Some 90% of employed and self-employed individuals have relevant knowledge about financial products. The Bank of Albania notes this in the recently published “Survey on the Financial Literacy of Adults in Albania,” which presents the main characteristics of Albanian individuals' financial behavior.

This analysis was conducted with a group of 1,000 individuals aged 18-79, with a proportional distribution throughout the country. According to the data, as in other countries, about 65% of individuals in Albania keep track of their accounts in the short term, compare financial products between providers, and about 78% of them pay their bills on time.

Financial literacy is essential to making smart decisions about finances, helping manage the budget, investing, and planning for the future.

The data comes from a survey conducted by the Bank of Albania and the Organization for Economic Co-operation and Development (OECD), covering 39 countries. Albania has a similar level to the global average, which is 60 out of 100.

The financial literacy index in 2023 has increased by 6 points, compared to the previous round, in 2019, according to the Bank of Albania. Improving financial literacy has been a continuous priority for BoA, and in 2024 it adopted a new strategy for the period 2024-2026, which aims to enable citizens to gain knowledge and skills to make informed and sustainable financial decisions, as well as increase financial inclusion.

The data show that the level of financial literacy of Albanians is low compared with the average of individuals in the world. Individuals in Albania own only 53% (11.2 out of 21) of the total financial knowledge, behaviors, and attitudes, which is reflected in a low level of financial inclusion.