FINANCIAL LITERACY IN POLAND: MACROECONOMIC DRIVERS, RISK FACTORS AND POLICY RESPONSES

Abstract

Poland’s recent macro-financial landscape, shaped by the 2022 inflation shock, swift policy-rate increases, and record levels of household arrears, has intensified the social and economic consequences of low financial literacy. A growing body of evidence also points to pronounced deficits in digital financial competence, especially in the contexts of BNPL usage and cryptocurrency awareness. The aim of this study is to synthesize current evidence on financial literacy in Poland, diagnose the most critical behavioral and digital gaps, and propose a framework for implementing the National Strategy for Financial Education (NSFE) with clear key performance indicators for the period 2025-2030. Methodologically, the paper undertakes an integrative review of Polish and international sources-including OECD/INFE profiles, successive NBP survey waves, and industry statistics on arrears-and triangulates these with structured policy-design elements covering governance, standards, and behavioral safeguards. Narrative insights are explicitly connected to tabulated evidence on the macroeconomic setting, risk factors, KPIs, and groups at heightened risk. Findings indicate that while overall adult financial literacy in Poland hovers near the OECD average, substantial digital “blind spots” remain: only a minority of adults meet minimum digital thresholds and many misinterpret the legal status of crypto assets. Macroeconomic indicators for 2020–2024 reveal inflation volatility, a steep interest-rate cycle from 0.10% to 6.75%, and a new peak in overdue household debt, all of which amplify the cost of poor financial choices. The analysis highlights behaviorally driven vulnerabilities – BNPL fragmentation, insufficient emergency buffers, and exposure to phishing – and links them to priority cohorts such as youth entering the labor market, households already in arrears, and migrants. In response, the paper outlines an NSFE-aligned implementation toolkit comprising national outcome standards, a public registry and quality label for programs, just-in-time digital nudges such as standardized total-cost-of-credit calculators, default limits, and cooling-off periods, and an annual Financial Literacy Scorecard with open microdata and KPI targets through 2030. Embedding digital literacy, debt hygiene, and targeted support within a coordinated NSFE ecosystem can reduce arrears, bolster resilience to shocks, and increase participation in long-term savings. Immediate priorities include piloting design-tested interventions, expanding teacher and counselor capacity, and institutionalizing impact evaluation to guide iterative policy refinement.