINANCIAL LITERACY AND FINANCIAL INCLUSION
The research direction focuses on analysing financial knowledge, attitudes, and behaviour of individuals and society, as well as developing effective approaches for improving financial competence. The research addresses financial decision-making, investment behaviour, and financial well-being among different population groups, including youth and adults. EKA researchers conduct empirical studies, surveys, and educational experiments aimed at identifying factors influencing financial literacy and testing innovative teaching methods in the context of a rapidly changing economic environment. Research outcomes contribute to academic publications, international conferences, and national initiatives promoting financial literacy in Latvia, including cooperation with public institutions and financial sector stakeholders.
The main focus of the research is related to SDG 4 – Quality Education, while also contributing to SDG 8 – Decent Work and Economic Growth and SDG 1 – No Poverty.
RESEARCH TEAM:
Research coordinator: Dr. Jelena Titko, Leading Researcher, Professor, and Vice-Rector for Science and International Cooperation at EKA University of Applied Sciences; Researcher at The Institute of Economics, Latvian Academy of Sciences; Deputy Chairperson of the Association of Latvian Economists (Latvia).
J. Titko is an expert of the Latvian Council of Science in the field of Economics and Entrepreneurship and Education management; expert of the Lithuanian Research Council; the author of more than 70 scientific papers in the field of economics, business, management and education; Member of the Scientific committee of the European Marketing and Management Association (EUMMAS).
She is an Editor-in-Chief of the journal “Economics and Culture” and a member of a scientific board of the journals "Business, Management and Economics Engineering", “Marketing and Management of Innovations”, “Scientia et Societas”, “Socio-Economic and Humanities Studies”, “SocioEconomic Challenges”, and “Business Ethics and Leadership”.
ORCID: https://orcid.org/0000-0003-1333-0941
E-mail: jelena.titko@eka.edu.lv
Research team members
- Dr. Dzintra Atstaja, Leading Researcher, RSU Riga Stradins University (Latvia). ORCID: https://orcid.org/0000-0002-9411-7212
- Dr. Julija Bistrova, Associate Professor, RTU Riga Technical University (Latvia), ORCID: https://orcid.org/0000-0002-5538-7703
- Aija Brikse, Head of Financial Literacy Division, Latvijas Banka, Latvia
- PhD Cand. Jeļena Budanceva, Researcher, Assistant Professor, EKA University of Applied Sciences (Latvia). ORCID: https://orcid.org/0000-0002-5205-476X
- PhD Cand. Edgars Cerkovskis, Assistant Professor, EKA University of Applied Sciences (Latvia). ORCID: https://orcid.org/0009-0001-5146-7167
- Dr. Natalja Cudecka-Purina, Professor, University of Latvia (Latvia), ORCID: https://orcid.org/0000-0002-5736-7730
- Dr. Jevgenija Dehtjare, Associate professor, Leading researcher, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0002-6859-2327
- MBA Alise Patrīcija Dreimane, Risk Analyst, Citadele banka.
- Dr. Yuriy Kondratenko, Professor, Petro Mohyla Black Sea National University (Ukraine), ORCID: https://orcid.org/0000-0001-7736-883X
- Dr. Jekaterina Kuzmina, Associate Professor, Leading Researcher, University of Latvia, https://orcid.org/0000-0003-3318-3782
- Dr. Oksana Lentjusenkova, Professor, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0002-6494-1534
- Dr. Oleksii Lyulyov, Professor, Sumy State University (Ukraine); Researcher, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0002-4865-7306
- PhD Cand. Julija Mironova, Study Programme Director, Riga Nordic University (Latvia); ORCID: https://orcid.org/0000-0002-3090-6220
- Dr. Tetyana Pimonenko, Professor, Sumy State University (Ukraine); Researcher, EKA University of Applied Sciences (Latvia); ORCID: https://orcid.org/0000-0001-6442-3684
- Dr. Inga Shina, Professor, EKA University of applied Sciences (Latvia), ORCID: https://orcid.org/0000-0001-6362-6383
- Dr. Viktorija Skvarciany, Leading Researcher, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0001-8022-4124
- Dr. Maryna Z. Solesvik, Professor, Western Norway University of Applied Sciences (Norway), ORCID: https://orcid.org/0000-0002-6702-4643
- Dr. Tatjana Staube, Researcher, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0002-7874-0872
- Dr. Kaspars Steinbergs, Assistant Professor, Researcher, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0003-1506-128X
- Dr. Simona Survilaitė, Researcher, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0001-7613-3932
- Dr. Kristine Uzule, Associate professor, Leading researcher, EKA University of Applied Sciences (Latvia). ORCID: https://orcid.org/0000-0002-2633-6069
- PhD Cand. Zane Veidenberga, Assitant professor, EKA University of Applied Sciences (Latvia). ORCID: https://orcid.org/0000-0002-5262-0338
- PhD Cand. Natalja Verina, Assistant Professor, Researcher EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0003-2106-8314
- Dr. Vita Zarina, Associate professor, Researcher, EKA University of Applied Sciences (Latvia), ORCID: https://orcid.org/0000-0001-5580-6114
CONFORMITY WITH THE OBJECTIVES SET OUT IN THE NATIONAL STRATEGIC DOCUMENTS
- National Strategy for Financial Literacy in Latvia 2021–2027. Direction: Improving financial knowledge, financial behaviour and financial resilience of the population.
