Financial literacy test: third nationwide contest attracts 450 thousand participants
The Russian Financial Literacy Test has drawn the most attention in the Republic of Tatarstan, the Moscow, Rostov, Ryazan and Belgorod Regions, and in St. Petersburg. The outcomes put in the lead residents in the Ryazan, Sakhalin and Pskov Regions, the Republic of Karelia and Moscow.
This year’s test focused on small and medium-sized business specifics of financial literacy in addition to general knowledge. The best results were shown by entrepreneurs from the Ryazan, Sakhalin and Kaliningrad Regions, the Republic of Crimea and the Karachay-Cherkess Republic.
‘One of the key goals of the online financial literacy test was to identify 'weak spots’ in public awareness about financial products and services, as well as about the opportunities for consumer rights protection’, said Mikhail Mamuta, Head of the Service for Consumer Protection and Financial Inclusion.
‘This information carries major implications both for the Bank of Russia and our partners, enabling us to identify key focus areas for improvement and come up with new tools and approaches to communicating information about financial products and services.’
The test was pioneered by the Bank of Russia and the Agency for Strategic Initiatives with the support of the Financial Literacy Development Association. The first online financial literacy test took place in 2018 and has since been an annual event.
