Egypt has third most financially literate population in MENA

Brazil topped the list as having the most financially literate population, followed by Mexico, Australia, the United States and Canada. Egypt was right in the middle, coming in at number 14. According to the survey, the countries with the least financially literate populations were Pakistan, Indonesia and Vietnam.

While Egypt fared better than half of the nations surveyed, there is still plenty of room for progress. Egypt ranked eighth in terms of households that abide by a monthly spending budget with 48 per cent of respondents claiming they adhere to such budget. Egyptians placed fifth when asked if they believe financial literacy should be taught in schools. In terms of perceptions about young people's understanding of money management and their preparedness to spend responsibly, Egypt ranked in the middle of the group at 15. On the whole, Egypt came in 10th for the amount of times parents talk to their children about money management issues, but was ranked third among countries surveyed in the Middle East and North Africa (MENA) region.

"These survey results demonstrate a great opportunity for Visa and other financial literacy market players to enhance our efforts in raising awareness about the importance of responsible money management," said Tarek Elhousseiny, General Manager for Visa Egypt, North and Francophone Africa. "Financially literate populations positively impact the economies in which they live and by taking part in financial literacy education, we are working towards a more empowered and informed Egyptian citizenry."

Overall, the survey found that parents from the most economically-stressed situations are among those spending the most time talking with their children about money management, budgeting, saving, responsible spending and debt. Egypt received its lowest ranking (23rd) in terms of having savings set aside in the case of an emergency, with only 20 percent claiming to have at least three months worth.