A recent survey conducted as part of the launch of the National Financial Education Program (Fin-Ed) in Liberia has revealed a concerning gap in financial literacy across the country.
According to the findings, 77% of Liberians have never received any formal financial education, with many relying solely on self-confidence to manage their finances. This has prompted the Central Bank of Liberia (CBL) and its partners to launch a comprehensive campaign aimed at addressing the urgent need for financial literacy.
The baseline survey, presented by Lisa Daisay, President of the Female Journalists Association of Liberia (FeJA), at the Monrovia City Hall Ballroom on March 27, 2025, was part of the official launch for both the Fin-Ed program and the rollout of the Pan-African Payment and Settlement System (PAPSS) in the country.
The survey, which covered eight counties--Bong, Grand Bassa, Nimba, Grand Gedeh, Lofa, Margibi, Montserrado, and Grand Cape Mount--aims to assess the state of financial knowledge and practices among Liberians and identify areas where educational interventions are needed.
The survey was conducted across diverse communities and counties, capturing responses from both rural and urban areas. A total of 388 respondents participated in the survey, with a nearly equal gender distribution: 48% women and 52% men. The respondents came from a broad spectrum of educational, professional, and cultural backgrounds, and the data collection was done from areas with significant natural reserves to ensure a representative sample.
The findings revealed a stark reality: 77% of those surveyed reported they had never received any form of financial education. While 2% indicated they had received some financial education, the survey revealed that even those individuals relied on self-confidence and traditional money management practices rather than formal, structured financial education. Only 1% could not recall having any financial education at all.
"This highlights the importance of rolling out financial education programs, especially for those who are self-reliant or who simply do not know how to manage their finances in a rapidly evolving economic environment," Daisay emphasized during the presentation.
The survey also found that 84% of respondents preferred in-person training over other modes of learning, such as mobile applications or printed materials. This preference underscores the desire for interactive, community-based education where individuals can directly engage with experts and ask questions about managing their money, budgeting, saving, and investing.
The survey sample reflected a broad demographic, including young adults and older individuals. A significant portion of the respondents, 188%, fell within the 18-25 age range, followed by 159% from the 35-55 age group.
The respondents were largely educated, with 60% having completed university education and 14% having completed junior high school. However, there was still a notable percentage of individuals--12%--who were illiterate, highlighting a critical gap in financial education that needs urgent attention.
The findings also pointed out that many individuals in Liberia are engaged in informal saving groups, such as SUSU clubs, but lack the necessary training in financial planning, internal governance, and credit access. These informal groups have shown a willingness to improve their management skills, which can be supported by the upcoming training programs.
Earlier in his remarks, P. Alphonsus Zeon, Director of Corporate Communication and Chairman of the Government of Liberia (GoL) working group on Fin-Ed, outlined the importance of financial education in the country's overall development.
He noted that the Central Bank of Liberia, in partnership with the Ministry of Education, Ministry of Gender and Social Protection, and Ministry of Youth and Sports, has taken on the responsibility of leading financial education efforts. The launch of the Fin-Ed program aligns with the broader goal of improving financial inclusion in Liberia.
"Financial education is not just about helping people manage their personal finances; it's also about strengthening the economy, boosting financial stability, and reducing poverty," Zeon said. "A financially literate population is essential for the prosperity of Liberia."
The survey's findings underscore the importance of providing foundational financial education, especially in the areas of budgeting, saving, investing, and debt management.
The CBL aims to close the knowledge gap by offering targeted workshops across Liberia. These workshops will focus on practical skills that can help Liberians manage their money more effectively and invest in their futures.
The CBL's financial education initiative will include developing comprehensive training content, including in-person workshops, mobile applications, and other digital platforms aimed at reaching Liberia's young, tech-savvy population. The central bank has also committed to launching a nationwide media campaign to raise awareness about the roles of financial institutions and the importance of financial stability.
One of the key recommendations emerging from the survey was the need for continuous monitoring and evaluation of the effectiveness of the financial education programs. As Zeon explained, "We need to assess how well the programs are working and ensure that the knowledge being imparted is practical and relevant to the needs of the Liberian population."
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In addition to focusing on general financial literacy, the CBL also plans to create specialized programs for women, youth, and low-income communities, with an emphasis on achieving financial independence and promoting entrepreneurship.
The launch of the National Financial Education Program comes at a critical time for Liberia. The survey's results highlight a pressing need for targeted financial education across the country. As the CBL prepares to roll out the Fin-Ed program, it is clear that empowering Liberians with the knowledge and tools to manage their finances will be key to achieving broader economic stability and growth.
Through strategic partnerships and community-based interventions, the Central Bank of Liberia aims to bridge the financial literacy gap and foster a more financially informed and resilient population. With continued support from national and international partners, Liberia is poised to take significant steps toward improving financial education and literacy across all sectors of society.
