Recently the second nationwide survey on financial literacy has been conducted in Ukraine using the OECD methodology. Key findings indicated that older adults had the lowest financial knowledge and behaviour levels.
This low financial literacy of the elderly has two major consequences: first, it limits their ability to make sound financial decisions, manage personal finances, and assess risks; second, it makes them vulnerable to financial fraud, especially as they try to adapt to digital technologies and overcome social isolation.
Although Ukraine has adopted a National Strategy for Financial Literacy Development until 2030, it lacks targeted measures for older adults, who face significant challenges in financial inclusion due to poor digital skills. It is essential to integrate financial literacy training for older adults with digital education to help them make informed financial decisions and protect their rights as consumers.
For the present moment, Ukraine's Ministry of Education is preparing changes to the 2022-2032 Higher Education Strategy, including lifelong learning initiatives. However, the operational target for 2028 only includes free language learning centres. It is recommended to expand this to include financial and digital literacy training for older adults, with higher education institutions playing a key role in this initiative.
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