How do you guide an entire society through the transition from traditional money habits to modern financial literacy in a rapidly changing economy? Armen Ktoyan, Board Member of the Central Bank of Armenia, talked to us about the National Financial Education Program, how it has evolved, and the results they are now seeing.
Text : Nazareth Seferian Photo : CBA
The Central Bank of Armenia has been strategizing on the topic of financial education for around a decade. “We revise and update our strategy every five years. It has evolved significantly across this time span, and we have moved from awareness to impact and behavioral change,” explains Armen Ktoyan.
In 2014, the Central Bank laid a strong foundation for evidence-based practice by launching the Financial Capability Barometer to gather baseline data on financial knowledge, skills, attitude, and behavior. “This measurement toolkit helped identify key gaps and priorities,” Mr. Ktoyan explains, “The focus at this initial stage was on raising awareness and building foundational knowledge, particularly through integrating financial education into the school curriculum and implementing large-scale outreach initiatives.”
Once this baseline was established, subsequent cycles could use updated data from the Barometer to track progress and inform policy decisions, allowing for more targeted interventions and better prioritization. “The most significant shift, however, has been the transition from knowledge-based education to behavior-oriented approaches,” Mr. Ktoyan says,
“Today, the focus is not only on what people know, but on how they act, including the use of behavioral tools, digital channels, and more personalized interventions.”
This has been a considerable shift in the Central Bank’s approach. What began more than a decade ago purely as awareness raising then moved to rigorous measurement. A simple, outreach-based approach shifted to actions that have more impact. Most importantly, the one-size-fits-all design for their actions has transitioned to targeted and behavior-oriented solutions. All of this has strengthened both the effectiveness and sustainability of financial education in Armenia.
A key component of that effectiveness and sustainability lies in the broad inclusion and engagement of a range of important stakeholders, working together in a steering committee. “The Committee is co-chaired by the Central Bank and the Ministry of Education, Science, Culture and Sport. This structure allows for strong alignment between policy, education, and implementation,” Mr. Ktoyan outlines, “Formal meetings are held on a quarterly basis to review progress, provide status updates, and align on next steps. At the same time, communication is continuous, with ongoing coordination between stakeholders. We utilize project management platforms to streamline our online workflows.”
This model allows for delivery of the strategy through designated co-implementers, ensuring shared ownership and accountability across institutions. This partnership, flexibility, and continuous coordination is also very important given the broad range of population segments that are the strategy’s targets today, including schoolchildren, students, rural populations, women and families, migrants, and the working population. The prioritization of these groups has been informed by the Financial Capability Barometer and ongoing assessments of needs and vulnerabilities across different segments, and the approach to engage them has evolved over time.
“In the initial phase, the priority was on building fundamental financial knowledge, particularly through the education system and broad outreach initiatives. In the second phase, there was a stronger emphasis on more specific target groups, notably women and families, as well as migrants, reflecting identified gaps in financial capability and inclusion,” Mr. Ktoyan explains, “In the current approach, while these groups remain relevant, there is a shift toward more tailored and behavior-oriented interventions, ensuring that different segments are addressed not only through targeting, but also through adapted tools and delivery mechanisms.”
The Steering Committee provides a strong backbone for financial education in Armenia, but not everything is centrally controlled. There is a lot of room for independent initiatives, with the Central Bank ready to provide support on alignment and coordination, where necessary.
Most of the relevant actors are involved in the strategy’s governance structure directly or indirectly, including through the Steering Committee and working-level collaboration, which creates a natural platform for coordination. “The strategy provides a common framework and direction, helping ensure that even independently implemented initiatives are broadly aligned with national priorities,” Mr. Ktoyan adds, “Also, the Central Bank plays an active role in supporting and guiding the ecosystem through methodological support, content development, partnerships, and communication platforms, which helps maintain consistency in messaging and quality.”
This combination of strong central coordination along with flexible and complementary implementation means that financial education in Armenia benefits from a solid structure as well as customized solutions.
When it comes to the formal education system, for example, the focus has been on systemic integration into the education system and school curriculum. Along with this, the approach has focused on institutions that train future educators, where students and instructors are engaged on the topic to ensure more sustainable and scalable impact.
When it comes to the broader population, some of the engagement on the topic of financial education has happened through other formats such as competitions, meetings, social campaigns, and public initiatives where different segments are reached through participation.
Meanwhile, the Central Bank’s outreach activities in the regions of Armenia, including visits to rural communities, revealed that something different was needed outside the formal education system. “We observed that traditional seminar-based approaches do not always produce lasting results,” Mr. Ktoyan explains, “This led us to pilot a behavioral project, which demonstrated the effectiveness of handholding in driving real change.” This handholding approach seeks to provide continuous, practical support, rather than simply deliver knowledge in a classroom setting. This facilitates a real impact on the practical, everyday financial decisions of the target audience.
There is evidence that this coordinated and informed strategy is working, even though it is still too early to claim a full generational shift.
“Perhaps the most compelling evidence is the shift in public perception,” Mr. Ktoyan states,
“When we launched the Financial Education in Schools project in 2015, we faced skepticism from parents who worried that teaching children about money might make them overly ‘materialistic.’ Today, that narrative has completely reversed. Parents now actively request more lessons, books, and educational materials for their children.”
Beyond perception, the assessments show that younger audiences demonstrate higher levels of financial awareness and a greater openness to formal financial tools, particularly digital services. “We are seeing gradual improvements in both knowledge and behavior, suggesting that our foundational work is translating into daily practice,” Mr. Ktoyan confirms.
The current stage in the evolution of the strategy brings all this together into a comprehensive financial education ecosystem through a mix of systemic, digital, and outreach initiatives. The integration of financial education into the school curriculum remains the core pillar of this approach, supported by updated materials and the continuous training of educators.
Additionally, the outreach has extended to specific target groups, including vulnerable populations, ensuring that financial literacy is inclusive. “We have designed and implemented tailored programs for the families of fallen or disabled veterans, providing them with the tools to manage their financial well-being during difficult transitions,” Mr. Ktoyan elaborates, “We have also conducted capacity-building and vocational training for incarcerated individuals, aimed at supporting their future reintegration into society through better financial management skills.”
This work is accompanied by a robust approach to regular impact measurement, which feeds data back into the process. This data-driven approach facilitates the ongoing refinement of methods and ensures that resources are contributing to a measurable difference. “Looking ahead, the next phase will mark a clear shift from general awareness to targeted, problem-driven, and behavior-oriented interventions,” Mr. Ktoyan suggests, “With the support of international experts and an ongoing strategy review, we will leverage digital platforms like ABCFinance and Fininfo not just as information hubs, but as tools for sustained engagement and smarter financial decision making.”
These decades of experience have demonstrated to the Central Bank and other key stakeholders that financial education goes far beyond simple awareness. Being aware of something does not lead to behavioral change. Broad campaigns can be useful and ensure coverage, but they do not always deliver targeted impact. Traditional formats such as standalone seminars show limited long-term results, whereas ongoing interaction including digital tools and handholding has a stronger impact.
The National Financial Education Program and its evolution make for a good case study on how a broad-based coalition of stakeholders can successfully work together and strategize, implement through close coordination and a combination of structure with flexibility, measure data, and close the loop through data-driven approaches.
“We aim to move from informing people to supporting real financial decision-making, ensuring that financial education translates into sustainable financial habits,” concludes Mr. Ktoyan. Given the openness of the Central Bank’s process to research, learning and improvement, all the pieces are in place to ensure high quality financial education for Armenia’s population in the years and decades to come.