Draft:Finlit.uz

Finlit.uz is an online educational resource from the Central Bank of the Republic of Uzbekistan about financial literacy.

About the project
A study conducted by International Finance Corporation, "Enhancing Financial Capability and Inclusion in Uzbekistan: A Demand-Side Assessment" showed that the level of financial literacy in the country is relatively low, respondents were able to answer barely over half (4.09 of 7) of questons related to financial literacy correctly. Most of the respondents were able to answer 4 or 5 questions correctly (20 to 23 percent). According to the results of another study, "Financial Literacy Levels in the Commonwealth of Independent States in 2021" conducted by OECD, the level of financial literacy of the population in Uzbekistan was estimated as 12.6 out of 21 (or 59.9% out of 100%). Financial literacy is considered to be one of the main pillars to improve the well-being of a country's citizens. In order to intensify mutual cooperation with stakeholders, a specific action plan was developed as a part of the National Strategy for Financial Inclusion.

Finlit.uz is an online educational resource designed to deliver the basics of finance and economy. The main goal is to increase financial knowledge, cultivate rational financial behavior and attitude, shape financial discipline, and maintain financial resilience. The name "Finlit" is derived from "financial literacy" in English.

Establishment
Increasing financial literacy of the population, and business entities is stipulated as one of the tasks of the Central Bank in a newly adopted Law in 2019 “On the Central Bank of the Republic of Uzbekistan”. The Central Bank of Uzbekistan has developed a National Strategy for Financial Inclusion for 2021-2023 and became a coordinator of the educational projects on financial literacy. One of these projects - “Finlit.uz” online educational resource was launched on August 6, 2020.

Features
The informative and broad content of the online resource is developed for schoolchildren, teachers, students and youth, entrepreneurs and the adult population, who desire to enhance financial knowledge. The website consists of: articles on various subjects such as money, budget, savings, credit, payments and transfers, financial market, monetary policy, currency regulation, entrepreneurship, consumer rights of banking services, training manuals and materials for teachers, trainers, bank agents, educational videos, glossary, financial literacy projects of the Central Bank (global campaigns, contests, training and seminars, cooperation with mass media), interactive services (deposit and loan calculators, frequently asked questions).

The website's materials explain economic concepts, mechanisms, financial products and services in a simple way, provide cases, and highlight important aspects of financial decision-making.

Projects
The Central Bank has been implementing a number of projects to increase the financial literacy of various target groups in cooperation with a range of local organizations, such as the Ministry of higher education, science and innovation of the Republic of Uzbekistan, National agency of perspective projects of the Republic of Uzbekistan, the External Labor Migration Agency, Ministry of preschool and school education of the Republic of Uzbekistan, The National Agency for Social Protection under the President of the Republic of Uzbekistan, commercial banks, fintech and insurance companies and foreign associates such as OECD (The Organisation for Economic Co-operation and Development), IFC (the International Finance Corporation), International Organization for Migration.

Seminars, training, roundtables, and meetings on increasing the financial literacy of the population are organized using the approach of ToT and ToC for stakeholders’ trainers, as well as with the help of Central Bank's trainers.These initiatives are mainly for children, youth, women, young families, entrepreneurs, migrants and their families.

Interactive projects and contests
Visitors of the resource can find resources on projects and contents hold, which are designed using non-traditional teaching techniques such as “edutainment” and “learning by doing”.

Media content
Sitcom, video clips, questionnaires, and various audio and video materials have been earning wide popularity through "Finlit.uz". These materials are designed using techniques such as, “teachable moments”, “infotainment”, and “make it social”.