Chobanov: Financial literacy key to stability in digital era
Petar Chobanov, Deputy Governor of the Bulgarian National Bank, emphasized the critical role of financial literacy in navigating increased financial complexity, digitalization, and economic uncertainty. He highlighted national efforts, including Bulgaria's euro adoption campaign, to empower citizens with financial knowledge.
Empowering citizens in a complex landscape
Chobanov underscored that financial literacy is more crucial than ever due to the proliferation of digital financial services, which necessitates greater knowledge and robust fraud prevention mechanisms.
The Bulgarian National Bank (BNB) actively supports consumers by providing objective information through its website, including a 'Short consumer guide' and a comparison website for payment service fees.
These tools enhance transparency and informed choice.
The BNB also offers information on payment infrastructure, such as RINGS and SEPA, and participates in a permanent intergovernmental working group on financial literacy, coordinating with over 50 public and private institutions.
This group reports on the implementation of the National Strategy for Financial Literacy, adopted in 2021.
Additionally, the Ministry of Finance launched a financial literacy portal in April 2026 with European Commission support, offering educational resources in Bulgarian and English.
Bulgaria's euro transition and personal finance
As Bulgaria recently adopted the euro on January 1, 2026, the BNB, alongside the Ministry of Finance, executed an extensive communication and educational campaign.
This initiative aimed to clarify the new currency and help citizens confidently navigate the major economic change with minimal disruption.
The campaign utilized various channels, including TV, radio, internet, and social media, explaining rules for loans, deposits, and leasing.
It also involved publishing over 200 Q&As, creating brochures, and organizing joint events with the ECB, such as a film 'Bulgaria and the euro'.
Chobanov also reflected on the personal role of finance professionals, noting that while friends and family seek simple answers to complex financial questions, the professional's role is to guide them towards careful, informed, and personalized decisions, acknowledging the influence of behavioral biases.
Digitalization: A double-edged sword
While digital tools promise greater financial inclusion and personalized advice, they simultaneously expose consumers to unprecedented risks.
The rise of AI-powered fraud and biased algorithms demands a new level of digital and data literacy beyond traditional financial skills.
Without robust regulatory oversight and continuous public education, the digital transformation could inadvertently widen the financial vulnerability gap.