The extent of economic literacy of Latvian residents has been stagnant for seven years

Monetary literacy helps to keep away from shedding cash by means of monetary fraud, lets you use monetary merchandise safely and appropriately, lets you improve financial savings, make investments, handle your each day funds on a greater approach and obtain long-term monetary targets. OECD analysis reveals that residents with even minimal monetary abilities obtain considerably increased ranges of economic well-being. The monetary well-being of Latvian residents (43%) is decrease than the common amongst OECD member states (47%). Our countrymen’s information of funding returns, pension charges and long-term financial savings instruments is especially low. However this information is important to make sure a profitable life sooner or later. Additionally, the survey outcomes confirmed that many extra folks in Latvia than elsewhere use digital monetary merchandise with out the minimal abilities and information crucial to take action safely and in line with their targets. The bottom degree of digital monetary literacy in Latvia (46%) is decrease than the common of OECD member states (55%), which is unacceptable, bearing in mind the range of FinTech services, vast distribution and the rising shopper. demand for digital monetary options.