Financial literacy in Cambodia still low, study finds

Financial literacy in Cambodia remains low, according to a report released by the Asian Development Bank Institute (ADBI), which conducted surveys in Cambodia and Vietnam to measure the level of understanding of financial products across various segments of the population, differentiating the results by age group, income level and education. Cambodia received a total score of 11.5 out of a possible 21, compared to Vietnam’s 12.0, Thailand’s 12.8, and Malaysia’s 12.3, the report said. Only 17% of Cambodians could answer five out of seven questions on financial knowledge in the survey correctly. This is compared to 26.6% in Vietnam. The report also shows that education plays an important role in financial literacy, and in Cambodia respondents with a tertiary education scored higher than those who only completed secondary or primary education. According to figures in the report, 16% of respondents in Cambodia do not save in any form, while 71.5% save through informal channels. Only 11.5% reported having savings products, the report added. (Source: Phnom Penh Post)