What Is the Goal of the Project?
The project aims to “map the field” of financial literacy in Bulgaria—identifying the main stakeholders and the various initiatives in the area. Project activities are grouped into three main directions:
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Creating a network (working group) of interested organizations from different sectors of public life.
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Developing an analysis titled “White Paper on Financial Literacy in Bulgaria”.
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Developing an online resource platform: www.finansovogramoten.bg.
The creation of a cross-sector working group has contributed to higher-quality and more active dialogue and greater visibility of the efforts of stakeholders. At the same time, by systematizing existing initiatives in a publicly accessible database, the project aims to increase the usability of resources and, consequently, their impact. A specially developed application for assessing personal financial literacy—the “Me and Money” test—is useful not only as a diagnostic tool but also as an educational resource.
Results
1. Resource Internet Platform – www.finansovogramoten.bg
The platform provides easy access to existing financial literacy resources through systematic organization in a database. Each resource includes a brief description and a contact link.
For user convenience, information is categorized for search by criteria: type of resource, implementing organization, target audience, and access restrictions. This allows each user to find resources suitable for improving their financial knowledge.
The platform also serves as an effective channel for announcing new initiatives and identifying potential stakeholders and institutions.
2. “Me and Money” Test: Personal Financial Literacy Assessment and Learning Tool
Part of the platform is a specially developed application: a 20-question test assessing personal financial literacy, covering budgeting, credits, savings and investments, and risk management.
The test is designed to evaluate not only knowledge (graded from 2 to 6) but also practical application, giving separate scores for “Knowledge” and “Behavior”.
It includes questions that allow users to compare their results with a nationally representative survey of financial literacy in Bulgaria (World Bank, 2010).
Additionally, the test provides an opportunity to improve financial literacy through educational articles linked to each question.
3. Series of Educational Videos – “Money in 30 Seconds”
These videos are incorporated into the educational section of the “Me and Money” test and provide concise information on four key areas of personal finance management:
4. Partner Network
Representatives from over 40 institutions and organizations across various sectors—government, NGOs, business, academia, media—support the project. The network promotes active dialogue among stakeholders, improves the effectiveness of financial literacy resources, and creates opportunities for shared policy development. The network is open and inclusive.
5. Analysis: “White Paper on Financial Literacy in Bulgaria”
The analysis includes information on best practices worldwide and in the EU, with a focus on achievements in Bulgaria. Existing initiatives are described and systematized, and recommendations for future interventions are provided.
This type of mapping had not been previously conducted in Bulgaria and can be extremely useful for institutions developing or planning financial literacy activities, as well as for policy-making. The analysis can serve as a foundation for a national strategy in financial literacy.