Bank of Russia, Ministry of Education and Ministry of Finance sign agreement to cooperate on financial literacy and education

The document defines the strategic priorities of collaborative work aimed at raising financial awareness among students of secondary and vocational schools and helping them take a rational approach to personal and public finance, investment and digital financial services. This will allow young people to make balanced financial decisions and resist fraudsters when they reach adulthood.

For this reason, close attention will be focused on reviewing educational materials, updating educational standards and programmes, and on a continuous improvement of teachers’ skills. One of the new areas will be the development of educational programmes for vocational schools to train personnel for the financial sector. The parties also intend to jointly develop comprehensive projects for orphans, support mentorship and volunteering activities in the field of financial literacy.

The agreement factors in the main provisions that will be included in the joint Strategy for Improving Financial Literacy and Developing Financial Culture Until 2030. The Strategy is currently in preparation.

The Bank of Russia and the Russian Government have been cooperating on the systematic promotion of financial literacy in educational programmes of all levels for about ten years. Today, 20 million school and university students study various aspects of financial literacy.

Specialists from the Bank of Russia and the Russian Ministry of Finance have developed and regularly update educational and methodological materials. Teachers and lecturers may take their advice and lessons online. Each region has its own programmes and plans for promoting financial literacy, which take into account local specifics and the needs of various audiences. Federal methodological centres established by the Ministry of Finance jointly with the Academy of the Ministry of Education of Russia also provide intense training for teachers.