Financial literacy is not seen as an optional add-on or a social program in Armenia; it is a core topic that has elicited a strategic outlook and an ecosystem-based approach. In an interview with Armen Nurbekyan, Deputy Governor of the Central Bank of Armenia (CBA), we take a closer look at the vision behind this approach and how it will impact the population of the country
Interview : Nazareth Seferian Photo : CBA
Mr. Nurbekyan, the Central Bank is traditionally associated with monetary policy and banking supervision. How did financial literacy become a strategic priority for the CBA, and why do you consider it part of the Bank’s core mission?
— You’re right! Traditionally, central banks are seen through the lens of inflation and financial stability. But over time, we—and central banks more broadly—have come to understand that stability is not only about institutions; it is equally about people.
Financial literacy became a strategic priority for us when we realized that even the best-regulated financial system cannot function effectively if consumers do not understand it. In Armenia, like in many countries, there is a natural imbalance between financial institutions and consumers when it comes to information, power, and resources. This, in turn, can lead to poor decisions and financial vulnerability.
From our perspective, financial literacy is not something optional, it is a core tool of consumer financial protection. Regulation can set the rules of the game, but education ensures that people can actually play it. In more practical terms, a financially literate population makes more informed decisions, uses financial services more responsibly, and is less likely to fall into over-indebtedness or be a victim of fraud. This directly contributes to trust in the financial system, and trust is the foundation of financial intermediation and stability. But beyond stability, our ultimate objective is financial well-being. When people are able to plan, save, manage debt, and make confident financial choices, they are not only protected, they are empowered to improve their quality of life and build resilience against shocks.
International experience—from the OECD to the World Bank—clearly shows that countries that invest in financial capability achieve better outcomes in financial inclusion, stability, and overall well-being. Armenia has followed this path early on, including by launching a national financial education strategy and integrating financial literacy into schools and public programs.
Armenia’s Financial Capability Index rose from 44.5% in 2014 to 56.5% in 2025, surpassing not only the 2025 target of 50%, but also the 2031 target of 55%. Looking back at where this journey began and forward to where it is headed, how do you assess the path Armenia has taken in building a financially capable society?
— Our journey began back in 2008, when Armenia laid the institutional foundations for financial consumer protection and financial education, introducing key legislation such as the Law on Consumer Credit, the Law on Attracting Bank Deposits, and establishing the Financial System Mediator. These early reforms created a strong and credible framework that continues to deliver results today.
In 2014, we took a major step forward by adopting the National Strategy for Financial Education, which enabled us to design targeted programs for different segments of the population. One of the flagship initiatives has been the launch of “Finances for All” website (abcfinance.am), a comprehensive financial education platform that provides accessible tools, calculators, and educational content for the public.
The path has not always been linear. Some initiatives, such as integrating financial education into the school curriculum, proved highly effective and sustainable, while others required reassessment and redesign based on impact evaluations. This ability to adapt, scaling what works and discontinuing what does not, has been critical to our progress.
Building a financial education system from the ground up requires both vision and infrastructure. Could you walk us through how this system was developed, what came first, and how the different elements came together over time?
— Building Armenia’s financial education system required a strategic shift from reactive consumer protection to a proactive, infrastructure-based ecosystem. We began by establishing legal and institutional foundations between 2007 and 2010, which ensured that before we educated the public, we had the necessary “safety nets” and comparison tools already in place, such as relevant laws and regulations, as well as platforms like abcfinance.am and fininfo.am. This infrastructure evolved into a comprehensive National Strategy for Financial Education (NSFE), spearheaded by an interagency steering committee that includes ministries and financial institutions to ensure coordinated, nationwide impact.
Our system has matured into large-scale, evidence-based projects that target diverse groups, most notably through an “inter-curricula” approach in schools. By embedding financial literacy into subjects like mathematics and social studies, we now reach more than 425,000 students annually, supported by 9,560 specifically-trained teachers. Beyond the classroom, our outreach extends to rural areas and border villages through intensive “handholding” projects like “Dram 30-30”. This initiative provides residents with individual guidance for six months alongside digital tools like mobile banking, which has proven essential in transforming financial behavior into a lasting life skill.
