Current Estimates and Problems of Financial Literacy Measurement in the World Practice

Abstract

In recent years, the problem of low level of financial literacy of the population has become evident in many countries. On the one hand, it leads to a slowdown in the retail financial segment, on the other hand, it could trigger instability in the financial market. In an attempt to solve this problem, authorities of different countries have begun to develop national strategies on improving financial literacy. The starting point for working on the strategy is assessing the current level of financial knowledge among the population. However, an overview of existing approaches to assessing financial literacy of the population shows that a variety of methods is used worldwide and research is conducted unsystematically, making it difficult to monitor financial literacy at the national level and make international comparative analysis.

Keywords: Financial literacy

JEL Classification: G1, G3, G15