Russian Government approves Strategy for Improving Financial Literacy and Developing Financial Culture Until 2030

The Strategy has been prepared by the Russian Ministry of Finance and the Bank of Russia in cooperation with the expert community and representatives of prominent Russian universities and regions. The document addresses modern challenges related to the digitalisation of finance and the development of innovative instruments. 

‘Every day, people have to deal with something new and unknown in the financial market. To tackle these challenges, they need not only to be financially literate but also to have a financial culture. People should adopt right attitudes enabling them to easily navigate in the world of finance and minimise the risk of mistakes. Financial literacy basics have been already included in the educational programmes at all levels. This is the result of the implementation of the previous Strategy. Today, we are focusing on economically active adults,’ noted Bank of Russia Governor Elvira Nabiullina. 

The Strategy includes an active promotion of knowledge on fiscal and investment literacy, the safe use of new financial technologies, responsible borrowing and a savings culture.

‘Planning incomes and expenses, informed financial behaviour and participation in the budgeting process should be integrated in the cultural code of a man of today. We would like to draw people’s attention to existing savings and investment instruments, for example, the Long-term Savings Programme to be launched in January 2024,’ noted Minister of Finance Anton Siluanov.

It is planned that all schoolchildren and secondary vocational students will be taught financial literacy. At the moment, the portion of such students is 67%. Moreover, policymakers intend to prepare and introduce new educational programmes, develop digital training products for various audiences. 

It is also planned to establish financial literacy centres in all Russian regions by 2030. Financial education volunteering will be supported as well.

The document maintains continuity with the previous Strategy for improving financial literacy. Its implementation in 2017–2023 made it possible to establish a methodological framework and an educational infrastructure across the country and create special information resources. Regions are implementing their own financial literacy programmes. Some components of financial literacy have been included in the educational programmes of schools, vocational and higher education institutions. In 2022 alone, more than 30 million people attended on- and off-line events on finance.