ArmInfo. Armenia has a very low index of long-term savings planning. The head of the Center for Financial Training and Consumer Protection Armenuhi Mkrtchyan said this on April 3 at a press conference, timed by the initiative of the Central Bank of Armenia <One month of my finances>, speaking about the main problems of insufficient financial literacy of citizens.According to her, in Armenia the population spends more than earns, which is mainly due to loans.
"People today by and large prefer to spend more than plan for future savings. And long-term planning is one of the foundations of a prosperous life, "she said. In this vein, the representative of the Central Bank of Armenia gave some recommendations to the citizens. In particular, A. Mkrtchyan advised to use the principle of 80/10/10 in the matter of managing her budget, which implies saving 10% of income per month. At the same time, she explained that the budget should be formed in such a way that the debt does not exceed 30% of the total income.In continuation of the above, she noted that there is a need to change customer behavior.
"This requires lengthy training, and it is especially difficult in this regard for older people," she said.A. Mkrtchyan added that special attention should also be paid to issues related to the security of lending services. In this context, she drew attention to the fact that there has recently been a tendency to issue loans to citizens by false intermediaries (this is the so-called pseudo-broker or "black" broker, without a license for a financial transaction, which, under the guise of assistance in obtaining a loan, loot customer - Ed.).Recall that the "My Finances Month" program was launched in Armenia on the initiative of the Central Bank from October 1, 2014. The program is implemented by the Central Bank of Armenia, the Financial Ombudsman of the Republic of Armenia, the Deposit Guarantee Fund of Armenia, and others. Banks, credit and insurance companies also take an active part in the program. The event is held to improve the financial literacy of citizens of different age groups, change their attitudes and behavior.