Financial literacy portal
- Public authority; banks, financial enterprises
- The Central Bank of the Republic of Azerbaijan
- Creation and technical support of the unified financial information portal
Within the framework of the project, the portal "Bizimpullar" provides access to the following materials and sections:
In recent years, financial literacy has gained the attention of a wide range of major banking companies, government agencies, grass-roots consumer and community interest groups, and other organizations. Interested groups, including policymakers, are concerned that consumers lack a working knowledge of financial concepts and do not have the tools they need to make decisions most advantageous to their economic well-being.
Such financial literacy deficiencies can affect an individual's or family's day-to-day money management and ability to save for long-term goals such as buying a home, seeking higher education, or financing retirement. Ineffective money management can also result in behaviors that make consumers vulnerable to severe financial crises. From a broader perspective, market operations and competitive forces are compromised when consumers do not have the skills to manage their finances effectively. Informed participants help create a more competitive, more efficient market.
As knowledgeable consumers demand products that meet their short- and long-term financial needs, providers compete to create products having the characteristics that best respond to those demands. As concern about financial literacy has increased, so too have the number and variety of financial literacy training programs and program providers — some offering comprehensive information on savings, credit, and similar topics for a broad audience and others tailored to a specific group, such as youth or military personnel, or focused on a specific goal, such as home ownership or savings.
Over the past decade, technological advances have transformed nearly every aspect of the marketing, delivery, and processing of financial products and services. The expansion of the Internet as a means of communicating and delivering services has also enabled financial services providers to market financial products and serve customers more efficiently.
Communication and delivery innovations increase the amount of information available to consumers and allow them to shop for and choose from a wide array of products and services without geographic limitation. To benefit from the innovations, however, consumers need a base level of financial knowledge, so that they can identify and access pertinent information as well as evaluate the credibility of the source of the information.
Result: GTS developed financial literacy portal www.bizimpullar.az to enhance financial education across the country via education and training materials, animations and lectures, games and dictionaries. In addition, there is a special section for young pre-school and elementary school students.