OREANDA-NEWS. Results of a study presented on July 29 show Georgians have an intermediate understanding of finance. The sponsors of the research also introduced two new brochures that explain key aspects of personal money management to help residents broaden their knowledge.

The study, initiated by National Bank of Georgia (NBG), the country’s central bank, supported by the Development Facility of the European Fund for Southeast Europe (EFSE DF), and implemented by the research organization Sonar, asked 1,100 Georgians a range of questions designed to gauge their financial knowledge, behaviour and attitudes. The results were presented during a conference titled "Financial Literacy for Financial Well-being", which was organised with the support of the Savings Banks Foundation for International Cooperation (SBFIC). The study suggests Georgians have a satisfactory grasp of many financial concepts such as simple interest, risk-return and inflation. Well over half of those questioned said they save money in some way or another, and 87% noted that they take at least some responsibility for their financial decisions.

However, the results showed a relatively low awareness and usage of banking products and that the vast majority of respondents save only at home and have either only short-term financial goals or none at all. Thus, the study provides interesting insights into knowledge gaps and ways to help citizens become financially empowered and informed. This was the first time Georgia participated in such a study, which was conducted based on OECD/International Network on Financial Education methodology, and the results will be part of the OECD’s comparative report due for release by year’s end.