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Joint Action Plan on Enhancing Financial Literacy of the Population for 2019 – 2024 was adopted in Belarus

16.04.2019

Joint Action Plan on Enhancing Financial Literacy of the Population for 2019 – 2024 (in Russian only) (hereinafter – the "Plan") was approved by Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus No.241/6 dated April 12, 2019.

The document was adopted with a view to ensuring consistent work on enhancing financial literacy of population of the Republic of Belarus as a requirement for improving well-being and quality of life of citizens and strengthening financial stability in the country.

Adoption of the Plan will make it possible to:

  • coordinate activities of government agencies and other interested institutions;
  • attract a broad range of participants to the activities in this area;
  • support private and public initiatives in the area of financial literacy enhancing; and
  • introduce best international practices in terms of implementing the national strategies in the area of improvement of financial literacy of the population.

According to the Plan, the main activities will be carried out within six topical directions: personal finance, basic financial knowledge, digital financial technologies, tax literacy, insurance, and protection of financial services consumers.

With a view to implementing the Plan, a number of measures have been approved that provide for the concrete actions taken by republican government agencies, associations of professional financial market participants, financial service providers, educational institutions, the media, and public organizations to improve financial literacy of the main target groups – schoolchildren, youth, teachers, working people, pensioners, the unemployed and people with disabilities. At the same time, various tools will be used to work with these target groups: administrative, media, and educational events, as well as direct outreach and special measures.

The interdepartmental coordination council carries out the overall coordination on achieving the goal and implementing the Plan’s objective, the current monitoring of the implementation of measures and the assessment of financial literacy activities is performed by the National Bank. In the course of executing the Plan, biennial (in 2020, 2022 and 2024) republican surveys of the population are planned, which will allow to evaluate the efficiency of activities aimed at improving the financial literacy of the population in the country.

For information. Last year, the Republic of Belarus completed the implementation of the Joint Action Plan of Government Agencies and Financial Market Participants on Enhancing Financial Literacy of the Population of the Republic of Belarus for 2013-2018, approved by Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus No. 31/1 dated January 17, 2013.

The studies conducted in 2013, 2016 and 2017 allow to conclude about the effectiveness of the activities carried out in the framework of the implementation of the Joint Action Plan of Government Agencies and Financial Market Participants on Enhancing Financial Literacy of the Population of the Republic of Belarus for 2013-2018, resulting in a tendency towards a gradual and sustainable increase in financial literacy and public awareness. Thus, the number of respondents who are familiar with financial mathematics at a good level in 2016 compared to 2013 doubled. At that, the share of respondents whose financial knowledge and skills were at a very low level decreased from 18% in 2013 to 12% in 2016.

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Actual information

Joint Action Plan on Enhancing Financial Literacy of the Population for 2019 – 2024 was adopted in Belarus

16.04.2019

Joint Action Plan on Enhancing Financial Literacy of the Population for 2019 – 2024 (in Russian only) (hereinafter – the "Plan") was approved by Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus No.241/6 dated April 12, 2019.

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