- PROJECT TITLE: Measuring Financial Capability and Literacy in Lebanon
- PARTNER INSTITUTIONS: Basil Fuleihan Institute of Finance (IOF); Consultation and Research Institute
- TIMELINE: July 2011 - August 2012
Lebanon is considered amongst the first countries in the MENA region to realize the importance of financial literacy and education and the necessity of educating its citizens on economic and financial matters. In fact, the Lebanese Government has included related theories and concepts into its public school curriculum; however, it has been noted that Lebanese youth face difficulties in understanding the main theories and in dealing with the practical implications of public and/or private money management. As a result, this survey will serve to assess the level of economic and financial capabilities on a national scale. This will be useful in designing and developing a national strategy, in collaboration with all concerned stakeholders, to increase the level of awareness and education of all Lebanese Citizens. This is, in turn, expected to further improve the behavior of individuals.
The topics covered in the survey will include: day to day money management, planning for the future, key motivations behind financial behavior, understanding basic concepts of public finance, and the level of financial literacy. For the first four components, the team will rely on a robust questionnaire developed by the technical team of the Russia Trust Fund. In addition, public finance and financial literacy have been identified as important topics to consider in the case of Lebanon and thus specific questions have been added to the questionnaire without affecting the way the core questions are administered.
The survey will be implemented through household visits with a sample size of 1,200 individuals. The sample will be representative of the national adult (18+) population. A pilot test including 100 individuals will take place to pilot the questionnaire and methodology. The pilot will include households/individuals from different regions, age groups and characteristics. Based on the results, the formulation of the questions and/or content may be further adapted.