Mongolia ranked 43rd in Global Financial Literacy Survey

2015-11-24 18:31:20

Ulaanbaatar /MONTSAME/ Mongolia was ranked 43rd in the very first Global Financial Literacy Survey which was released on November 18 by the US Standard & Poor’s Ratings Services LLC.

Mongolia topped the countries of Central Asia according to the survey.

The survey results come from interviews conducted with more than 150,000 adults in more than 140 countries who were tested on their knowledge of four basic financial concepts: numeracy, interest compounding, inflation, and risk diversification. The data were collected in 2014 by Gallup as part of the Gallup World Poll and analytical support was provided by researchers at the World Bank Development Research Group and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University.

By the survey, 41% of the Mongolian population is regarded as people with financial knowledge, while 38% of Russian population completed the test correctly, being ranked 55th place.

Denmark, Norway and Sweden topped the survey, whereas South Asian countries, Afghanistan and Angola stayed on bottom of the list.