Bank of Russia and Ministry of Finance to elaborate Strategy for Improving Financial Literacy and Developing Financial Culture Until 2030

Bank of Russia Governor Elvira Nabiullina noted that, in 2022, the authorities completed the integration of financial literacy into the general education standards. ‘Financial literacy classes have already embraced 20 million students in schools, colleges, and universities,’ she said. ‘And we can see the first results. Thus, according to a survey carried out for us by InFOM, young people are demonstrating the highest pace of financial literacy growth, they better understand the importance of savings and investment diversification, and manage their deposits responsibly. This is a cornerstone for their future financial well-being and the expansion of the class of private investors that our economy needs so much.’

The ICC members agreed to focus their efforts on enhancing financial literacy among low-income and elderly people that are most vulnerable to financial fraud risks. A priority in the work aimed at improving financial literacy will be the focus on collective investment as the safest type for newbies in the stock market.

‘Today’s financial literacy programme is unique in terms of the scale and variety of the target audience we are dealing with. We are focusing not only on children and young people, but also on the older generation as most sensitive to fraudsters’ tricks. We are continuously expanding our educational programmes. Namely, this year, we added blocks related to investment literacy, the budget, and public finance. It is worth noting that financial literacy programmes are becoming increasingly more extensive and diverse and have already been introduced by 85 constituent territories of the Russian Federation. The Voronezh, Kirov, Kurgan and Ulyanovsk Regions and the Krasnodar Territory have been implementing the initiatives in this area most actively,’ said Minister of Finance Anton Siluanov.

Over the period of the implementation of the Strategy, the Bank of Russia, the Ministry of Finance, the Ministry of Education, the Ministry of Science and Higher Education of the Russian Federation, the Federal Service for Supervision in Education and Science, and regional authorities have developed an efficient mechanism of communication. The results achieved in the area of financial education helped cope with panic and information attacks in spring 2022.

‘In times of change and instability, it is essential to be able to make prudent financial decisions. This is crucial not only at the nation-wide level, but also for every particular household. Financially literate and savvy people have better chances to weather challenging times, while preserving their usual life and comfort standards. Hence, one of the government’s objectives is to maintain a safe educational and information environment that will help a person obtain up‑to-date critical knowledge and answers to important financial questions,’ added Minister of Finance Anton Siluanov.

‘Even after a strong shock, people have been able to return to rational financial behaviour quite quickly. For instance, the demand for cash increased very significantly, but then diminished fast as soon as banks offered deposit rates that were higher than inflation. In order to support people, we have expanded our educational and explanatory work on such issues as loan repayment holidays, foreign exchange control, the operation of payment cards, and many others. As a result, we have managed to maintain confidence in the financial system. This is a great result of this year,’ Bank of Russia Governor Elvira Nabiullina emphasised.