Yani Ovcharov
Class of 2026Sofia, Sofia Province
About
Hello! My name is Yani Ovcharov and my polygence project is about a recent youth indebtedness surge in Bulgaria, which I believe predominantly rose due to mass low financial literacy. I chose to work on this project because I'm passionate about spreading awareness to include more financial education in my country's high-schools. After having finished this research paper, my ambition is to continue working on similar projects that interest me in university.Projects
- "Financial Literacy and Young Adult Indebtedness in Bulgaria: Structural Trends and Digital Strategies" with mentor Mian (Sept. 6, 2025)
Yani's Symposium Presentation
Project Portfolio
Financial Literacy and Young Adult Indebtedness in Bulgaria: Structural Trends and Digital Strategies
Started Apr. 14, 2025
Abstract or project description
Youth over-indebtedness has risen sharply in Bulgaria amid persistently low financial literacy. Indicative administrative data suggest that approximately 30% of Bulgarians aged 25–30 were subject to enforcement actions by the end of 2024, underscoring the scale of the problem. This study analyzes the main drivers of widespread indebtedness and evaluates remedies. International and domestic literature review is complemented by a policy and implementation review of Bulgaria’s National Strategy for Financial Literacy (2021–2025) and its annual progress reports, and by an analysis of secondary statistics on household credit, enforcement activity, regulatory reports, macroeconomic and demographic trends, and digital-banking adoption. We document a sizable competence gap among adolescents, alongside the rapid uptake of high-cost fast loans and opaque digital marketing. The paper proposes a two-track response: strengthening curriculum-embedded financial education to build medium- and long-term capabilities; and leveraging Bulgaria’s rapid adoption of digital banking to deliver practical, just-in-time education that reduces near-term harm. The study concludes by outlining avenues for future research, including securing age-disaggregated data on the youth share of non-bank lending and developing a more granular profile of young debtors; prototyping and evaluating digital-banking delivery models; and assessing the need for tighter policy and enhanced supervision of the fast loan market.