Skopje, 11 December 2024 

Financial education and financial inclusion are at the centerpiece of the economic growth and overall well-being of societies as well as individuals, as only financially educated people can make sound financial decisions about saving, borrowing, investing. Financial education also underpins the entire financial system, as financial literacy reduces the risk of over-indebtedness, and contributes to the overall financial stability. The first National Strategy for Financial Education and Financial Inclusion passed by financial regulators, under the leadership of the National Bank, has been a comprehensive and inclusive effort aimed to respond to various challenges to the financial literacy in the country. A robust framework for cooperation has been established, bringing together participants from different sectors, including regulatory and educational institutions, civil society organizations and the private sector, said Governor Angelovska Bezhoska, at a peer-learning event on financial education organised in the context of a Regional Technical Assistance Project on Financial Education, implemented by the OECD thanks to the support of the Netherlands Ministry of Finance and its Money Wise platform. 

Miles Larbey, Head of Financial Consumer Protection, Education and Inclusion at the OECD, in his video address congratulated the National Bank and the Coordinating Body for Financial Literacy and Financial Inclusion for their achievements in financial education in recent years. Mr Larbey noted that the implementation of the National Strategy in North Macedonia was consistent with the OECD Recommendation on Financial Literacy and with international good practices developed by the OECD/INFE.  He said that “improving financial literacy helps people to make more confident and informed financial decisions, and ultimately contributes to their financial well-being.  The OECD, through the regional project on financial education supported by the Ministry of Finance of the Netherlands, is pleased to be able to support the development of this work in North Macedonia and other countries over the years.”

Reflecting on the financial literacy, Governor Angelovska Bezhoska referred to the OECD/INFE 2023 International Survey of Adult Financial Literacy[1] results, which showed that financial literacy levels across Europe remain low, i.e. only 52% of adults in Europe demonstrate basic financial knowledge; this percent is even lower in Macedonian case (42%). This shows that although activities have been taken to promote financial literacy, the global challenges remain.

Regarding financial inclusion, the Governor addressed the gender gaps in financial literacy and inclusion as one of the critical issues not only from the perspective of gender equality, but also from the perspective of economic development. Governor Angelovska Bezhoska pointed out that in the Macedonian case, gender gap similarly manifests itself through lower rate of bank account ownership of women compared to men; namely, about 80% of women versus 91% of men have an account. “To bridge this divide, we must implement targeted interventions designed specifically for women, such as the availability of educational resources tailored to women's needs and conditions, taking into account factors such as family circumstances or work status", said the governor. As she noted, there is a significant gap in the financial inclusion of young people in the region, compared to EU. In our case, although the percentage of young people who have an account grew to 74%, it is still well below the Eurozone average of 95%.

Narrowing these gaps is crucial, particularly for this region, where financial convergence and access to finance lag behind more developed countries. Governor Angelovska Bezhoska pointed to the large financial intermediation gap to EU - the share of loans to GDP in the region averages 45% versus 80% in EU, as well as other indicators that confirm this conclusion.

As we approach the final year of the period covered by the first National Financial Literacy Strategy, it is always necessary to assess the effectiveness of current programs through analysis and feedback from stakeholders, measure knowledge, and evaluate behavioral changes resulting from educational initiatives. The exchange of experiences with colleagues from Armenia, Croatia, Georgia, Italy and Poland, is also important for identifying the guidelines for the new medium-term strategy.