Arthur Pokrikyan, PhD

Weather workshops are efficient in increasing the level of financial literacy and impacting financial decisions of the consumers is not obvious. Many people may claim that financial knowledge and skills drive their financial decisions and behavior. The last statement is also driving national strategies for financial education in many countries, which implement financial literacy workshops for different target groups. Similar projects are also planned to be held according to the National Strategy for Financial Education in Armenia especially for rural areas. However, considering the country specific details and historical context it is important to evaluate the effectiveness of such workshops before mass implementation. In this article, we outline the methodology of our study related to the effectiveness of financial literacy workshops in rural areas of Armenia by using pre-post evaluation method in 4 villages. We also discuss the experience and limitations faced in the process of co...

Weather workshops are efficient in increasing the level of financial literacy and impacting financial decisions of the consumers is not obvious. Many people may claim that financial knowledge and skills drive their financial decisions and behavior. The last statement is also driving national strategies for financial education in many countries, which implement financial literacy workshops for different target groups. Similar projects are also planned to be held according to the National Strategy for Financial Education in Armenia especially for rural areas. However, considering the country specific details and historical context it is important to evaluate the effectiveness of such workshops before mass implementation. In this article, we outline the methodology of our study related to the effectiveness of financial literacy workshops in rural areas of Armenia by using pre-post evaluation method in 4 villages. We also discuss the experience and limitations faced in the process of co...

This paper investigates the relationship of financial literacy and financial decisions of consumers in rural Armenia. The impact of financial literacy intervention in form of workshop on financial decisions of consumers regarding saving and debt management is evaluated by using quasi-experimental research by applying nonequivalent group design. The results outline that financial literacy significantly affects the financial decisions of consumers regarding saving while on debt management it is not significant. The effectiveness of financial literacy workshops is controversial and proved to differ across various socio-demographics. The research findings will be helpful for the policymakers and other stakeholders in the field of financial education to develop and implement more targeted, differentiated and efficient policies across various target groups.

This paper investigates the relationship of financial literacy and financial decisions of consumers in rural Armenia. The impact of financial literacy intervention in form of workshop on financial decisions of consumers regarding saving and debt management is evaluated by using quasi-experimental research by applying nonequivalent group design. The results outline that financial literacy significantly affects the financial decisions of consumers regarding saving while on debt management it is not significant. The effectiveness of financial literacy workshops is controversial and proved to differ across various socio-demographics. The research findings will be helpful for the policymakers and other stakeholders in the field of financial education to develop and implement more targeted, differentiated and efficient policies across various target groups.

The framework and this toolkit were developed keeping in mind that most AFI member countries have established an authority responsible for receiving and resolving financial consumer complaints. It outlines critical directions to improve complaint handling practices across the AFI member countries.

The Financial Competency Matrix for Children and Youth defines the core competencies across seven thematic directions and four categories of financial capability based on different age groups. This publication is an excellent policy tool to use in developing financial education programs and evaluate their impact.

Financial literacy is becoming more important, prompting public authorities, international organizations and the private sector to implement a variety of financial education programs.
This case study features Armenia’s experience with classroom-based financial education workshops and the Central Bank of Armenia’s (CBA) efforts to measure the effectiveness of these workshops on financial inclusion and financial behavior.

This paper investigates the relationship of financial literacy and financial decisions of consumers in rural Armenia. The impact of financial literacy intervention in form of workshop on financial decisions of consumers regarding saving and debt management is evaluated by using quasi-experimental research by applying nonequivalent group design. The results outline that financial literacy significantly affects the financial decisions of consumers regarding saving while on debt management it is not significant. The effectiveness of financial literacy workshops is controversial and proved to differ across various socio-demographics. The research findings will be helpful for the policymakers and other stakeholders in the field of financial education to develop and implement more targeted, differentiated and efficient policies across various target groups.

The importance of financial literacy as one of the bases for financial stability and financial inclusion has been increased tremendously throughout recent years. Many countries started to implement nationwide policies to increase the level of financial literacy, however there is no consensus concerning how financial literacy should be measured. During last years, OECD and World Bank implemented financial literacy assessment studies in different countries based on their own approach. These studies helped to get internationally comparable data, however due to certain factors these studies are not sufficient for effective policy making and policy priority setting by the respective authorities of the country. In this paper, the evaluation and comparison of these two methodologies have been done in terms of policy implications.

