Financial education in Kazakhstan
This page provides an overview of financial literacy in Kazakhstan and access to information relating to the country's financial education activities. Kazakhstan participated in phase I and was involved to some extend in 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 Kazakhstan
The OECD conducted a financial literacy survey among adults in Kazakhstan in 2017 and published the results in 2018. The average literacy score in Kazakhstan was 13 (out of a maximum of 21), according to the OECD methodology. In terms of measuring the financial knowledge, slightly more than two in five adults (41%) in this study achieved the minimum target score of 4 out of 7. Almost three quarters of all respondents (73%) in Kazakhstan achieved the minimum target score for behaviour (which is 6 of the 9 behaviours). Just 3 respondants in 10 in Kazakhstan (30%) achieved the minimum target score for financial attitude (4 or above out of 5).
The results of the second data gathering (2021) can be found here.
In 2014 a survey on financial literacy in Kazakhstan was carried out by the International Centre of Economic Literacy, BRIF Research Group and TNS Central Asia, with support from Kaspi Bank. The results showed that 36% of the respondents rated their financial literacy as ‘unsatisfactory’.
Kazakhstan's National Strategy
The Agency for Regulation and Development of the Financial Market has developed The Concept for Improving Financial Literacy for 2020-2024. It was adopted by Resolution No. 338 of the Government of the Republic of Kazakhstan on 30 May 2020.
The Concept for Improving Financial Literacy for 2020-2024 defined priorities, goals and objectives, ways to effectively achieve goals and objectives to improve financial literacy of the population. It also defined the target audiences, thematic focus and tools to be used to systematically improve financial literacy of the population of the Republic of Kazakhstan for 2020 - 2024.
The Concept has been developed in accordance with the recommendations of the Organization for Economic Cooperation and Development proposed in “Roadmap for a National strategy for financial education in Republic of Kazakhstan”, produced during the Phase I of CIS TA project.
The Financial education website www.fingramota.kz is one of the projects implemented by the Department for the Protection of Consumer Rights of Financial Services of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, as part of the Action Plan.
Kazakhstan 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.
Kazakhstan 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.
Representatives from the National Bank of Kazakhstan and Agency for Regulation and Development of Financial Market of the Republic of Kazakhstan participated at several regional workshop on ways how to implement and assess the effectiveness of the National Strategy for Financial Education, how to include financial literacy in schools and for youth, how to develop financial literacy for migrants and their families.
Project documents and links
The following documents produced within the framework of the project are either specific to Kazakhstan or contain a section relating to Kazakhstan: