Improving the Financial Literacy of the Population in the Russian Federation
The orientation of the Russian economy towards an intensive development scenario requires a financially literate and economically active population. This activity should show itself, inter alia, through broad participation of different categories of citizens in the long-term pension, insurance and mortgage programs designed to address the issues of pension savings, social and medical insurance, housing, and education.
Along with an increase in the well-being of Russian citizens, their active savings behavior based on the use of savings and insurance instruments must be formed as well. This process requires a sufficiently high level of financial literacy, which should serve as the basis for the interaction of citizens with different financial institutions, informed use of products of the banking and insurance sector by them, and forming a pension savings strategy. To achieve these goals, since 2011, a joint project of the Ministry of Finance of the Russian Federation and the World Bank Financial Education and Financial Literacy Project has been implemented in Russia.
Issues for Discussion
- State policy to improve the financial literacy of the population
- Encouraging reasonable financial conduct and responsible attitudes to personal finance among Russian citizens through the development of a system of financial education for the population
- Public awareness in the field of financial literacy
- Protection of the rights of financial services consumers
Project Strategic Coordinator; Co-Chair, Subgroup on Financial Consumer Protection and Financial Literacy, G20; Member, Board of Trustees, International Network on Financial Education, OECD
Director, Department of International Financial Relations, Ministry of Finance of the Russian Federation
Head, Federal Methodological Centre for Financial Literacy of the System of General and Secondary Vocational Education
Chairman, the Board of Education and Science, Volgograd Region
Deputy Dean, Development, Department of Economics, Lomonosov Moscow State University
Coordinator for the Protection of Rights of Financial Services Consumers, Project "Promotion of the Level of Financial Literacy and Financial Education in the Russian Federation"
Vice President for Projects, Finance University
General Director, NAFI Research Centre