Financial literacy of the population as a factor of sustainable economic development in the Republic of Kazakhstan

Abstract

The article examines the financial literacy of the population of the Republic of Kazakhstan as a key factor in ensuring sustainable socio-economic development amid the digitalization of the financial sector. The purpose of the study is to analyze the dynamics of the Financial Literacy Index (FGI) for 2018–2024, to identify regional and age differences, and to assess the impact of educational and digital initiatives on shaping the population’s financial behavior. The methodological framework is based on the OECD/INFE international model (“knowledge–behavior–attitudes”) and employs quantitative methods such as correlation, regression, and scenario modeling. The empirical base includes official data from the Agency for Regulation and Development of the Financial Market, the National Bank of Kazakhstan, the Bureau of National Statistics, and survey results for 2018–2024. The results show that Kazakhstan’s Financial Literacy Index increased from 38.0% to 41.2% in 2024, yet a considerable gap remains compared to OECD countries (55–60%). Stable correlations were found between education level, income, digital competencies, and participation in training programs. Scenario modeling suggests that by 2027, the index may reach 46–48.5%, provided that financial education is systematically integrated into school and university curricula and the quality of educational initiatives is improved. The scientific novelty lies in the adaptation of the OECD/INFE international methodology to Kazakhstan’s national context and the development of a short-term forecast of financial literacy dynamics. The practical significance of the study consists in formulating recommendations for public authorities, educational institutions, and financial organizations aimed at improving the effectiveness of financial education programs, enhancing household financial resilience, and reducing the population’s debt burden.