The financial literacy rate of Sri Lanka has improved almost by 23 percentage points compared to the rate that was reported in 2014 by Standard and Poor’s Ratings Services.
According to the Financial Literacy Survey Sri Lanka- 2021, 57.9 percent of adults were reported to be financially literate in Sri Lanka, which shows a significant increase from the 35 percent reported by the Global Financial Literacy Survey in 2014.
Moreover, the gender gap in the financial literacy rates of males and females was 5.9 percentage points.
Men appeared to have greater financial knowledge and financial behavior scores across the sample.
The survey findings further suggest that young adults in Sri Lanka are more financially literate than the elderly population.
The Financial Literacy Survey Sri Lanka- 2021 was conducted as a part of the implementation of the National Financial Inclusion Strategy (NFIS) of Sri Lanka 2021-2024.
The survey was led by the Central Bank of Sri Lanka (CBSL) with the technical and financial assistance of the International Finance Corporation (IFC), a member of the World Bank Group.
Full report: https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/financial_literacy_servey_sri_lanka_2021_e.pdf (NewsWire)