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Session 8:
Innovating Financial Education/ Literacy and Capability
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Enhancing Financial Literacy of
the Population of the Republic of
Belarus
Yulia Sakovich
October 2015, Skopje
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FINANСIAL LITERACY
Increases public welfare
Contributes to economic
development
Help to improve living
standards
The importance of financial literacy
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NB RB
AFI
‘Measuring the Access to Finance’
SPECIAL NATIONWIDE SOCIAL RESEARCH
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Who and how uses financial services
15 30 40 10 2
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
People who do not use financial services
People who use 1-2 financial services
People who use 3 financial services
People who use 4-5 financial services
People who use 6 and more financial
services
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Financial inclusion of individuals
by type of service, %
Bank accounts Credits Deposits Insurances
Yes
No
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VITEBSKI12.9
MOGILEVSKI13.9
GOMELSKI12.5
GRODNENSKI15.1
BRESTSKI29.0
MINSKI26.0
On average - 16.4%
REGIONAL DIFFERENCES IN THE USE OF DEPOSIT
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64
85
68
36
15
32
0
10
20
30
40
50
60
70
80
90
100
517
34
44
Ability to calculate
interest payable
on the deposit account
Question
on target
inflation
Knowledge
of the current
interest rate on
bank depositsNo
Yes
All 3 answers are correct
2 answers are correct
1 answer is correct
All 3 answers are incorrect
Financial Literacy Survey, %
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Joint Action Plan on Enhancing
Financial Literacy of the Population
Joint Action Plan
Ministries and departments
Banks
Academy of Sciences
Associations of the financial
marketMass media
Private companies
International
organizations
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Joint efforts provide for:
An example of the text
• Special research institutes
Actions to evaluate the level of financial
literacy of households
• Internet Portal on financial literacy
Actions to implement information policy in the field of finance
• Cooperation with mass-media
Actions performed in the mass media
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Joint efforts provide for:
An example of the text
• International Savings Day
• Open Days
• Implementation of the course Plan your Future
Actions to enhance financial literacy in such spheres as
banking services, securities, insurance, taxation
• Special projects, events
• Organizing a competitionsActions to raise financial literacy in the workplace
• Child and Youth Finance Day
• Activities for children
• Special projects
Actions to raise financial literacy among
schoolchildren, the youth
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Competition to develop a logo and slogan
for the campaign of financial literacy
The winner is the slogan ‘Money likes smart people’
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UNIFIED INTERNET PORTAL OF FINANCIAL
LITERACY -
In 2014 a National web portal was made where you can find materials, games, articles, handbooks in the field of
financial education.
WWW.FINGRAMOTA.BY
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Celebration of Global Money Week – every year
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.
Banks support this idea by
publishing books, articles in the
media
organizing open lessons,
seminars and so on
Role Belarussian banks in enhancing of
financial literacy of children and youth
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Social TV advertising to improve the
financial literacy of the general population
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Financial literacy ads on billboards
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Visitors had a chance:
Get a consultation on the basic issues
of the economy
Play economic games
Get their credit history
Take a picture with a weapon
Learn how Money is Made
Get souvenirs from the National Bank
Doors Open Day at Belarus’ National
Bank
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In 2014 the
Call Center
received
15,539 calls:
9,408 –
individuals
6,131 – legal
entities
Call-center of the National Bank
A report on the Call-
Center activities is
prepared every month and
submitted to the member
of the Board of the
National Bank.
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Plans :
Competition among
university students of the
Republic of Belarus for the
best research work on
economic issues
Organizing a financial
literacy school for
teachers