Armenian central bank to assess financial literacy of citizens

05.04.2019 09:44
Armenian central bank to assess financial literacy of citizens

YEREVAN, April 4. /ARKA/. With the assistance of the Union of Savings Banks of Germany, the Central Bank of Armenia, will conduct an assessment of the financial literacy of citizens by the end of 2019, Central Bank Board member Armenak Darbinyan told reporters on Wednesday.

The previous study "Barometer of Financial Opportunities" was conducted five years ago. "The new study will allow us to understand how the level of financial literacy of Armenian citizens has improved over the years," said Darbinyan.

He said the new study will embrace wider segments of citizens, and based on its results a new national strategy of financial education will be developed. "We are striving for such a level of financial literacy across the country that all citizens are able to answer basic financial questions," said Darbinyan. He said the list of most frequent problems people today face because of financial illiteracy includes budget planning, managing ones ’own funds not only in terms of costs, but also savings.

Other important aspects are making right decisions, including on debt burden, knowledge of one’s rights when using various services and skills so as not to become a victim of fraudsters.

Central Bank expert on financial education Arthur Pokrikyan said studies are conducted with a five-year time lag to understand the trends in society. According to him, the study covers the following parameters - the achievement of targets and strategic goals (one of the previous goals was the problem of savings), as well as the assessment of productivity and presentation of ongoing activities and measures to improve financial literacy.

According to the National Strategy, almost all residents of Armenia (approximately 90-95% of the population) will have to master financial literacy skills. --0---


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