Tue, 1 July
29.1 C
Yerevan
USD: 385.32 RUB: 4.91 EUR: 455.06 GEL: 141.61 GBP: 530.70

Only 18% of adults in Armenia are financially literate – S&P survey

YEREVAN, November 20. /ARKA/. Armenia came 137th among 148 countries in S&P financial literacy ranking.

The study has been conducted by Standard & Poors rating agency jointly with Gallup, the World Bank and the Global Financial Literacy Excellence Center at the George Washington University.

The survey conducted in 2014 has revealed that only 18% of Armenian residents are financially literate.

This result is lower than the world average indicator (33%). Armenia is also left behind countries with lower-than-average revenue (26%).

Ukraine and Kazakhstan showed higher financial awareness rates among CIS countries – 40%.

Some 38% demonstrated financial awareness in Russia and Belarus, 36% in Azerbaijan, 17% in Tajikistan, 21% in Uzbekistan, 27% in Moldova and 19% in Kyrgyzstan.

Residents of Denmark, Norway and Sweden displayed the best financial awareness rate – 71% of the adult population knew how to use money.

Israel (68%), Canada (68%), Great Britain (67%), the Netherlands (66%), Germany (66%), Australia (64%) and Finland (63%) are among top ten.

Outsiders are Afghanistan (14%), Albania (14%) and Yemen (13%).

‘Financial Skills of Armenian Population – 2014’ survey revealed that financial knowledge of Armenian residents is at a low level. Financial skills of Armenian residents were rated at 44%.

The survey was conducted as part of the Armenian government activity program for 2014-2019.

Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. M.V.—0—

spot_img

POPULAR

AMX Reaffirms Compliance with International ISO Standards

The Armenia Stock Exchange and Central Depository (AMX) have successfully completed their compliance certification with ISO 27001:2022 for Information Security Management and ISO 9001:2015 for Quality Management Systems.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

LATEST NEWS

spot_imgspot_imgspot_img