Survey Shows Georgia Enjoys Financially Illiterate Population
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Georgians have revealed themselves to have overall low levels of financial literacy. Only 6% of respondents to a new research survey were financially literate, which naturally negatively affects the economic situation in the country. ISET's Policy Institute, together with TNS and TBC Bank, conducted the first ever large-scale survey on financial literacy in Georgia. A total of 1000 respondents were surveyed in seven major cities of Georgia: Tbilisi, Batumi, Kutaisi, Zugdidi, Poti, Gori, and Rustavi. They survey was centred around a core questionnaire designed to reveal financial behaviour, attitudes, and knowledge in order to assess levels of financial literacy and financial inclusion. Financial literacy was measured by four specific questions about simple interest rates, compound interest rates, inflation, and risk/diversification. A majority (52%) answered only one or none of the questions correctly, displaying low financial literacy (illiterate).
ISET's Revaz Geradze Promoted to Head a Key Policy Unit at the MoESD
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We are proud to announce that Revaz Geradze (ISET class 2011) has been recently promoted to Head of Macroeconomic Analysis division at the Georgian Ministry of Economy and Sustainable Development. Revaz previously served as Chief Specialist in the Economic Policy and Analysis Department at the MoESD.
Revaz was promoted as part of a general reorganization of MoESD’s Economic Policy and Analysis Department, which involved ISET-PI in an advisor role. The main goal of this structural change was to create the capacity within MoESD to monitor macroeconomic trends and the business environment, and advise the minister on appropriate policy responses.
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