The International Network on Financial Education (OECD/INFE) of the Organization for Economic Co-operation and Development (OECD) has published the results of the 2021 International Survey on Financial Education for Micro, Small and Medium Entrepreneurs.

 

The study, conducted based on the OECD/INFE methodology, Georgia participated along with 14 countries. The results showed that Georgia's financial education score on a 17-point scale was 10.3 points (60%), lower than the average of other countries covered in the study.

 

The research in Georgia was organized by the National Bank of Georgia and was conducted by the ACT research and consulting company, with the financial support of the European Fund for South East Europe Development Facility (EFSE DF). The survey embraced a thousand of micro, small and medium business owners across the country. Individuals directly involved in the company’s financial decision-making process were interviewed. For the purposes of the study, companies with the annual turnover of up to GEL 1.5 million and employing up to 50 staff were selected.

 

The study used three components - knowledge, behavior and attitudes to assess the level of financial education across micro, small and medium entrepreneurs. The study also looked at issues such as the ownership of bank accounts by businesses, the degree of digitization of transactions and the impact of the Covid-19 pandemic.

 

The key findings of the study can be found in the attached file.

 

See the OECD/INFE report for international survey results.

 

Georgia data is available in detail in the report prepared by ACT.