IJSSER

Title: FINANCIAL EDUCATION OF THE NATION: CHALLENGES AND PERSPECTIVES
Authors: Zviad Shanava and Merab Vanishvili
\|\| \|\|
Zviad Shanava and Merab Vanishvili Doctor of Economics, Professor of Georgian Technical University. (Both)
MLA 8 Shanava, Zviad, and Merab Vanishvili. "FINANCIAL EDUCATION OF THE NATION: CHALLENGES AND PERSPECTIVES." Int. j. of Social Science and Economic Research, vol. 6, no. 12, Dec. 2021, pp. 4646-4672, doi.org/10.46609/IJSSER.2021.v06i11.012. Accessed Dec. 2021. APA 6 Shanava, Z., & Vanishvili, M. (2021, December). FINANCIAL EDUCATION OF THE NATION: CHALLENGES AND PERSPECTIVES. Int. j. of Social Science and Economic Research, 6(12), 4646-4672. Retrieved from doi.org/10.46609/IJSSER.2021.v06i11.012 Chicago Shanava, Zviad, and Merab Vanishvili. "FINANCIAL EDUCATION OF THE NATION: CHALLENGES AND PERSPECTIVES." Int. j. of Social Science and Economic Research 6, no. 12 (December 2021), 4646-4672. Accessed December, 2021. doi.org/10.46609/IJSSER.2021.v06i11.012.
References [1]. Andrea Grifonii and Flore-Anne Messyi (2012), Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices, OECD Working Papers on Finance, Insurance and Private Pensions, No. 16, OECD Publishing, https://www.oecd-ilibrary.org/finance-and-investment/current-status-of-national-strategies-for-financial-education_5k9bcwct7xmn-en [2]. Atkinson, A. and Messy, F-A, (2012), Measuring Financial Literacy: Results of the OECD INFE Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD Publishing, http://dx.doi.org/10.1787/5k9csfs90fr4-en [3]. Gechbaia, B. Vanishvili, M. and Mushkudiani Z. (2017), Segmentation of the Georgian population according to financial capabilities and money management style, Gulistan black sea scientific journal of academic research (ISSN: 1987 - 6521, E – ISSN: 2346 – 7541; DOI prefix: 10.25265), June – July 2017, volume 35, issue 03. - P. 4-9, https://agris.fao.org/agris-search/search.do?recordID=GE2018100139 [4]. Vanishvili, M. and Chelidze, M. (2017), A Segmentationof the Georgian population according to financialresourcesandastyleofmoney management, European Research: Innovation in Science, Education, and Technology // European research ? 7 (30) / ??. ??. ?????.: ?XX ????. ????.-?????. ????. (United Kingdom, London, 10-11 July 2017). - P. 10-15, https://internationalconference.ru/images/PDF/2017/30/a-segmentation-of-georgian.pdf [5]. Hung, A., YoongJ.and Brown E. (2012), Empowering Women Through Financial Awareness and Education, OECD Working Papers on Finance, Insurance and Private Pensions, No. 14, OECD Publishing, http://dx.doi.org/10.1787/5k9d5v6kh56g-en [6]. Kempson, E. (2009), Framework for the Development of Financial Literacy Baseline Surveys: A First International Comparative Analysis, OECD Working Papers on Finance, Insurance and Private Pensions, No. 1, OECD Publishing. DOI: 10.1787/5kmddpz7m9zq-en [7]. OECD/INFE (2012), High-level Principles on National Strategies for Financial Education. - https://www.oecd.org/finance/financial-education/OECD-INFE-Principles-National-Strategies-Financial-Education.pdf [8]. OECD/INFE (2015), 2015 OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion, OECD, Paris. - http://www.oecd.org/daf/fin/financial-education/2015_OECD_INFE_Toolkit_Measuring_Financial_Literacy.pdf [9]. OECD/INFE (2016), OECD/INFE International Survey of Adult Financial Literacy Competencies. - http://www.oecd.org/daf/fin/financial-education/OECD-INFE-International-Survey-of-Adult-FInancial-Literacy-Competencies.pdf
Abstract: The article, based on the latest literary sources and comprehensive factual material, studies and assesses the current level of financial education of the population of Georgia; discusses important components of financial education, financial knowledge, financial behavior, and financial relationships; calculates the generalizing rate of financial education of the population. Based on the submitted answers by the respondents, the report derived financial literacy scores. Financial literacy constitutes the combination of financial knowledge, financial behavior, and financial attitudes. These components were studied separately and scores were assigned to each of them individually. The financial knowledge score takes a value between 0-7 based on the 7 core knowledge questions of the survey; the financial behavior score takes a value between 0-9 based on the responses to 9 behavior questions and statements; lastly, the financial attitude score was calculated using a 5-point scale based on an average of the answers to three attitudinal statements. In this case, respondents assessed their attitudes (i.e. how much they agreed or disagreed with given statements) from 1 point (i.e. fully agreed) to 5 points (fully disagreed). The overall financial literacy score is obtained as the sum of the three individual scores (financial knowledge (7), financial behavior (9), and financial attitudes (5)). Thus, the overall financial literacy score can take a value between 1 to 21 and can also be normalized by multiplying to 100 (100/21). Both scales - i.e. 21-point scale and 100-point scale- are used throughout this document for reporting purposes.

IJSSER is Member of