Financial Literacy and Financial Inclusion in Kazakhstan

  • Rakshit, Atanu (PI)
  • Banerjee, Anurag (Other participant)
  • Jochec, Marek (Other participant)
  • Lenchak, Arkadiy (Other Faculty/Researcher)

Project: FDCRGP

Project Details

Grant Program

Faculty Development Competitive Research Grant Program 2018-2020

Project Description

This project aims to document the contemporary financial literacy level of the adult population of the Republic of Kazakhstan and its implications on financial inclusion of various demographic groups such as women, less educated, poor, retired, etc. Financial literacy is a “combination of awareness, knowledge, skill, attitude and behavior necessary to make sound financial decisions and  ultimately achieve individual financial wellbeing” (OECD 2015).The research team aims to gather robust data on the financial knowledge, attitudes and behavior of the adult population in Kazakhstan. Then, based on this data, the research team plans to analyze the financial literacy level and its implications on the current and future state of the socioeconomic development across certain demographic groups in Kazakhstan. The collected data will be analyzed in conjunction with the other publicly available statistics on the economic development, financial services, banking statistics, demographics, and other relevant data to draw conclusions regarding the implications of the financial literacy on various aspects of the population’s wellbeing and the economic development.
This will provide the policy makers, educators, population and businesses with several benefits. First, using robust data and proper statistical analysis, it will document the relationship between the financial literacy level and the developmental stage of various socioeconomic factors. Second, this analysis will allow benchmarking Kazakhstan in this aspect with the other countries (OECD 2017). Third, it will serve as the benchmark to monitor the effectiveness of the initiatives undertaken in Kazakhstan to develop the financial markets and improve the wellbeing of the population. It is expected that such analysis will be conducted periodically, say, every three years, to monitor the improvement in financial literacy resulting from the various initiatives undertaken.
StatusFinished
Effective start/end date1/1/1812/31/20

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