Global organizations and policymakers in different countries started to focus on the financial literacy as an important prerequisite for the financial inclusion and financial stability in economies. In this regard, the positive relationship between the saving behavior and the financial literacy has been indicated by various studies. However, an important query is whether this relationship holds in emerging countries such as Armenia. In this paper, the relationship between financial literacy and saving preferences in form of deposits among people living in rural areas of Armenia has been studied. A survey was conducted in 24 villages from 6 different regions of Armenia and logistic regression analysis was applied. The results of the analysis show that there is a positive relationship between financial literacy and saving preferences, and one-unit increase in financial literacy score increases the saving preference towards deposits with the probability of 64.5%. Another significant factor impacting saving preferences is found to be trust towards financial system, which is assumed to be explained by historical evidence.

Whether workshops are efficient in increasing the level of financial literacy and impacting financial decisions of the consumers is not obvious. Many people may claim that financial knowledge and skills drive their financial decisions and behavior. The last statement is also driving national strategies for financial education in many countries, which implement financial literacy workshops for different target groups. Similar projects are also planned to be held according to the National Strategy for Financial Education in Armenia especially for rural areas. However, considering the country specific details and historical context it is important to evaluate the effectiveness of such workshops before mass implementation. In this article, we outline the methodology of our study related to the effectiveness of financial literacy workshops in rural areas of Armenia by using pre-post evaluation method in 4 villages. We also discuss the experience and limitations faced in the process of conducting workshops. Even though the long-term effectiveness of such workshops in terms of driving healthy financial behavior still needs to be tested , the short-term results are substantial in terms of knowledge accumulation and changes in preferences of participants. Particularly, based on pre-post evaluation results, there is on average 63% increase in knowledge and skills of participants and significant change of preferences from informal to formal ways of saving, taking debt and shopping around.

The importance of financial literacy has especially been underlined after the Global Financial Crisis in 2008. Nowadays many international organizations and policy setting bodies such as OECD, the World Bank and G20 as well as countries themselves implement strategic actions to increase the level of financial literacy. The latter is an important prerequisite also for financial stability, financial inclusion and consumers’ rights protection. However, to understand the effectiveness of these actions the impact of financial literacy on financial decisions of consumers need to be evaluated. Particular, it is important to understand those relationships in low-income countries, as there is little evidence on such academic research in such countries, especially the ones from post-Soviet space.
In frame of this dissertation, the relationship of financial literacy, financial preferences and financial decisions of consumers regarding saving and debt management is analyzed and evaluated by using binary logistic regression and quasi-experimental research on primary data and descriptive analysis of secondary data.
The results, outline that financial literacy significantly affects the financial decisions of consumers regarding saving. The impact of financial literacy on debt management decisions of consumers is not significant. Financial literacy intervention in form of workshop proved to be efficient in the short-run, while its long-term effectiveness is controversial. The relationship between financial literacy and financial decisions is different across socio-demographics. Thus, policymakers and all stakeholders should consider the research findings to implement more targeted, differentiated, efficient policies towards respective target groups.

The importance of financial literacy has especially been underlined after the Global Financial Crisis in 2008. Nowadays many international organizations and policy setting bodies such as OECD, the World Bank and G20 as well as countries themselves implement strategic actions to increase the level of financial literacy. The latter is an important prerequisite also for financial stability, financial inclusion and consumers’ rights protection. However, to understand the effectiveness of these actions the impact of financial literacy on financial decisions of consumers need to be evaluated. Particular, it is important to understand those relationships in low-income countries, as there is little evidence on such academic research in such countries, especially the ones from post-Soviet space.
In frame of this dissertation, the relationship of financial literacy, financial preferences and financial decisions of consumers regarding saving and debt management is analyzed and evaluated by using binary logistic regression and quasi-experimental research on primary data and descriptive analysis of secondary data.
The results, outline that financial literacy significantly affects the financial decisions of consumers regarding saving. The impact of financial literacy on debt management decisions of consumers is not significant. Financial literacy intervention in form of workshop proved to be efficient in the short-run, while its long-term effectiveness is controversial. The relationship between financial literacy and financial decisions is different across socio-demographics. Thus, policymakers and all stakeholders should consider the research findings to implement more targeted, differentiated, efficient policies towards respective target groups.

The course is designed for middle and high school students as part of "Social Science 8-9" series on Boonus platform. It includes 13 video lessons providing guidance and practical insights about the use of research and project management tools. Instruction language is Armenian.

Link to the course: www.boonus.am/course/social-science