FINANCIAL LITERACY

IN CIS COUNTRIES
 OECD/INFE financial literacy survey

Results comparable across countries and over time

Behaviour Knowledge Attitudes

Budgeting, Simple and
saving, Choosing compound interest, Propensity to
products, Paying Inflation, Time value save vs spend,
bills on time, of money, Risk and Time
Retirement return, Risk preference, etc.
planning etc diversification

…as well as on its relationship with

Financial Socio-demographics
inclusion Wellbeing; Fraud;
self-assessment of
Financial products Age, Gender, financial knowledge
awareness, use and Education, Work,
recent choice Income
Data collection

The OECD commissioned NAFI to collect data

from the 6 countries included in the CIS
Technical Assistance project, to inform individual
countries, and the overall project; draft (in
English) shared with countries for feedback

Data from the Russian Federation has also been

used in this report (and reported in the 2017
G20/OECD publication )

Sample designed to be representative of the

population by age and gender; and across regions
INITIAL FINDINGS FROM
THE ANALYSIS
Adults struggled with basic financial knowledge and
concepts

On average, only 29% correctly calculated simple

interest on savings; 36% said they didn’t know
the answer

On average, only 38% of adults were aware of the

additional benefits of interest compounding
on savings and 22% thought it added no value

Just over half understood the benefit of

diversification (54%)

High number of ‘D not know’ replies especially in

the Kyrgyz Republic and Tajikistan

Average (mean) calculated across all countries included in the analysis (6

CIS plus Russia)
 Many adults were unable to reach the minimum
target score on financial knowledge
(4 or more out of 7)
• On average, just 30% of adults across participating countries
achieved the minimum target score (c.f. 48% across G20
countries)
% achieving minimum target score 44% 45%
41%

27% 30%
23%
17%
10%
Kyrgyz Republic

Mean (3.5)
Armenia (3.6)

Belarus (4.3)
Kazakhstan (4.1)
Tajikistan (2.6)

Federation (4.1)
Azerbaijan (3.2)

Russian
(2.6)

Average (mean) calculated across all countries included in the analysis (6

CIS plus Russia)
Knowledge levels are particularly low
among certain groups, including:

Women (Armenia,
Azerbaijan, Belarus
and Tajikistan)

People in villages (Kyrgyz

Republic, Russian Federation
and Tajikistan) and some smaller
towns

Those who have not used a computer

in the last week (except in Armenia and
Tajikistan)

Age is NOT a big factor once we take into account gender,

education etc, although knowledge is slightly lower in
Armenia in adults aged 70+
 Only about half of adults reached the
minimum target score on behaviour
• Just over half (55%) of respondents achieved the minimum target
score of at least six out of nine on financial behavior (52% G20)
% achieving minimum target score 73% 73%

50% 52% 53% 55%

43% 44% Armenia (5.4)
Azerbaijan

Federation

Kazakhstan
Mean (5.6)
Tajikistan (5.5)

Belarus (6.4)
Republic (5.4)
Russian
(5.0)

(5.1)

(6.4)
Kyrgyz

Average (mean) calculated across all countries included in the analysis (6

CIS plus Russia)
Managing money and building resilience

Only 56% of participants said they were

taking responsibility for money
management and had a budget. An
additional 26% took responsibility but had
no budget.

The % who had actively saved in the last

year varied from over 70% in Belarus,
Kazakhstan, and the Kyrgyz Republic to
fewer than half in Armenia and Tajikistan
(48%) .

Among those who faced difficulties making

ends meet, a majority (63%) had borrowed
to meet the shortfall (26% of all
respondents, on average).

Average calculated across all countries included in the analysis (6 CIS plus
Russia)
 Fewer positive behaviours among
certain groups including:

Women (Tajikistan); Men (Kazakhstan)

People in villages (Belarus, Kazakhstan,

Kyrgyz Republic) and some smaller
towns

Those who have not used a computer in the

last week (except in Kazakhstan and
Tajikistan)

As with knowledge, age is NOT a big factor, but behaviour is

slightly lower in Armenia in adults aged 70+
 Trust is most important in Belarus, Kazakhstan and
the Kyrgyz Republic; but speed is most important in
Azerbaijan and Tajikistan..(more than 1 response possible)
It was important to me that I could receive the product quickly

I trusted the company providing the product

I had already used other financial products from this company when I made this
choice 75%

59% 56%
53% 55%
50%
42%40% 44% 44% 42%
41% 37%
35%
28% 30%
22% 24%
19%
11% 11%

Armenia Azerbaijan Belarus Kazakhstan Kyrgyz Tajikistan Mean

Republic
Average (mean) calculated across all countries included in the analysis (6
CIS plus Russia)
 Relatively few people with longer-term preferences (3
or more out of 5 on attitudes) – and less likely in
large cities (48% had longer-term prefs across G20)
% achieving minimum target score 40% 42%
40%
34% 34%
30% 32%

20%

Kyrgyz Republic
Mean (2.8)

Russian Federation
Armenia (2.4)

Tajikistan (2.8)
Belarus (2.8)
Kazakhstan (2.6)

Azerbaijan (2.8)

(3.1)
(2.9)
Average calculated across all countries included in the analysis (6 CIS plus
Russia)
 Combining these findings indicates lots of room to
improve levels of financial literacy (scores out of 21),
but relatively high scores in Kazakhstan and Belarus

2.6 2.8
2.9
2.4
2.8 2.8 3.1
Average
6.4
score on 5.4 5.1
6.4
5.0
each 5.5 5.4

component 4.3
3.6 4.1 4.1
3.2 2.6 2.6
Azerbaijan (10.9)

Kazakhstan (13.1)
Tajikistan (11.0)

Armenia (11.4)

Russian Federation
Kyrgyz Republic (11.1)

Belarus (13.4)
(12.2)
Knowledge Behaviour Attitude
G20 average 12.7 (knowledge=4.3; behaviour=5.4; Attitude=3.0)
 Financial literacy is positively correlated with money
management training/classes (but fewer than 10%
took them):
16.0
14.0
12.0
10.0
Average 8.0
overall
score 6.0
4.0
2.0
0.0 Azerbaijan Kazakhsta Kyrgyz
Armenia* Belarus Tajikistan*
* n* Republic*
No money management training 11.3 10.8 13.4 13.0 11.0 10.8
Money management training 12.4 13.3 13.5 14.5 13.5 12.5
% responding yes 6% 3% 7% 7% 5% 8%
Have you ever taken a course or received training
on personal money management
 CONTACT US

Email: SecretariatINFE@oecd.org

Visit: www.oecd.org/financialeducation
@OECD_BizFin