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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 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 Belarus

The OECD conducted a financial literacy survey among adults in Belarus in 2017 and published the results in 2018 (Levels of Financial Literacy in Eurasia, OECD, 2018). The average literacy score in Belarus is 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 used elsewhere in OECD reports (minimum target score of 4 out 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.

 

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 is currently 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

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.

 

Belarus has participated actively in the project since the beginning. Belarus participated in the first data gathering survey run by the OECD in 2017 and is currently participating in a second follow-up survey.  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 is actively taking part in the organisation of peer-learning activities planned in the framework of the Phase II.

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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:

 

 

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