https://www.bank.lv/darbibas-jomas/finansu-pratiba/strategija-un-izvertejums - National Development Plan of Latvia 2021–2027 (NAP2027). Priority: Knowledge and skills for personal development and economic resilience. https://likumi.lv/ta/id/315879-par-latvijas-nacionalo-attistibas-planu-20212027-gadam-nap2027
- Research and Innovation Strategy for Smart Specialisation (RIS3). Direction: Knowledge-based economy and innovation capacity development.
- OECD Recommendation on Financial Literacy (OECD-LEGAL-0461).
https://legalinstruments.oecd.org/en/instruments/OECD-LEGAL-0461
OUTCOMES
Research papers:
- Titko, J., Bistrova, J., Budanceva, J., Uzule, K., Verina, N. (2023) Knowledge, attitude and behavior towards investments: pilot study on Latvian sample. In: Proceedings of the International Scientific Conference “Business and Management 2023”, May 11-12, 2023, Vilnius, Lithuania, 229-236. https://doi.org/10.3846/bm.2023.971
- Titko, J., Uzule, K., Zarina, V., Shina, I., Verina, N., Cerkovskis, E., Budanceva, J., Pildavs, J. (2022). Teaching financial literacy in a global economic era: the outcomes of learning experiment in Latvia. In: Proceedings of the International Scientific Conference “Globalization and its Socio-Economic Consequences 2022” (pp. 1464-1474). October 12-13, 2022, Rajecke Teplice, Slovak Republic https://globalizacia.com/wp-content/uploads/2023/02/Globalizacia_2022.pdf
- Titko, J., Shina, I., Veidenberga, Z. (2017). Financial Knowledge of Youth in Latvia: Pilot Survey Results. In: 30th IBIMA conference proceedings. Conference proceedings (pp. 1545-1556). ISBN 978-0-9860419-9-0. 8-9, November, 2017, Madrid, Spain (SCOPUS, WoS: 000443640501025)
Master Thesis:
- 2026. Cyriac George. Assessment of financial performance determinants of microfinance sector in Andhra Pradesh, India
- 2026. Kridhu Prasad. Assessment of finance performance of micro finance institutions in Kerala, India
Related projects:
- 2023. Research agreement with WSB Merito University in Poznan, International Research Project “Economic (il)literacy of consumers. Investigating individuals’ expectations based on experiments and algorithmic methods”.
- 2021. Project: “Financial Literacy Challenge”. An educational project aimed at promoting financial literacy in Latvia, within which student teams develop and pilot financial literacy tasks and practical solutions in cooperation with financial sector institutions and partner organisations. https://www.augstskola.lv/?parent=1105&lng=lva
RESEARCH DISSEMINATION & IMPACT
- 30.05.2026. Students of the EKA Bachelor′s programme “Digital Game Design” developed games focused on financial literacy. The games were presented as part of the student conference “Inventio.” The judging panel included representatives of the Latvijas Banka and an investors′ club.
- 28.05.2026. Titko, J. Article “Investing can be learned”. DIENA.LV. https://www.diena.lv/raksts/uznemeja-diena/zinas/investesanu-var-iemacities-14352435
- 19.05.2026. Čerkovskis, E. Interview “The investment culture of Latvian residents”. LA.LV, https://www.la.lv/ko-ar-to-naudu-daris-edgars-cerkovskis-skeptiski-verte-cilveku-velmi-iznemt-pensiju-2-limena-uzkrajumu#google_vignette
- 17.03.2026. Titko, J. Article “Investment literacy in universities - as self-evident as civil protection”. Investoru Klubs, https://www.investoruklubs.lv/viedokli/2026/03/17/investiciju-pratiba-augstskolas-tikpat-passaprotama-ka-civila-aizsardziba
- 06.03.2026. Čerkovskis, E. Interview “Residents take unreasonably high risks – if they promise high interest rates in the short term, this does not happen in the investment world”. LA.LV, https://www.la.lv/video/edgars-cerkovskis-iedzivotaji-riske-nepamatoti-ja-istermina-sola-lielus-procentus-investiciju-pasaule-tas-ta-nenotiek
- 05.-07.2026. Indrika, R. Financial Literacy barriers among University students in Latvia: A diagnostic study. 8th International Humanistic Forum, Latvian Academy of Sciences, Riga.
