Assessment Of The Population's Financial Education And Engagement In Georgia

Based on the latest literary sources and rich factual material in the article, the financial education and involvement of the population is gradually assessed in Georgia. The methodological basis for the research is the 2015 manual of Financial Education and Financial Engagement Measurement developed by the Organization for Economic Cooperation and Development (OECD / INFE). The article discusses important issues of financial education such as the knowledge of basic financial concepts and the ability to use real life, managing personal and household finance, setting financial goals and making them specific steps for achieving, saving and budgeting, financial uncertainties and pension age, willingness to borrow and debt management, awareness of financial products And use and more. Within the scope of research, OECD / INFE question was added to the question of the use of financial products and household debt, to determine the approximate level of financial engagement of the population. Respondents have made it possible to evaluate the level of financial education in the country and withdrawal of the conditional scores for this purpose. Financial education is a combination of financial knowledge, financial behaviors and financial attitudes. These components were studied separately and each individual score was awarded. The level of financial knowledge was evaluated by a 7-point scale based on the answers of 7 key questions to be tested, where each correct answer is given 1 point. The financial performance level was evaluated by 9 questions and 9 questions related to the behavior and the answers to the provision. Financial attitudes were evaluated by 5-point scales according to the average indicator of the answers given in the three regulations. In this case, the respondents assessed their dependence (ie, how much they agree with a certain provision) from 1 (fully agree) to 5 (fully disagree) scores. Summary of the overall level of financial education The sum of three individual points will be accepted [knowledge (7), behavior (9) and attitudes (5)]. Consequently, the overall score of financial education may be between 1 and 21 of any value. There may be a score of up to 100, and multiplied by 100/21. According to the survey results, the general rate of financial education of the Georgian population is 12.3 points on the 21-point scale and 58.8 points on the 100-point scale. The results obtained in the survey have emphasized the following: the level of financial education of different segments of the population is uneven; It is important to deepen the financial knowledge of the population; With financial education, attention should also be paid to financial behaviors; One of the priorities is the positive change of financial attitudes in the country; Particular attention is paid to the financial purpose of spreading financial education; In terms of spreading financial education it is recommended to develop cognitive TV programs and websites, as well as educational reminders, text messages and newspaper articles; Finally, the improvement of the framework and approaches of the financial education is a complex challenge, in the nearest future, the close and coordinated cooperation between private and public stakeholders is critical to the use of diverse approaches and formal and non-formal educational spaces.