Olli-Pekka Ruuskanen appointed Professor of Economics at the University of Vaasa: “Economic competence is a key foundation for societal resilience”

One of Ruuskanen’s central research areas has been financial literacy, which has become an increasingly important part of societal discourse in recent years. Although studies show that Finns’ financial literacy is on average at a good level, Ruuskanen highlights concerns about vulnerable groups who lack sufficient skills to operate in a digital financial environments. This exposes them to risks such as online fraud and financial vulnerability.

– As digital services become more widespread and social safety nets are simultaneously being reduced, it is increasingly important that people understand economic risks and know how to protect themselves, Ruuskanen says.

Research influences policy and practice

In addition to his professorship, Ruuskanen leads the economics research group at Pellervo Economic Research PTT. He also serves as the program director of the six-year JUST TRANSITION program funded by the Strategic Research Council of the Academy of Finland. The program conducts multidisciplinary research on the challenges of a socially just green transition. It involves several universities and research institutions, including the University of Vaasa’s RELIEF project, with a total of 120 researchers participating.

Ruuskanen is already familiar with the University of Vaasa – he has been an adjunct professor there since 2019, and PTT and the university have collaborated closely for years. Currently, PTT and the University of Vaasa are jointly conducting a digital financial literacy survey commissioned by the OECD, as well as a study on online fraud commissioned by the Prime Minister’s Office in collaboration with the Police University College. These joint projects are closely linked to societal resilience and sustainable business.

– Especially with Professor Panu Kalmi, we’ve collaborated for a long time and have been pioneers in financial literacy research in Finland. We conducted the first nationwide survey on Finns’ financial literacy already back in 2014.

Ruuskanen emphasises that research findings on financial literacy have already had a concrete impact on policy and public administration. They have been utilised in the national financial literacy strategy promoted by the National Legal Services Authority and have increased awareness among financial sector and public officials about the importance of financial literacy.

– Financial literacy was rarely discussed before, and securing funding for research was extremely difficult ten years ago. Now its societal significance is recognised internationally, and research findings are being applied in practice, for example in OECD countries.

Green transition requires public acceptance

One of the University of Vaasa’s key focus areas is sustainable energy and energy transition, which Ruuskanen sees as strongly connected to his own research interests. He stresses that transitioning from a fossil fuel-based society to an environmentally sustainable future requires economic and political acceptability.

– It’s essential to build a zero-emission future in a way that includes everyone. A shared experience of navigating a difficult transition and distributing responsibilities fairly brings acceptance to the change, which is crucial for future generations.

Ruuskanen notes that in the early stages of the green transition, research findings and resulting policy decisions received broad support, but now there are signs of backlash as the demands of the transition become more tangible. This highlights the importance of political economy in studying the phenomenon.

A diverse career at the intersection of academic research and practical economics

Ruuskanen earned his Doctor of Science in Economics and Business Administration from the Helsinki School of Economics in 2004. Over the course of his career, he has worked as Research Director at the current Finance Finland (Finanssiala ry) and as CEO of the Uganda Insurers Association, where he led a development program supported by international financiers aimed at strengthening risk management capacity and promoting microinsurance in East Africa. He has also served as Professor of Insurance Science at Tampere University and is a board member of the insurance company Turva.

– My career has spanned both academic research and applied roles. I’ve been fortunate to gain diverse experience in banking and insurance alongside my research career and to contribute to building economic resilience internationally as well.

Ruuskanen expresses enthusiasm about the development of the University of Vaasa and its role in addressing societal challenges.

– It’s a great honor to serve as a professor here. The University of Vaasa has developed tremendously in recent years. I believe that by specialising in important, complex, and systemic issues, the university will continue to have an outsized impact on Finnish society.