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 is now one of the five countries participating in the OECD/Russia Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS), phase II.

Financial literacy in Armenia

The OECD conducted a financial literacy survey among adults in Armenia in 2017 and published the results in 2018 (Levels of Financial Literacy in Eurasia, OECD, 2018). The average literacy score in Armenia is 11.4 (out of a maximum of 21), according to the OECD methodology. In terms of measuring the financial knowledge, 27% of adults in this study achieved the minimum target score used elsewhere in OECD reports (minimum target score of 4 out 7). In terms of financial behaviour half of respondents (50%) reach the target score (which is 6 of the 9 behaviours). Armenia's Attitude score is low with only 1 in 5 people (20%) displaying attitudes that would reinforce their overall financial literacy.


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 (link). Based on the conducted survey results, only 18% of the population was financially literate. This provided a baseline for the second round of the FCB, conducted in 2019 (link), which exhibited an improvement of financial literacy acros 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 and is currently being implemented. 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

Launched in 2017, the OECD-Russia Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS provides tailored guidance and technical support for the design, implementation and review of evidence-based financial education strategies and policies in CIS economies, including Armenia, Azerbaijan, Belarus, Kazakhstan, the Kyrgyz Republic, Uzbekistan and Tajikistan. As a follow-up of this project and in response to demand from the region, the Minisry of Finance of the Russian Federation extended its financial support for a phase II of this work for another three years, starting in 2020. This project covers five countries: Armenia, Belarus, the Kyrgyz Republic, Tajikistan and Uzbeksitan and is extended with Azerbaijan and Kazakhstan for some specific deliverables


Armenia has participated actively in the project since the beginning. Armenia participated in the first data gathering survey run by the OECD in 2017 and is currently participating in a second follow-up survey. 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. Additionally, experts from Central Bank of Armenia, Ministry of Education and Science, Ministry of Finance and Office of Financial System Mediator actively took parts in other events and conferences organised in the framework of the TA assistance project. Armenia is actively taking in 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 Armenia or contain a section relating to Armenia :




Related Documents