"My Financial month": 45% of Armenian population do not keep records of their incomes and expenses, while 60% keep their savings at home

 

According to him, the program is aimed at strengthening and deepening knowledge and skills of efficient managing of personal finances. "We pay special importance to the implementation of this program as our latest research has demonstrated that much work still needed for 

raising financial literacy of the population, which in its turn will allow managing and saving personal finances efficiently, planning expenses and incomes properly, avoiding debt burden, defending own rights and knowing where to apply for their protection and how to recognize fraudulent financials schemes", Darbinyan said. He noted that according to the survey conducted in 2014 by the Central Bank of Armenia entitled "Financial capabilities of Armenian population", 45% of the population do not keep record of their incomes and expenses 

while 60% of citizens keep their savings at home. Only 13% know how to avoid and recognize financial frauds. In this context Darbinyan also mentioned that solution to these problems is envisaged within the implementation of "My Financial Month" program and is a part of "National Strategy for Armenia's Financial Education". 

 

Armenuhi Mkrtchyan, Head of the Department for Protection of Consumers' Rights of the Central Bank of Armenia (CBA) informed that at the year-end 2015 around 4 thousand citizens participated in the program. Within the events under "My Financial Month" Program a "Financial Trip" will be organized jointly with the Yerevan municipality.  During the trip the participants will visit financial institutions of the city and get acquainted with their activities, after which they will participate in the inter university of "What? Where? When?" Intellectual game. Jointly with Youth Parliament NGO seminars and conferences will be organized for students of a number of universities on the main problems of financial system, after which the participants will present their proposals. Under a joint program with Armenian Association of Experts competitions in financial literacy among 70 representatives from 12 universities will be held. 130 schools of Armenia will also be involved in the program within CBA's cooperation with Youth Achievements public organization. Also within the April program of the CentralBank cooperation with Armenia's representative office of the German Savings Banks 

foundation is planned. The results of the program will be announced in early May. 

 

To recall, the "My Financial Month" program is held by the Central Bank of Armenia for the third time in a row.  The office of Armenia's financial ombudsman, the Deposit Guarantee Fund, the Union of Banks of Armenia, Armenian Motor Insurers' Bureau, the Union of Credit 

Organizations, NASDAQ OMX Armenia, Yerevan municipality, Pension System Awareness Center Fund, the German Savings Banks Foundation for International Cooperation (SBFIC) and Armenian Youth Achievements non-governmental organization are the partners of CBA in program implementation. Credit organizations and insurance companies are actively involved in the campaign.