Ефекти от пандемията върху мерките за финансова грамотност
Effects of the Pandemic on Measures of Financial Literacy

Author(s): Kaloyan Simeonov
Subject(s): Economy, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Financial Literacy; Pandemic; Welfare
Summary/Abstract: The COVID-19 pandemic has situated financial literacy in a new dimension. The need for a good level of financial literacy both in conditions of growth and in economic, financial or health crises, such as the one caused by the pandemic, came to the fore even more strongly. The economic recession and the sudden loss of jobs and income caused by the pandemic have made even stronger the need for households to set aside funds and manage their personal finances well. But the pandemic, in addition to difficulties, has also created new opportunities. They are mainly expressed in the possibility of using the new financial technologies for easier distribution of educational materials and activities, including to more remote settlements. The pandemic has also raised the level of understanding of the importance of financial literacy for household welfare. It also created new risks, including related to the faster use of new financial products and services that are now literally "one click" away. In addition, financially illiterate people tend to be digitally illiterate as well, making it difficult for new digital programs to spread. The current analysis aims to assess the main effects of the pandemic on the development of financial literacy policies and measures. On the other hand, it aims to explore how financial literacy can alleviate the consequences of the pandemic.

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