In cooperation with the Croatian Debate Society, the Croatian National Bank today organised the 10th Great Student Debate, held in the Round Hall in the Bank's main building. The members of the Croatian Debate Society discussed the topic “Can AI manage personal finances?”. The debate was attended by more than 180 students and teachers from 21 schools from 16 Croatian cities and towns: Zaprešić, Virovitica, Varaždin, Čakovec, Rijeka, Opatija, Đurđevac, Požega, Slatina, Buzet, Makarska, Split, Nova Gradiška, Imotski, Zagreb and Vela Luka (the island of Korčula), who asked questions and actively participated in the debate. The participants were addressed by CNB Governor Boris Vujčić and Vicegovernor Bojan Fras, and the discussion was also joined by Toni Milun, a financial literacy ambassador.
The affirmative team, including Iris Pašalić, Lana Srića and Marin Bolanča, took the view that AI could manage personal finances and assist in financial decision-making, but that it could also be given greater powers and some freedom in decision-making. They argued that the future development of artificial intelligence poses no major risks and that it can only bring benefits to society. On the other hand, the negation team, consisting of Franco Filder, Karla Sviben and Sven Belamarić Divjak, took the view that AI in finance should be nothing more than a tool to check our own decisions. Any powers, governance or decision-making can have significant consequences. They also argued that any major development of AI in the future would pose new risks.
The debate was moderated by the Greek and Latin language teacher Petar Soldo. With his questions he encouraged both teams to further reflect on and explain their views and he actively involved students from the audience, whose questions and comments enhanced the quality of the discussion.
At the beginning of the debate 85 percent of the students held that AI should not be used to manage personal finances. At the end of the discussion by teams and all students present, there was no major change in the final position of the majority – as many as 75 percent of students maintained that AI should not manage personal finances.
"One of our earliest initiatives is the student debate, which is held at the Croatian National Bank every year and gathers about 180 high school students who discuss topics relating to financial choices they face in their lives. I have to say that I am also learning from students, listening to their debates, learning about their views, and trying to understand them. I would say that we all learn from such debates; they are a great and much-welcomed tradition and I look forward to continue with them in the future. They have certainly helped improve financial literacy", said Governor Boris Vujčić.
"On the tenth anniversary of the Great Student Debate at the Croatian National Bank, we are mostly proud of the fact that throughout the years the debates attracted more than 1,300 high school students from some seventy schools across Croatia. We are particularly proud that we had the opportunity to welcome children from almost all Croatian islands, especially the outermost ones. This has given them the experience far beyond the regular secondary school curriculum, providing an opportunity to voice their opinions. We have learned very quickly that this is also an excellent opportunity for us, as regulators and supervisors of the financial industry, to hear unconventional and uncommon new opinions, which are often very original and unburdened by political correctness", said Bojan Fras, Vicegovernor of the CNB.
The great student debate is the central activity of the Croatian National Bank to mark the Global Money Week and its goal is to promote financial literacy.