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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 of the Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS) and is involved in phase II.

Financial literacy in Kazakhstan

The OECD conducted a financial literacy survey among adults in Kazakhstan in 2017 and published the results in 2018 (Levels of Financial Literacy in Eurasia, OECD, 2018). The average literacy score in Kazakhstan is 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 used elsewhere in OECD reports (minimum target score of 4 out 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 in 10 in Kazakhstan (30%) achieved the minimum target score for financial attitude (4 or above out of 5).

 

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 defines priorities, goals and objectives, ways to effectively achieve goals and objectives to improve financial literacy of the population. It also defines 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

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 and Tajikistan. As a follow-up of this project and in response to demand from the region, the Ministry 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.

 

Kazakhstan has participated actively in the project since the beginning. Kazakhstan participated in the first data gathering survey run by the OECD in 2017 and is currently participating in a second follow-up survey. 

 

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.

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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:

 

 

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