Country Pilot - Armenia


  • PROJECT TITLE: Armenia Financial Capability Survey
  • PARTNER INSTITUTIONS: Central Bank of Armenia; National Statistical Service of the Republic of Armenia; AM Partners Consulting Company
  • TIMELINE: August 2011 – June 2012


The Central Bank of Armenia (CBA) has dedicated substantial resources to consumer protection and financial education programs. However, there is no nationally representative baseline of financial capability levels of the Armenian population currently. Therefore, this project aims to deliver a framework for CBA to identify and define targeted programs of consumer awareness and financial education, and evaluate their effectiveness over time.

This project is aimed at establishing a nationally representative baseline of financial capability in Armenia using the conceptual framework and the methodology developed by the Trust Fund. The project will provide the Government of Armenia with the information required to design financial education programs that will address the most important needs of different segments of the population.

The questionnaire was translated and adapted for the Armenian language and context. Complementary questions from the survey developed by the World Bank’s Global Program on Consumer Protection and Financial Literacy have been added, following the Trust Fund guidelines.

The survey was piloted among 124 households living in urban and rural areas. Based on the results of the pilot tests conducted in Armenia and other countries, the Trust Fund made final improvements to the questionnaire. The sample was nationally representative of the adult (18 +) population living in households. Overall, 2,000 valid interviews were completed during fieldwork from a total of 4,647 contacted households.

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