National Strategy for the Development of Financial Literacy until 2030 approved

Ukraine has approved the National Strategy for the Development of Financial Literacy until 2030 (hereinafter referred to as the Financial Literacy Strategy), which will help to increase the financial awareness of the Ukrainian population.

This interagency strategic document was initiated by the National Bank of Ukraine. Representatives of the Ministry of Education and Science of Ukraine, the Deposit Guarantee Fund, National Securities and Stock Market Commission, the Ministry of Economy of Ukraine, the Ministry of Digital Transformation of Ukraine, and the Entrepreneurship and Export Promotion Office also joined the interagency working group on the preparation of the Financial Literacy Strategy.

The approval of the Financial Literacy Strategy was preceded by numerous discussions, including during meetings of the advisory platform, which were attended by more than 220 people from 116 organizations, including representatives of educational institutions, local governments from almost all regions of Ukraine, NGOs, financial market experts, representatives of banks, non-bank financial institutions and their associations.

«The financial literacy of our citizens is an important item on the agenda of every state institution. While implementing important reforms and projects, creating new financial instruments, and developing access to all this, we must simultaneously work to inform Ukrainians about how it all works. After all, this is all for our people and their well-being. By uniting and having the synergy of many organizations on a common vision of financial literacy in Ukraine, the state will be able to help its citizens effectively manage their own finances and be protected. NSSMC has also developed the «Vnesok» project, which aims to develop financial literacy and timely reporting of fraudulent schemes for the well-being of Ukrainians», said Ruslan Magomedov, Chairman of NSSMC.

The implementation of the Financial Literacy Strategy will ensure the scaling up of financial awareness activities and their coverage of various target groups. While in previous years, the focus was on children and young people – Ukrainians with the lowest level of financial literacy – the new interagency Financial Literacy Strategy will place additional emphasis on working with entrepreneurs and the adult population, including veterans, internally displaced persons, and the elderly.

The implementation of the Financial Literacy Strategy will be carried out in accordance with five strategic objectives:

Objective 1: High-quality basic financial education.

To achieve this goal, measures are planned to improve the financial literacy of preschoolers, schoolchildren, and students. It is planned to develop a variety of accessible educational resources and modernize curricula. Another important task under this goal is to build a community of teachers who are experts in financial literacy, which, in particular, will help to ensure that the new compulsory course «Entrepreneurship and Financial Literacy» is taught in grades 8 in 2025 and in grades 9 in 2026 in all Ukrainian schools.

Objective 2: Responsible financial life.

This will help to increase the financial literacy of the adult population. To achieve this objective, the Financial Literacy Strategy will create educational resources for the development of financial competencies at different stages of life, for effective management of personal finances in crisis conditions, and for raising awareness of the economy, financial products, and the rights and obligations of financial services consumers.

Objective 3: Financially literate entrepreneurs.

With the adoption of the Financial Literacy Strategy, Ukraine is introducing a comprehensive approach to raising financial awareness of entrepreneurs for the first time. Therefore, one of the priorities under Goal 3 is to develop a framework of financial competencies for Ukrainian entrepreneurs. Measures are also planned to raise awareness among start-up entrepreneurs and small businesses about financial services and capital market instruments, the prudent use of which will help business development.

Objective 4. Advanced digital financial literacy.

This goal has a special place in the Financial Literacy Strategy, as in the context of a full-scale war, Ukrainians have realized that having access to digital financial services and the ability to use them effectively is one of the components of personal security and financial stability. As part of the Financial Literacy Strategy, the NBU plans to develop educational materials and organize events to raise awareness of digital financial services, payment security, and protection against cyber fraud. Special attention will be paid to the development of interactive digital tools for improving financial competencies.

Objective 5: Enabling ecosystem for financial literacy development.

The goal is to develop the financial literacy ecosystem in Ukraine, establishing cooperation both within the country and with representatives of international organizations and other countries.

The roadmap of the Financial Literacy Strategy for the first four goals provides for monitoring the level of financial literacy of various target groups and conducting surveys. The results obtained will be the basis for a qualitative update of the document and for taking into account current trends and current needs. Special online tools will be developed to help Ukrainians identify gaps in their financial knowledge and skills. Another cross-cutting line of the roadmap for various strategic goals is to motivate and change the attitude of the population to financial issues, which will help to shape prudent financial behavior.

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The development of the Financial Literacy Strategy was based on the best international practices, including, in particular, the Financial Literacy Guidelines of the Council of the Organization for Economic Cooperation and Development and the methodological guidelines of the International Financial Education Network, of which Ukraine is a member.

The Financial Literacy Strategy has been approved by the regulatory acts of the developing institutions, in particular, by Resolution No. 542 of NSSMC dated May 1, 2024.

The development of the Financial Literacy Strategy was based on the results of a nationwide survey of the level of financial literacy of the Ukrainian population, organized by the USAID Financial Sector Transformation Project in cooperation with the National Bank of Ukraine in August 2021. The list of indicators for achieving the strategic goals and their target values will be finalized in early 2026, taking into account the results of a second comprehensive study of the level of financial literacy of Ukrainians.