The National Bank of Ukraine, in partnership with the non-governmental organization Junior Achievement Ukraine, conducted the first-ever study in Ukraine of the level of "Entrepreneurship and Financial Literacy" competence among 10th-grade schoolchildren.
The study was conducted in April 2024 by the O. Yaremenko Ukrainian Institute for Social Research. The sample was formed by SSI of the Insitute of Educational Analytics. The survey was conducted among 97 schools from 19 oblasts of Ukraine and the city of Kyiv. It interviewed 3139 students aged 14 - 17.
The aim of the study was to determine the level of knowledge and skills of students before the introduction of the “Entrepreneurship and Financial Literacy” subject (from the 2025-2026 academic year, the subject will become compulsory for all 8 grades and will continue to be taught in grade 9). In 2027, it is planned to conduct a second round of the study, which will allow the results to be compared and the effectiveness of the methods of teaching the new subject to be evaluated.
In the study, adolescents were asked to complete 21 case-based assignments. They were structured according to the example of the Program for International Student Assessment (Hereinafter referred to as the PISA) in financial literacy. The children also answered 20 questions in a questionnaire that aimed to analyze in more depth the factors influencing their academic results.
The research demonstrated that the average percentage of correct answers to the case-based assignments among teenagers is 46.6%, which corresponds to a grade of 3 on Ukraine’s 12-point school grading system. This result indicates Ukrainian adolescents have a basic level of financial literacy.
Students from Dnipropetrovsk (57.4%), Ivano-Frankivsk (53.7%) regions, and the city of Kyiv (50.4%) showed the best results in the study. The lowest results were recorded in Kirovohrad (37.4%), Mykolaiv (39.7%) and Chernivtsi (41.4%) oblasts.
Girls have slightly better results (47.4%) compared to boys (45.6%). The indicators for urban and rural students are 48% and 40% respectively. Low rates of financial literacy are particularly common among adolescents from families with a low socioeconomic status. None of the teenagers provided 100% correct answers to all the case-based questions presented in the survey.
The study indicates that the financial literacy of adolescents is growing due to:
- gaining experience of using financial products, including planning expenses, budgeting, saving, and achieving financial goals
- communicating with parents on the subject of money
- self-study of financial literacy through books and the Internet.
Interesting results were obtained regarding the attitude of adolescents to financial literacy: over three quarters (77.6%) of the surveyed adolescents consider that schools should implement the subject of financial literacy.
The financial literacy of Ukrainian adolescents is at a critically low level . The school course "Entrepreneurship and Financial Literacy," for which specialists from the National Bank developed the curriculum and wrote the textbook, has the potential to significantly change the situation. However, no less important is the role played by parents, which was confirmed not only by this study, but also the PISA financial literacy study conducted in countries of the Organization for Economic Cooperation and Development (OECD). For children, the behavior of parents with money is a role model, and it is at home that they learn their first financial lessons. “In partnership with schools and parents, and with the support of the NBU, we will definitely be able to raise a new generation of financially literate and successful of Ukrainians,” said Director of the Communications Department of the NBU Yulia Yevtushenko.
The introduction of the subject of financial literacy in schools is an important step towards overcoming inequalities in access to financial knowledge and developing key competencies for all students, regardless of the socioeconomic status of their household or place of residence.
“For us, it was very important to support this research, because for many years we have been working with young people on the development of their financial literacy through practical learning,” said the head of NGO Junior Achievement Ukraine, Yuriy Tokarsky. “Understanding the real level of knowledge of youth allows us to better plan our educational programs and common projects with the National Bank,” Tokarsky said.
To view the results of the study, please follow the link.
The NBU is systematically working to develop financial literacy and supports the introduction of financial education into school curricula. NBU experts have developed a model curriculum for the Entrepreneurship and Financial Literacy course. Authors from the central bank have prepared a textbook, workbook, digital app, lesson presentations for teachers, and guidance for teachers. All key information is collected on a special website –Entrepreneurship and Financial Literacy at School.
NGO Junior Achievement Ukraine is a member of the global network of Junior Achievement, an international non - profit organization that offers entrepreneurship, financial literacy and labor market training programs for young people. The organization collaborates with secondary schools, vocational (professional-technical) schools, specialized pre-higher education institutions, and higher education institutions, offering proven European experience and the best international teaching practices, as well as the opportunity to participate in international youth entrepreneurship projects and competitions. For more information, please visit this website ja-ukraine.org.