FINANCIAL LITERACY IN NORTH MACEDONIA USING INFE OECD METHODOLOGY

Abstract

Financial literacy is crucial for making informed financial decisions and managing financial resources effectively. This study assesses financial literacy levels in North Macedonia using the International Network on Financial Education (INFE) methodology developed by the Organization for Economic Co-operation and Development (OECD). The study compares financial literacy levels in North Macedonia with the global average and examines the relationship between financial literacy and various socio-economic factors. The study finds that financial literacy levels in North Macedonia are lower than the global average and that many individuals lack knowledge of basic financial concepts. Financial literacy levels vary among age groups, genders, education levels, and income groups, with younger and less-educated individuals, women, and low-income groups having lower financial literacy levels. The study proposes a set of activities, measures, and recommendations to improve financial literacy levels in North Macedonia, including promoting financial education in schools, developing financial literacy programs for adults, and enhancing the availability of financial information and advice. The study emphasizes the importance of collaboration between government, private sector, and civil society organizations to improve financial education at all levels. In conclusion, the study highlights the critical importance of financial literacy in North Macedonia, particularly in globalization and the increasing availability of financial products. Improving financial literacy is essential for sustainable economic growth and can help individuals make informed financial decisions, protect against financial risks, and enhance their financial well-being.