Abstract:

The free and publicly funded educational support and social functions of the library network, the largest cultural institutional system, have strengthened considerably. This process has been accelerated by COVID 19. The presentation highlights the libraries’ role in economic development, which may be achieved through:
(1) developing digital literacy,
(2) increasing financial awareness, and, based on the latter, through
(3) providing information support for businesses (including start-ups) with, among others, non-formal financial education tools.

To be able to create and manage services required from the various types of libraries (e.g., public libraries, national libraries, academic libraries) that can address all layers of society and that are still often atypical, it is important to provide librarians with the necessary financial competences. This may not only help libraries successfully adapt to the market conditions that affect their daily lives, but it can also enhance the establishment of external partnerships and active forms of cooperation (e.g., with authorities, non-profit organizations, financial companies) providing an expert financial background and financing. Librarians are typically not economists, but as with other occupations, nowadays it is indispensable for the adequate functioning of libraries too to have the necessary economic expertise. This research outlines the competency map of librarians through the analysis of professional documents, best practices, and the curricula of the library and information science degree programmes, thereby identifying the key elements of the competences required for the effective performance of tasks.

The competency map is based on:
(1) the survey and analysis collection of the Organisation for Economic Co-operation and Development International Network on Financial Education (OECD/INFE), in particular the publication entitled Financial competence framework for adults in the European Union, published in 2022;
(2) the complex program environment of the American Library Association (ALA) (Financial Literacy in Public Libraries: A Guide for Building Collections, Smart Investing@Your Library, and Thinking Money for Kids);
(3) a review of LIS literature;
(4) the educational and research activities of the Institute of Library and Information Science of the Faculty of Humanities of Eötvös Loránd University (Budapest, Hungary); and partly on
(5) library initiatives aimed at information services for businesses and business development (e.g., The British Library Business & IP Centre; The New York Public Library, The Thomas Yoseloff Business Center at the Stavros Niarchos Foundation Library).

Only partly because business support goes way beyond the development of financial literacy. The proposed competency map may raise the awareness of both trainers and practitioners of the areas whose development, due to the outcomes of this study, may not merely enhance financial literacy by means of libraries, but may also improve librarians’ economic competences, management skills and, indirectly, contribute to their social prestige as well.

Keywords:

Financial literacy, library, non-formal education, library and information science, competencies.