Financial education in Armenia


This page provides an overview of financial literacy in Armenia and access to information relating to the country's financial education activities. Armenia participated in phase I and phase II of the Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS), Eurasia, which ran from 2017-2022.

Financial literacy in Armenia

The OECD conducted a financial literacy survey among adults in Armenia in 2017 and published the results in 2018. The average literacy score in Armenia was 11.4 (out of a maximum of 21), according to the OECD methodology. In terms of measuring financial knowledge, 27% of adults in this study achieved the minimum target score of 4 out of 7. In terms of financial behaviour, half of the respondents reached the target score (which is 6 of the 9 behaviours). Armenia's Attitude score was low with only 1 in 5 people displaying attitudes that would reinforce their overall financial literacy.
The results of the second data gathering (2021) can be found here.

Further studies of the financial literacy of the population of Armenia have been conducted under the guidance of the Central Bank of Armenia. The Central Bank of Armenia, in cooperation with the Alliance for Alliance for Financial Inclusion (AFI), developed a new financial capability measurement tool, the Financial Capability Barometer (FCB), in 2013 and 2014. Based on the survey results, only 18% of the population was financially literate. This provided a baseline for the second round of the FCB, conducted in 2019, which exhibited an improvement of financial literacy across the adult population of Armenia.


Armenia's National Strategy

The Government of the Republic of Armenia approved Armenia's first National Strategy for Financial Education 2014 to run for a term of five years. Coordinated through the Central Bank of Armenia, this strategy was reviewed and updated in 2019. More information on the national strategy can be found on the website of the Central Bank of Armenia

Armenia's financial education portal is hosted by the Central Bank of Armenia.


Armenia's participation in the project

The OECD-INFE Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS) ran from 2017-2022. It provided tailored guidance and technical support for the design, implementation and review of evidence-based financial education strategies and policies in CIS economies. This project covered seven countries: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The project benefited from the financial support of the Ministry of Finance of the Russian Federation.

Armenia participated actively in the project from the beginning. The country contributed to the first data collection survey in 2017 and to the follow-up survey in 2021. The Central Bank of Armenia co-hosted a regional conference and a series of workshops in June 2018. The OECD and the Financial System Mediator of Armenia ran a joint pilot project on creating content and evaluation of financial education for youth in 2018-2019. Experts from the Central Bank of Armenia, the Ministry of Education and Science, Ministry of Finance and the Office of Financial System Mediator participated in other events and conferences organised within the framework of the project. Armenia organised peer-learning activities throughout Phase II.


Project documents and links

The following documents produced within the framework of the project are either specific to Armenia or contain a section relating to Armenia:




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