FINANCIAL EDUCATION STRATEGY IN RUSSIA

• Main Authors: Balikoev, Vladimir, Protas, Nina, Popova, Tamara
• Format: Conference Proceeding
• Language: English
• Subjects: Agricultural economics; Compound interest; Education; Financial literacy; International finance; Low level; Market economies; Norms; Population; Protestantism; Questions; Scientific papers; Students
• ISSN: 1849-6903; 1849-6903

The article deals with the problems of improving financial literacy of the Russian Federation population and organizing financial education in Russia, although the relatively low level of financial literacy is a concern of all countries, even those that were the first to build a market economy: the UK, the Netherlands, France, the USA, Germany, etc. But in Russia it has a very specific character due to its historical, religious, cultural and socio-economic content. This is reflected in a significantly lower level of financial literacy of Russians. The article analyzes the concept of financial literacy in the scientific publications and notes that, unfortunately, it is understood as a desire to be able to earn money, become an entrepreneur, and accumulate wealth. The authors pose a question: what should those people who just want to be a worker, doctor, teacher, military officer, civil servant, bank employee, farmer, etc. and at the same time be financially literate, do? Therefore, financial literacy is not just a call to learn, think, and get rich. The authors carefully studied the statistical data and concluded that almost all the studies were conducted incorrectly regarding the assessment of financial literacy in different countries. Respondents answered general questions regarding business, but not financial literacy. The article presents arguments and proves that it is the state which is primarily interested in financial literacy of the country's population, because the level of financial education of people is the most important factor in the efficiency of the national economy. Therefore, the problem is an institutional one. The state should develop and implement mandatory legal norms and regulations for financial education of the population, develop programmes to improve financial literacy and financial education, identify sources of funding, and assign a government structure responsible for the programme implementation. Only in this case financial education in Russia will be successful.