- 05.-07.2026 Budanceva, J., Lentjusenkova, O. From financial literacy to well-being - Case of Latvia. 8th International Humanistic Forum, Latvian Academy of Sciences, Riga.
- 05.-07.2026 Workshop "Investment Strategy Sprint: From Challenges to Action" within the 8th International Humanistic Economic Forum "Innovative Economy in Times of Geopolitical Change", March 5-7, 2026
- 06.03.2026., within the framework of the 8th International Economic Forum at the Latvian Academy of Sciences EKA in collaboration with the Bank of Latvia, organized a discussion among the members of the working group "Promoting Investment Culture" (Investīciju kultūras veicināšana. Diskusijā piedalījās pārstāvjji no Swedbank Latvia, Latvian Society of Women Investors, Signet Bank, Mintos, Nectaro SIA, SEB banka.
- 21.09.2023. Titko, J. Chair of the thematic session “Financial Literacy” at the VI Economic Forum of the Latvian Academy of Sciences, involving experts from the financial sector, public institutions, and academia.
- 2023. Participation in international discussions and cooperation activities with the Financial Literacy Division of the Bank of Latvia and the Institute of Economics of the Latvian Academy of Sciences, presenting challenges in financial literacy development at the 6th International Economic Forum. https://www.linkedin.com/posts/dr-jelena-titko_veiksm%C4%ABgas-sadarb%C4%ABbas-ar-latvijas-bankas-activity-7117482884914933761-fIJo/
- 2023. Implementation and dissemination of Financial Literacy Strategy and public education events in cooperation with the Bank of Latvia and other partners; results of the activities reflected in the report “Financial Literacy in Latvia: Achievements in 2023”. https://www.bank.lv/images/pielikumi/fails/finansu-pratiba-2023-paveiktais.pdf
- 24.02.2022. Budanceva, J. Article “Par naudu ir jārunā jeb kā sekmēt jauniešu finanšu pratību?” Ekonomika.lv; Travelnews.lv: https://travelnews.lv/?pub_id=132466
- 31.10.2019. Titko, J. Chair of the thematic session “Financial Markets for Business: Support or Barriers?” at the III Economic Forum of the Latvian Academy of Sciences
- 18.09.2017. Participation in the development of a framework for lifelong learning programmes in financial literacy in Latvia “Core Competence Standard for Financial Literacy for Adults”, European Platform for Adult Learning (EPALE). https://epale.ec.europa.eu/lv/resource-centre/content/pamata-kompetencu-standarts-finansu-pratiba-pieaugusajiem
- 12-18.03.2018. Participation in promoting financial literacy in Latvia through involvement in the activities of the national Financial Literacy Week and, in cooperation with the Financial and Capital Market Commission and the Bank of Latvia, organising the school olympiad “Financial ABC”. https://www.augstskola.lv/?parent=765&lng=lva
- 16.02.2017. Titko, J. Raksts “Skolēn, Tu zini, kā gudri rīkoties ar naudu?” https://www.apollo.lv/5983875/skolen-tu-zini-ka-gudri-rikoties-ar-naudu
COLLABORATION WITH INDUSTRY & ACADEMIA & PUBLIC SECTOR & NGOs
- 30.05.2026. Students of EKA’s bachelor’s programme “Digital Game Design” developed games on financial literacy. The games were presented on 30 May 2026 as part of the student conference “Inventio”. Representatives of the Bank of Latvia and the Investors’ Club participated in the jury. https://www.augstskola.lv/?parent=764&lng=eng
- 2023. Research agreement with WSB Merito University in Poznan, International Research Project “Economic (il)literacy of consumers. Investigating individuals’ expectations based on experiments and algorithmic methods”.
- 26.06.2021. Memorandum of Cooperation for the implementation of the Financial Literacy Strategy of Latvia 2021–2027. https://www.rtu.lv/lv/ievf/ievf-par-mums/ievf-zinas/atvert/paraksta-sadarbibas-memorandu-latvijas-iedzivotaju-finansu-pratibas-strategijas-ieviesanai
