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Ukraine Adopts National Strategy for Financial Literacy Development until 2030

Ukraine Adopts National Strategy for Financial Literacy Development until 2030

Ukraine has adopted the National Strategy for Financial Literacy Development until 2030 (the “Financial Literacy Strategy”), which will help increase the financial awareness of Ukrainians.

This interagency strategic document was initiated by the National Bank of Ukraine. The interagency working group to prepare the Financial Literacy Strategy was also joined by the Ministry of Education and Science of Ukraine, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, the Ministry of Economy of Ukraine, the Ministry of Digital Transformation of Ukraine, and the State Institution Entrepreneurship and Export Promotion Office.

The adoption of the Financial Literacy Strategy was preceded by numerous discussions, including during meetings of the consultative platform, attended by more than 220 people from 116 organizations – in particular, by representatives of educational institutions, local governments from almost all regions of Ukraine, non-governmental organizations, financial market experts, banks, non-bank financial institutions, and their associations.

"The need to make financial decisions in the face of uncertainty and rapid change, modern complex financial products, rapid progress in the digitalization of the financial market, and the increase in fraud cases require many parties to join efforts in order to build a financial literacy ecosystem in Ukraine. This will not only raise the level of financial literacy but also deepen financial inclusion of the Ukrainian population. Systematic and well-coordinated work will help strengthen the financial resilience of Ukrainians and provide them with skills of effective management of personal, family, and business finances under any conditions," underlined NBU Governor Andriy Pyshnyy.

The implementation of the Financial Literacy Strategy will ensure that financial literacy activities are scaled up and reach various target groups. While in previous years, the focus was on children and young people – Ukrainians with the lowest level of financial literacy – the new interagency Financial Literacy Strategy will place additional emphasis on working with entrepreneurs and adults, including veterans, internally displaced persons, and older people.

The implementation of the Financial Literacy Strategy will be carried out under five strategic goals:

Goal 1. High-Quality Basic Financial Education

To achieve this goal, measures are planned to improve the financial literacy of preschoolers, schoolchildren, and students. It is planned to develop a variety of accessible learning resources and to modernize curricula. Another important task under this goal is to build a community of teachers who are experts in financial literacy, which, in particular, will help properly launch the new compulsory course Entrepreneurship and Financial Literacy to be taught in grade 8 from 2025 and in grade 9 from 2026 in all Ukrainian schools.

Goal 2. Responsible Handling of Personal Finance

It will help increase the financial literacy of adults. To achieve this goal, under the implementation of the Financial Literacy Strategy, educational resources will be created for developing financial competencies at different stages of life, for effectively managing personal finances amid a crisis, and for raising awareness of the economy, financial products, and rights and obligations of financial services consumers.

Goal 3. Financially Literate Entrepreneurs

With the adoption of the Financial Literacy Strategy, Ukraine is for the first time introducing a comprehensive approach to raising financial awareness of entrepreneurs. Therefore, one of the priorities under Goal 3 is to develop a framework of financial competencies for Ukrainian entrepreneurs. Measures are also planned to raise awareness among budding entrepreneurs and small businesses about financial services and capital market instruments, the prudent use of which will contribute to business development.

Goal 4. Advanced Digital Financial Literacy

This goal has a special place in the Financial Literacy Strategy, as in the context of the full-scale war, Ukrainians have realized that having access to digital financial services and the ability to use them effectively is one of the components of personal security and financial resilience. As part of the Financial Literacy Strategy, the NBU plans to develop educational materials and organize events to raise awareness of digital financial services, payment security, and protection against cyber fraud. Special attention will be paid to the development of interactive digital tools for improving financial competencies.

Goal 5. Favorable Ecosystem for the Development of Financial Literacy

This goal is about developing the financial literacy ecosystem in Ukraine, establishing cooperation both within the country and with international organizations and other countries.

The roadmap of the Financial Literacy Strategy for the first four goals envisages monitoring the level of financial literacy of various target groups and conducting surveys. The results obtained will be the basis for a qualitative update of the document and taking into account current trends and relevant needs. Special online tools will be developed to help Ukrainians identify gaps in their financial knowledge and skills. Another cross-cutting line of the road map across various strategic goals is to motivate people and change their attitude to solving financial issues, which will help shape cautious financial behavior.

For reference

The Financial Literacy Strategy was developed taking into account the best international practices, in particular the Recommendations on Financial Literacy of the Council of the Organisation for Economic Co-operation and Development and the methodological guidelines of the International Network on Financial Education, of which Ukraine is a member.

The Financial Literacy Strategy was approved by regulations of its developer institutions, including by NBU Board Decision No. 119 dated 12 April 2024.

The development of the Financial Literacy Strategy was based on the findings of a nationwide survey of the level of financial literacy of the Ukrainian population, organized by the USAID Financial Sector Transformation Project in cooperation with the National Bank of Ukraine in August 2021. The list of performance indicators for strategic goals and their target levels will be revised in early 2026 based on the results of the repeated comprehensive survey of Ukrainians’ financial literacy.



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