Bank of Russia and Financial University join efforts for financial literacy and sign agreement

The Bank of Russia and the Financial University under the Government of the Russian Federation are joining efforts to promote financial literacy. On 7 November 2018, they executed an agreement on cooperation in this field. The document was signed by Sergey Shvetsov, First Deputy Governor of the Bank of Russia and Mikhail Eskindarov, Rector of the Financial University.

‘Financial literacy extends beyond just education and certain competencies – it is about promoting a certain consumer behaviour pattern in financial markets. Our aim is that people would no longer  respond to irresponsible offers or out and out fraud due to their ignorance or low financial discipline’, noted Sergey Shvetsov at the signing ceremony. ‘Higher education should therefore be involved in improving the financial literacy and culture of the Russian people. Our hope is, the Financial University will employ its unique expertise combining teaching methods and subject matter knowledge and become extensively involved in this process, which includes the development of new channels for conveying knowledge to the target audience’.

The Bank of Russia and the Financial University will hold joint financial education events targeting various population groups such as schoolchildren, students and participants in volunteer associations. Under the agreement, specialist educational programmes will be developed and implemented along with thematic Olympic Games and talented youth contests. Particular focus will be on interactions with the most vulnerable social groups. In particular, the regulator and the Financial University intend to promote career guidance services and the employment of young people with disabilities, as well as provide training in financial literacy to those who have grown up in the care system.

‘Financial education is truly a burning issue in Russia right now: lots of consumers are easy prey for swindlers due to their poor financial awareness’, Mikhail Eskindarov said. ‘It is imperative that kids receive instruction in the basics of financial awareness from a young age so they develop discipline and a responsible approach to family finance.

Also, the parties intend to conduct training for volunteers from the students, who will go on to monitor financial organisations for inferior services and unfair selling practices, as well as give financial literacy lessons.