TBC Bank Introduces Financial Literacy Survey

One of Georgia’s leading banks, TBC Bank, has funded a large scale survey about financial literacy in Georgia, with the presentation of the results of the survey being held at the headquarters of TBC Bank last week.

This counted the first survey on financial literacy in Georgia and conducted by research organizations TNS and the International School of Economics (ISET).

More than 1000 respondents took part in the survey across Georgia’s seven major cities, including Tbilisi, Batumi, Kutaisi, Zugdidi, Poti, Gori and Rustavi.

The project is divided into three parts dealing with finance, trust in financial institutions, and financial literacy, in order to investigate Georgian citizens’ behavior within control variables.

To find out whether respondents have knowledge of finances, they were asked four questions about interest rate, inflation, interest rate risk and expense.

According the survey, 36.9% of the respondents answered the questions correctly, 24.3% did not know or found it difficult to answer, and 38.8% of respondents answered incorrectly.

59.1% of respondents gave the correct answer to the inflation-related question, 26% did not know or found it difficult to answer, and 14.6% of respondents answered it incorrectly.

Only 5.8% of respondents answered correctly to all four questions, 19.2% of them gave the correct answer for three questions, 32.6% of respondents answered well to two questions, 28.7% of respondents to one question, while 13.7% of respondents could not answer correctly to any question at all.

TBC Bank press office emphasized that maintaining financial knowledge among society members is a main direction of its social responsibility. The results of the survey will help the Bank to develop its future strategic plans toward financial literacy.

Considering the given data, TBC Bank aims to focus on those topics which will best help improve the quality of financial education in the community.