Financial literacy is rapidly being recognised as a core skill, essential for consumers operating in an increasingly complex financial landscape. The financial literacy study was initiated by the National Bank of the Republic of Macedonia and its Coordinating Body for Financial Education with the support of the Development Facility of the European Fund for Southeast Europe (EFSE DF) and implemented by GfK.
The study creates a valuable input to the Financial Education Project implemented by the National Bank of the Republic of Macedonia by assessing the existing levels of financial literacy among adults in the country, which could be used as a baseline to measure any progress achieved in the future within the frame of the Financial Education Project. The study methodology is based on the OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion (2017).
The objectives of the study were to analyze the levels of financial literacy and inclusion in the country by evaluating financial knowledge, behavior and attitudes of the population and deriving financial literacy scores, to measure product awareness and use and to research respondents’ money management styles. The study was conducted on a representative sample of 1,100 respondents aged 18+ years.
