Finantsinspektsioon, Eesti Pank and the debating society Eesti Väitlusselts held a youth debating event at the Eesti Pank Museum covering the economic effects of planned tax rises and whether influencers should give financial literacy recommendations. Finantsinspektsioon management board chair Kilvar Kessler used the discussion to underline that influencer recommendations can carry risks for young people and that, in certain cases, providing financial advice may require a licence. Students argued that tax rises could help avoid increasing state debt and close a budget gap, while opposing teams warned that higher taxes could push up inflation, reduce consumption and production, and discourage foreign investment, suggesting state borrowing as an alternative. On influencer-led financial guidance, supporters pointed to gaps in public financial literacy and cited messaging on topics such as avoiding instant loans and investing in the third pension pillar, while opponents stressed the need for objective, qualified information and warned that inaccurate advice from unqualified influencers could cause broader disruption. Recordings of the debates are available in two parts on Finantsinspektsioon’s consumer website minuraha for use in lessons.
Finantsinspektsioon 2025-03-25
Estonia's Finantsinspektsioon flags that influencer financial recommendations may require a licence at youth debate event
Finantsinspektsioon, Eesti Pank, and Eesti Väitlusselts hosted a youth debate at the Eesti Pank Museum on the economic impact of tax increases and influencers in financial literacy. Finantsinspektsioon's chair, Kilvar Kessler, highlighted the risks of influencer financial advice, noting it may require licensing. Debaters discussed tax rises' benefits in reducing state debt versus inflation risks, reduced investment, and the need for qualified financial guidance.