Central to our success is a rigorous commitment to being data-driven. We utilize advanced research methods like Randomized Control Trials (RCTs) and Difference-in-Differences (DiD) to measure long-term behavioral change. We recognize that digital literacy is a critical complement to financial knowledge, which is why we have integrated interactive features—such as calculators, games, and podcasts like Dramapanak—to make financial awareness accessible and engaging for everyone. By combining infrastructure, targeted education, and digital innovation, we have moved financial literacy from a theoretical concept to a structural necessity for the financial well-being of our population.
Financial literacy programs around the world are most often led by central banks, and Armenia is no exception. What has the CBA’s experience taught you about what makes this model effective, and how has it shaped the way financial education is designed and delivered in the country?
— Our experience shows that central banks can play an effective role in financial literacy by acting not just as implementers, but as system coordinators. Early on, we realized that fragmented initiatives would not deliver impact. Financial education has to be a national effort, not a collection of isolated projects.
This is why we built a multi-stakeholder model around the National Strategy, bringing together around 30 public and private institutions, including ministries, financial sector associations, the Financial System Mediator, and NGOs, through a steering committee that ensures alignment, shared ownership, and sustainability.
Another key lesson is the importance of moving beyond awareness toward real behavioral change. Over time, our approach has evolved, from broad outreach to more targeted, data-driven, and behavior-oriented interventions, guided by tools like the Financial Capability Barometer.
We have also learned that financial education must be embedded into real-life contexts. This means combining knowledge with access, using digital platforms, comparison tools, and approaches like “handholding,” which support people at the exact moment they make financial decisions.
Finally, the Central Bank’s role has expanded into shaping an ecosystem where public policy, private initiatives, and innovation reinforce each other. Rather than controlling all activities, we focus on coordination, quality, and direction, allowing a dynamic and inclusive financial education landscape to emerge.
Financial literacy can seem like an abstract policy goal, yet it directly affects very concrete decisions, like whether a family takes on a loan or how a young person manages their first income. How do you ensure that national strategy translates into real impact at the individual level?
— That is a very important point: financial literacy only matters if it impacts real-life decisions. For us, the key has been to design interventions around “teachable moments,” when people are actually making financial choices, like taking a loan, receiving income, or using digital services for the first time.
We also focus on making financial education practical rather than theoretical. This means simplifying information, using real-life examples, and providing tools that people can immediately apply, whether it is comparing products, planning a budget, or understanding loan conditions.
Another important shift has been moving from one-off education to continuous engagement. We have seen that people are much more likely to change behavior when they are supported over time, through digital platforms, reminders, or even personalized guidance.
We also embed education directly into the financial system itself. For example, disclosure requirements, standardized information, and consumer protection rules ensure that people receive clear and comparable information exactly when they need it. When signing a contract, consumers are provided in advance with a Key Fact Statement that summarizes the most important terms—such as penalties and the annual percentage rate of charge (APRC)—helping them quickly understand the conditions without being overwhelmed by lengthy agreements, while also serving as a practical educational tool.
Finally, we rely heavily on measurement and feedback. By continuously assessing what works and what does not, we refine our approach to ensure that policies translate into tangible improvements in people’s financial decisions.
As financial services become more accessible, financial fraud is also on the rise. How does the CBA integrate fraud prevention into its financial literacy agenda, and what do citizens most need to understand to protect themselves?
— As financial services become more accessible, fraud risks naturally increase, and we see financial literacy as one of the first lines of defense. Our approach is to integrate fraud prevention directly into financial education, not as a separate topic, but as a core life skill.
In fact, within our financial competency framework, safe and secure use of financial services—including protection from scams and fraud—is one of the eight key pillars, alongside areas such as budgeting, savings, debt management, financial rights, and the use of digital financial tools.
In practice, this means shifting from simply explaining financial products to helping people recognize risks and act safely in real situations. We focus on very concrete behaviors, such as being cautious with personal data, questioning offers that are “too good to be true”, and understanding that no legitimate institution would ever ask for sensitive information or urgent financial actions.
