Yersultan Bekbolatov

To what extent did the Financial Literacy Concept 2020–2024 influence personal investment behavior in Kazakhstan?

Started May 30, 2025

Abstract or project description

This project evaluates how Kazakhstan’s "Financial Literacy Concept 2020–2024" has shaped personal investment behaviour. Prior studies like Kapparov (2018) and Morgan et al. (2018) show limited use of formal investment channels despite rising literacy, while Mussabekova & Madina (2024) report that targeted training boosts investment efficiency for adults aged 30-59. Government surveys (2020–2023) reveal the national literacy index rising from 39.1 to 40.5 percent, yet household participation in voluntary pension, securities, and online-investment products remains modest. Research question: To what extent did the Concept influence personal investment behaviour in Kazakhstan? Using pooled micro-datasets, the study will track changes in deposit uptake, pension contributions, and securities ownership across time, regions, and demographic segments. Hypothesis: enhancements in financial literacy attributable to the Concept increase both the likelihood and the monetary value of personal investments. The findings will identify which aspects of the program most effectively support the application of financial knowledge to investment behavior, offering evidence-based guidance for Kazakhstan’s next-generation financial-literacy strategy and for comparable initiatives in emerging markets.