Non-profit Rahatarkus specialises in financial education and consultation. Our aim is to help individuals to make wise choices in planning their personal finances and career in all life stages. To achieve this goal, we provide training, consultation, teaching resources, surveys, career advice and other services in cooperation with various stakeholders from both public and private sector. However, we are an impartial nongovernmental institution, we do not work in the interests of any financial sector organisation.

Our team:

Heli Lehtsaar-Karma has designed and taught financial education and career advice courses for schools, teachers, career advisors, adult learners and at workplaces. She has created teaching resources for various target groups both in print and online. Heli has a Master´s degree in social sciences and she has passed a EU course on financial advice.

Leonore Riitsalu has been passionate about financial literacy, financial well-being and behavioural insights since 2008. Leonore has led the creation and implementation of the Estonian National Strategy for Financial Education, represented Estonia in the OECD International Network on Financial Education, initiated and analysed several large scale financial literacy surveys. She is a regular speaker on financial literacy and behavioural insights in the media and on conferences. Leonore is a member of several international research teams studying the application of behavioural insights for increasing financial well-being. She consults policymakers in Estonia, Saudi Arabia and works with the OECD experts on related projects. Leonore has a PhD in Management.

Recent projects:

December 16, 2020 presented on OECD High Level Conference and Workshop on Financial Education and Digitalisation for the Commonwealth of Independent States. The topic of the talk was digital financial services and digital financial education.


December 10, 2020 presented on OECD webinar Evaluating National Strategies on Financial Education for South East Europe countries, spoke about the Estonian National Strategy and methods for evaluating the initiatives.

November 16, 2020 presented virtually in Vilnius on EdTech Hackathon, the topic was Financial education & technology.

May - December 2020 In partnership with the Consumer Protection and Technical Regulatory Authority, we launched a programme "Three steps to financial well-being". On the first year our focus is on avoiding financial difficulties and getting debt advice. For that we create a series of podcasts on relevant topics including interviews with experts from both public and private sector, and provide tips in local newspaper article series.

January - May 2020 Analysed the PISA 2018 financial literacy survey data and wrote a report on the excellent results of the Estonian students (the highest among 20 countries) for our Ministry of Education and Research.

October 2019 – September 2020 In partnership with Professor Fred van Raaij from Tilburg University we were studying the role of self-control and future orientation in financial well-being across Europe, Australia and USA. This joint research project was supported and funded by the Think Forward Initiative. For this study, survey data on current money management stress, expected future financial security, self-control and future time perspective from the 2019 ING International Survey (IIS) on Savings was used. The summary of the key findings and the full report can be found here.


March 2019 – March 2020 We created and launched interactive online teaching resources Considered choices (Teadlike valikute audiovisuaalne õppematerjal) for Estonian schools. It consists of 11 short films made by the students of Tallinna 32. Keskkool on various life choices people in age 15-19 have. For each of the films we have added teacher resources with further explanations and suggestions for exercises, group assignments and discussions. The project was funded by SA Innove from European Social Fund resources.

December 2018 – October 2019 We were invited to be involved as an expert in a project “Financial well-being of the future elderly” (Tuleviku eakate rahaline heaolu) launched by the Estonian Foresight Centre. The aim of the project was to develop future scenarios of financial well-being of the retirees in Estonia in 2050+. We participated in a series of workshops, seminars and conferences, prepared a full report and brief overviews on financial well-being and behavioural insights, introduced these in the media, and were a panellist in several public discussions.

November 2018 - October 2021 partnering with universities, schools and NGO-s from five countries (Belgium, the Netherlands, Italy, Estonia and Slovakia) in a three-year project "EUFin: Innovative integrated tools for financial literacy education across Europe". It is funded from Erasmus+ Key Action 2: Strategic Partnerships for Higher Education. As part of the project, a book was published: "Financial education. Current practices and future challenges", where we co-authored the chapter "Financial education in Estonia".


January 2017 – February 2018 consulting the OECD (Organisation for Economic Co-operation and Development) in a project that seeks to provide dedicated guidance and technical support for the design, implementation and review of evidence-based financial education strategies and policies in Azerbaijan.

February 2016 – present taking active part in the work of Think Forward Initiative financial literacy team.

October 2016 – May 2017 monthly two-day course “Entrepreneurship in managing personal finance” for adult learners, young entrepreneurs and job seekers.

September – October 2016 two-day training on financial literacy and behavioural economics for the members of the Estonian Insurance Association.

September – December 2015 consulting the Three Coins on creating an app for managing personal finances.

March – September 2015 provided financial education courses to career advisors and teachers on six days in various parts of Estonia.

April 2015 – June 2016 consulted Estonian Ministry of Finance on designing a financial literacy survey and teacher training programmes. We have consulted them and other stakeholders of the National Strategy for Financial Education on its implementation since 2014.

February – May 2015 financial education programme for commuters on the ships travelling from Tallinn to Helsinki, 17 events on 7 topics including and intervention for behaviour change and a follow-up survey.

In the media:

We have written blog posts (one and two) on research on our financial well-being, and about financial education topics:

We have spoken about financial literacy and behavioural economics on the Estonian national television (here and here), conference Pension 2050 and radio.

We have given interviews to newspapers Maaleht, Õpetajate Leht, EPL, written articles for the the science news portal of Estonian national broadcasting and the blog of Estonian Cooperation Assembly.


Leonore Riitsalu