Financial education in Belarus
This page provides an overview of financial literacy in Belarus and access to information relating to the country's financial education activities. Belarus 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 Belarus
The OECD conducted a financial literacy survey among adults in Belarus in 2017 and published the results in 2018. The average literacy score in Belarus was 13.4 (out of a maximum of 21), according to the OECD methodology. In terms of measuring the financial knowledge, 44% of adults in this study achieved the minimum target score of 4 out of 7. Almost three quarters of all respondents (73%) in Belarus achieved the minimum target score for behaviour (which is 6 of the 9 behaviours), and 64% took responsibility for household money matters and budgeted. More than third of adults (34%) in Belarus achieved the minimum target score for financial attitude (4 or above out of 5), displaying attitudes that would reinforce their overall financial literacy.
The results of the second data gathering (2021) can be found here.
Other, older financial literacy surveys report comparable findings. The Institute of Sociology of the National Academy of Sciences of Belarus on behalf of the National Bank of the Republic of Belarus conducted two studies, in 2013 and 2016, of the financial literacy of the population of the Republic of Belarus based on the OECD/INFE toolkit for measuring financial literacy and financial inclusion, and commissioned by the NBB. These covered the adult population of the country and aimed to find out the levels of financial literacy, as well as patterns of financial behaviour.
There was an overall progression between the two surveys. For example, the number of respondents having a good level of familiarity with the matters of financial mathematics was twice higher in 2016 than in 2013.
The National Strategy for Belarus
Advancing financial literacy of the population is carried out systematically at the state level and is coordinated by the National Bank of the Republic of Belarus. In January 2013 the Government of the Republic of Belarus and the National Bank approved the Joint Action Plan of Government Agencies and Financial Market Participants on Enhancing Financial Literacy of the Population of the Republic of Belarus for 2013-2018. The National Bank is coordinating the preparation and approval of the Joint Action Plan on Improving Financial Literacy for 2019-2024, which will represent a review and update of the earlier plan. As part of this, Belarus was preparing its second national strategy for financial education, having completed the implementation of the first one during the five-year period 2013-2018.
Belarus has a financial education portal hosted by the National Bank of the Republic of Belarus (link).
Belarus 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.
Belarus participated actively in the project from the beginning. The country contributed to the first data collection survey run by the OECD in 2017 and to the follow-up survey in 2021.
The National Bank of the Republic of Belarus co-hosted a Regional Conference and a series of workshops in September 2017. Additionally, experts from National Bank of the Republic of Belarus, Ministry of Education and Science, and Ministry of Finance have been actively taking part in other events and conferences organised in the framework of the project. Belarus was actively taking part in the organisation of peer-learning activities planned in the framework of the Phase II.
Project documents and links
The following documents produced within the framework of the project are either specific to Belarusor contain a section relating to Belarus: