Only 35% of Bulgarians are financially literate, reveals a study of Standard & Poor's Ratings Services on financial literacy in the world (S & P Global FinLit Survey).
With this level our country is below average for the European Union and among the last to him on this indicator.
The levels of financial literacy vary significantly between different Member States of the European Union. On average 52 percent of EU citizens are financially literate as best represent those in Northern Europe. Denmark, Germany, the Netherlands and Sweden have the highest financial literacy in the EU - at least 65 percent of their adult citizens are financially literate.
In southern Europe, the levels are significantly lower. In Greece and Spain, for example the level is 45% and 49%. In Italy and Portugal also experienced lower levels.
Financial literacy is low and among the countries that joined the EU in 2004 and beyond. In Cyprus, the level is the same as in Bulgaria - 35%, and in Romania registered the lowest level in the EU - 22 percent.
Worldwide Bulgaria falls in the middle of the ranking of 72nd place out of 144 countries in the company of countries like Sri Lanka, Dominican Republic, Costa Rica, Malawi, Gabon, Ivory Coast, Brazil and Cyprus.
Financial literacy is measured with questions on four main themes in making financial decisions - knowledge about interest rates, complex (capitalized) interest, inflation and risk diversification.
Only 20% of Bulgarians have responded correctly to the question of risk diversification, 58% - the issue of inflation, 60% - for interest and 40% compound interest.
The questions are included in a global poll of Gallup World Poll, seized over 150 thousand. Adults randomly selected citizens of over 140 countries, held in 2014
The survey results are alarming. Globally, only one in three people is financially literate. Financial illiteracy is not only widespread, but there are drastic differences in countries and groups. As women, the poor and people with lower education have large gaps in their financial knowledge, and this applies not only to emerging economies, but also for countries with well developed financial markets.
People with relatively high financial literacy have several characteristics in common, regardless of where they live. In general, people who use financial services such as bank accounts and credit cards have more knowledge, regardless of their income.
In Bulgaria, Croatia, Czech Republic, Italy, Latvia, Poland, Portugal, Slovakia and Spain 50% or less of people who have a loan from a bank or other financial insittutsiya, have responded correctly to the question of compound interest.