Financial literacy plays a vital role in economic development, according to Director of Freedom Academy.

YEREVAN, November 7. /ARKA/. The Director of Freedom Academy Armenia Georgi Melkonyan says that people in Armenia are largely disconnected from the economy.

He said:'The primary objective of financial literacy is for individuals to grasp the origins of money, the sources of cash flow, and to cultivate a proper mindset towards money from the outset. Money is merely the most liquid asset, nothing beyond that, and it is essential to comprehend how to manage it. A financially literate individual is one who recognizes the nature of money and its practical applications.'

"A financially literate population enables the economy to function effectively, as it should," he remarked during an interview with ARKA news agency.

In this context, he referenced the United States, which he believes exhibits a higher level of financial literacy compared to Armenia.

"When Federal Reserve Chairman Jerome Powell gives a speech, everyone listens, then analyzes it, wanting to understand what he said and what he meant. There's even a joke: he begins his speech with the words 'Good Afternoon,' and people say, 'It's the most expensive 'Good Afternoon' in the world,"' he said.

Moreover, Melkonyan pointed out that if you were to ask an average person in Armenia about their views on interest rates, they would likely respond, 'What does it matter to me? It won't affect me...' which is a misconception.

The expert further stressed that if the population were financially educated, the market would flourish.

"A developed market inevitably leads to financial advancement, whether one desires it or not," he concluded.-0-