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—

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