At the same time, we emphasize that protection is a shared responsibility. While we strengthen regulation and introduce safeguards in the system, citizens need to develop a basic level of digital and financial hygiene, especially as more services move online. Awareness and critical thinking are just as important as technical knowledge.
The Financial Capability Index captures a national picture, but financial education must reach people across very different contexts, urban and rural, young and older generations, and different income levels. How does the CBA ensure its programs are relevant and accessible to such diverse audiences?
— Relevance comes from staying closely connected to what is actually happening in people’s lives. We continuously collect signals from the market—through consumer complaints, hotline inquiries, partner institutions, and ongoing monitoring—to understand emerging needs and risks.
We also use these insights to adjust both content and delivery channels, ensuring that information reaches people through the platforms they already use, whether digital, community-based, or institutional. At the same time, we rely on partnerships to localize our approach. Organizations working directly with specific groups help us translate national priorities into relevant, on-the-ground interventions.
In this way, financial education is not static. It is responsive, data-informed, and continuously adapted to the real challenges people face.
The financial landscape is changing rapidly—digital payments, online lending, cryptocurrency, and AI-driven services are on the rise. How should financial education evolve to prepare people for realities that did not exist a decade ago?
— The biggest shift we are facing is that the challenge is no longer just complexity, it is uncertainty. With the rise of AI, it is becoming increasingly difficult for people to distinguish between real and artificially generated information, which means fraud is becoming more sophisticated, more personalized, and harder to detect. At the same time, the way people consume information is changing rapidly. Attention spans are shorter, and long, text-heavy materials are becoming less effective. This pushes us to rethink formats, moving toward shorter, more visual, and more interactive content that can deliver key messages quickly and clearly.
Another important shift is the speed of change. New financial products and risks emerge faster than traditional education cycles, so financial education must become more agile, capable of reacting almost in real time through digital channels and continuous updates.
We also see that trust is evolving. People increasingly rely on informal sources—social media, influencers, peer recommendations—which means we need to be present in those spaces while ensuring that accurate and reliable information remains visible and accessible.
Finally, the role of financial education is expanding, from helping people understand the system to helping them navigate an environment where the rules are constantly changing. This means building not only knowledge, but judgment, skepticism, and the ability to pause and verify before acting.
In this new reality, financial education is less about giving answers and more about helping people ask the right questions.
Many countries treat financial literacy as a social program. The CBA appears to approach it as economic infrastructure. Is that a fair characterization, and if so, how does that framing influence the Bank’s strategy?
— Yes, that is a fair characterization, and it is very much aligned with the CBA’s strategic thinking. In our 2025–2027 Strategy, consumer empowerment is defined as a strategic priority, with a clear objective—to have empowered consumers who improve their own well-being and, at the same time, reduce the overall cost of regulation and supervision.
This means we do not see financial literacy as a separate social campaign, but as part of the infrastructure that allows the financial system to function better. A capable consumer creates demand for better-quality services, uses financial products more responsibly, and strengthens market discipline from the demand side. That framing also changes how we act. Instead of general awareness only, we increasingly focus on concrete problems that affect people’s well-being, such as debt management, access to digital services in remote communities, and inclusion of vulnerable groups like people with disabilities.
Looking ahead, what is your vision for where Armenia should stand in terms of financial literacy by 2035, and what will it take to get there?
— By 2035, I would like Armenia to be a country where financial capability is visible not only in indicators, but in everyday behavior—how people save, borrow, use digital tools, protect themselves, and plan for the future.
To get there, we need to deepen three things—data-driven policy, behavioral research, and simple communication that reaches people at the right moment. We also need financial education to become more personalized and practical, especially in the digital environment where most financial decisions will increasingly take place.
Our ultimate ambition is not simply to raise a score that measures literacy. It is to strengthen financial security, resilience, and confidence, so that financial decisions become a source of opportunity rather than stress, and contribute to people’s overall well-being.