Financial Literacy and Financial Inclusion in Kazakhstan

Project: Research project

Call title (Call ID)

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.
Effective start/end date3/20/1812/31/20


Financial inclusion
Financial literacy
Financial services
Stock market
Socio-economic development
Stock exchange
Economic development