The Study of the Financial Capability of Population in Armenia 2019

Since 2007, considering all the financial sector development challenges, the Central Bank of Armenia (CBA) has prioritized the improvement of financial literacy and has initiated various projects. Data and findings of financial literacy assessments were used for the development of the Armenian National Strategy for Financial Education (NSFE), which was adopted in 2014.

The Financial Capability Barometer (FCB) study was conducted in 2014 at the request of the CBA in the framework of strategy development and served as a baseline assessment. The study was based on the new research methodology designed by the CBA. The main objective of the FCB is to assess the financial capabilities of Armenia’s population and to monitor the effectiveness of the NSFE. This study is to be conducted every five years.

The second round of the FCB survey was conducted in 2019. The study aims to measure the progress made since the baseline study of 2014 and pinpoint areas that need adjustments for the next five years. Based on the results of the FCB survey, actions will be taken to validate or adjust the current financial literacy programs and assure the continuous improvements of the Financial Capability Index (FC Index) in Armenia.