Colombo, Oct 26 (AdaDerana) – The findings of a survey conducted by the Central Bank of Sri Lanka (CBSL) have revealed that 57.9 percent of adults are financially literate in Sri Lanka.
The Regional Development Department of the Central Bank, with the assistance of the International Finance Corporation (IFC) – under the IFC-DFAT Women in Work program – carried out the first-ever countrywide Financial Literacy Survey in the country, as part of the implementation of the National Financial Inclusion Strategy of Sri Lanka.
The key objective of the survey was to assess the level of financial literacy across the population with a view to formulating appropriate policy measures.
The survey focused on the elements of knowledge, attitudes and behaviour within the concept of financial literacy and this publication consists of the key survey findings.
Further, the findings imply that the level of financial literacy varies across different segments of the population, suggesting the need for targeted policy interventions. For instance, despite gender parity in education, the survey notes gender disparity in financial literacy.
In 2014, the Global Finance Literary Survey (GFLS) conducted by S&P Global Ratings measured Sri Lanka’s financial literacy as 35%. The CBSL’s survey focused on updating this indicator.
The Financial Literacy Survey – Sri Lanka 2021 was conducted with a nationally representative sample of 4,800 household members aged over 18 and less than 80, with a maximum of one member per household. Data collection was carried out by Nielsen IQ Sri Lanka, which conducted face-to-face interviews with household members, using computer-aided personal interviews (CAPI).
The interviews were based on the survey questionnaire jointly developed by the Central Bank and IFC.
The questionnaire comprised questions on financial knowledge, attitudes, and behaviour relating to various aspects of financial literacy including budgeting and money management, short- and long-term financial plans and choices of financial products.
Some additional questions were included to collect data on important socio-demographic details of the household members such as age, gender, education and income.