Financial literacy in Albania

Abstract

Albania like most Western Balkan countries suffers lower levels of financial literacy compared to other European countries. The purpose of this thesis is to analyze financial literacy levels in Albania and open up the discussion for future research on the connection between the aforementioned and economic development. Making use of the methodology presented in the 2011& 2015 OECD/INFE surveys on Adult Financial Literacy Competencies, this paper presents an analysis of the data collected. A high-level comparison with other countries of the western Balkan will offer a more exhaustive view of understanding the case of Albania. Thanks to the combination of the data, this study tries to shed light on the financial literacy of the population and identifies the gap in research ,between financial literacy and economic development. This thesis will introduce the idea ,that fututre reasearch is needed to understand better the possible relationship between the two.