Strengthening the capacity to implement the National Strategy for Financial Literacy in Bulgaria

The Commission aims at supporting the Bulgarian Ministry of Finance in the implementation of the National Strategy for Financial Literacy (NSFL) adopted at country level in February 2021.

Strengthening financial literacy generates strong spill-over effects: link with economic and social policies, interconnection with financial resilience, promotion of consumer protection and implication on the overall financial stability.

Context

To address the relatively low levels of financial literacy in the country, Bulgaria adopted its first National Strategy in February 2021. It is implemented by a variety of stakeholders through an action plan between 2021 and 2025. This project will support the successful implementation of selected priorities of the action plan and the NSFL by providing guidance and technical support to the Bulgarian authorities on the development and implementation of specific priorities under this current action plan. 

Support delivered

Funded by the European Commission through DG REFORM’s TSI, this project is realised with the support of the OECD, which has substantial experience in financial literacy.

During 24 months, the OECD prepares a report with policy suggestions tailored to the Bulgarian context on the development and implementation of digital financial education activities, through desk research and an assessment against international good practices, performing a stocktaking survey and stakeholder consultations.

Then, guidelines on monitoring and assessing the effective implementation of the action plan 2021-2025, including definition of appropriate KPIs, guidelines on funding mechanisms in support of the implementation of the NSFL, guidelines on Monitoring and Evaluation (M&E) for financial education activities implemented under this NSFL, guidelines on good practices on the design and structure of a financial literacy website, will be drawn.

Finally, the content for the financial literacy website will be designed including reading materials, tests and quizzes, videos, a glossary, calculators and tools.

Expected results

This project will contribute to strengthen the capacity at national level to implement the National Strategy for Financial Literacy (NSFL). The policy recommendations, guidelines and review of best practices will reinforce the effectiveness of financial literacy policies and actions.

Since financial literacy is a major driver for the development of a digital and advanced economy, building skills, fostering modern financial education and training are prerequisites for competitiveness and innovation capacity and thus social cohesion and financial inclusion.

In the longer term, this project is expected to contribute to an enhanced financial wellbeing and prosperity for the citizens and a better financial stability at country level.