Russia to hold annual online test on financial literacy

The annual All-Russian test on financial literacy will be held from 15 through 29 May 2019. Anyone willing will be able to assess their financial proficiency, receive feedback, and then obtain literature to study problem topics.

Future participants need to register and take a test consisting of 30 questions covering a range of financial topics from everyday to more complicated concepts: loans and deposits, pension savings, insurance, investment and protection against fraud. This year, participants will be able to choose the specific level of complexity depending on how much they have prepared for the test. It will consist of multiple-choice questions and tasks requiring detailed answers.

Professional certificates will be given to participants able to give 23 correct answers in 60 minutes. After the test, individual recommendations and sets of materials will be prepared for each participant in order to enhance their financial literacy within specific areas where mistakes have been made and which call for more thorough attention.

It is the second time the online financial literacy test will be held. In 2018, 300 thousand persons took the test. In addition to Russians, participants included citizens from the UK, Belgium, Serbia and France.

The test is organised by the Bank of Russia and the Agency for Strategic Initiatives.