In the panel dedicated to financial literacy as a foundation for the development of digital finance, Rositsa Vartonik of the Financial Literacy Initiative (FLI) presented data from the OECD study “Financial Literacy of the Population in Southeast Europe 2020.” She commented that Bulgaria’s score of 58% is good when compared to the regional average of 57%. However, there is still much ground to cover when compared with the EU average of 64%, and even more so if the goal is to reach the 70% levels of countries considered “top performers” in financial literacy, such as Finland, Canada, Hong Kong, and China.

The study data reveal significant differences between social groups. Young people score lower—53% compared to 61% for those aged 30–60. An even more pronounced gap appears along the “employed–unemployed” axis, where the difference in results reaches nearly 20 points. At the opposite end are owners of small and medium-sized businesses, who demonstrate significantly higher-than-average financial literacy, achieving an overall score of 68%.

Digital literacy and financial literacy prove to be in a direct positive relationship. The level of financial literacy among people who do not use digital technologies is 52%, while among those who do use them it is 62%.

Particularly concerning is the profile of the group of young people characterized by “low financial literacy – strong digital presence.” The reason is that consumption pressure and the possibility of easy “spending of money” are amplified by digital technologies, which, when combined with low financial literacy, can lead to problems with our “financial health.”

Educational programs need to be developed that are tailored to the needs and communication preferences of the respective target groups.

See the full discussion and Rositsa Vartonik’s presentation here.