Mon, 9 June
27.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

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

Dollar and ruble exchange rates against Armenian dram rose, while euro fell

The average market exchange rate of the US dollar to the Armenian dram, as of April 2, 2025, rose by 0.06 points compared to April 1, reaching 391.16 drams.

US dollar slightly down  against dram

The average market exchange rate of the U.S. dollar to the Armenian dram on May 7, 2025, decreased by 0.18 points compared to May 6 and amounted to 389.28 drams.

Central Bank leaves refinancing rate unchanged taking into account high uncertainty in US economic policy

The Central Bank of Armenia decided today to leave the refinancing rate unchanged at 6.75% taking into account a set of factors such as  the continued high uncertainty surrounding the US economic policy, declining confidence in the global economy, growth slowdown and  a possible  weakening demand in Armenia, the head of the regulator Martin Galstyan said at a press conference on Tuesday.

Euro and ruble exchange rates to the Armenian dram fell, the dollar rose

The average market exchange rate of the US dollar to the Armenian dram, formed on the Armenian currency market as of June 6, 2025, increased by 0.06 points compared to June 5 and amounted to 383.46 drams.

Average settlement exchange rate of dram to dollar in May was 0.3% lower than a year ago

In May 2025, the average settlement exchange rate of the Armenian dram to the US dollar was 386.6 drams, which is 0.3% lower than the same indicator in May 2024 (387.8 drams).

LATEST NEWS

spot_imgspot_imgspot_img