All-Ukrainian financial literacy testing has already started

On the occasion of the 100th anniversary of the World Savings Day, the National Bank of Ukraine is launching a new project - the All-Ukrainian Financial Literacy Test for Adults. This initiative is aimed at self-diagnosis of financial knowledge of Ukrainians and motivating them to self-education in the field of financial literacy. In the future, this test will become an annual event.

The test will run from October 31 through November 7. All citizens over the age of 18 can take the test online for free. To do so, go to the educational website on financial literacy "Harazd".

Why is it so important?

According to the "Financial Literacy, Financial Inclusion, and Financial Well-Being in Ukraine in 2021" survey conducted by USAID’s Financial Sector Transformation Project in partnership with the National Bank of Ukraine, a significant portion of the population overestimates their level of financial literacy. For example, 45% of Ukrainians believe they have an average level of financial literacy, while their actual knowledge is often much lower. Young people aged 18-19 and people over 60 are particularly vulnerable, with financial literacy levels remain below the national average.

"We are launching the All-Ukrainian Financial Literacy Test and every year in October-November we will offer Ukrainians an express checkup of their financial health and receive free personalized recommendations and a selection of materials from NBU experts to improve their financial awareness," said NBU Governor Andriy Pyshnyi.

Over the course of eight days, participants will be able to take the test both in organized groups and on their own, assess their knowledge and receive recommendations for improvement. The estimated time to complete the test is approximately 20 minutes.

"The All-Ukrainian test is not only a self-test of knowledge, but also a simulator into which we have sewn 20 real-life situations that millions of financial services consumers face every day. Test takers receive personalized recommendations and useful information for further education. This will help them prepare for similar financial situations in their lives," commented Yuliia Yevtushenko, Director of the NBU Communications Department.