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National Bank of Georgia Starts Campaign to Develop Financial Education

National Bank of Georgia (NBG) starts the large-scale campaign in order to raise financial education.

Conference on “Financial Education is Financial Well-Being”  has been held with organization and support of NBG and Savings Banks Foundation for International Cooperation – SBFIC.

“I am glad watching the hall full, because it means that all the parties agree to take joint action  for the financial education of our citizens and their well-being. However, this process should start immediately”, – President of NBG declared. 

Participants have introduced to the national strategy of financial education, which is aimed to raise financial education of the population in Georgia and which will be a precondition of their financial well-being and effective protection of their rights.

“Financially educated people can make an informed choice with borrowing money, saving and other key financial decisions, while the lack of financial knowledge can lead them to bad results, such as: the extra costs on the transaction fee, excessive debts, high interest rates on loans, etc. All these are about to put the financial well-being of the population under the question. In addition, risk of violation of consumer rights is much higher in the case of the financial illiteracy. Thus, we can say that knowledge of financial matters is vitally important. Therefore, the issue has a strategic importance in terms of the financial well-being and protection of their rights”, – Koba Gvenetadze, president of NBG has declared.

International experts gave consultations to National Bank of Georgia in the working out the financial strategy. Shaun Mundy, independent British consultant invited by SBFIC- was actively involved in the drafting process of the strategy.

It should be noted, that from 2003-2007, Shaun led the development and implementation of the UK’s national financial capability strategy. However, from 2008, he gives consultations to such organizations as the World Bank, Organization for Economic Cooperation and Development (OECD), German Association for International Cooperation (GIZ), Savings Banks Foundation for International Cooperation – SBFIC and etc.