Seventh Russian Online Financial Literacy Test taken by over 2 million people

This year, participants could choose the most relevant life situation and answer the questions related to it. The most popular topics were ‘Saving for a financial goal’, ‘Improving financial literacy’ and ‘Avoiding scams’ — over 80% of people gave correct answers to these questions. Contrastingly, questions about starting a business, pension, and buying a flat turned out to be more difficult.

Middle and high school students easily solved the tasks on digital security and countering financial fraud, while the tasks relating to investment, financial consumer protection and banking products were harder for them to tackle.

Traditionally, the test could be taken by the entire family, with over 85,000 teams participating in the testing this year. Families from the Chukotka Autonomous Area and the Arkhangelsk, Ryazan, Ivanovo and Kaliningrad Regions proved to be the most financially literate.

This is the second year in a row that a school test for 5–11 grades has been held as part of the Russian Online Financial Literacy Test of the Bank of Russia. Out of 24,800 students from all over the country who decided to test their knowledge, more than 300 participants successfully coped with the tasks. All of them made it to the finals in the category ‘Financial Literacy’ of the All-Russian Contest ‘The Highest Standard’ organised by the HSE University (there were only six finalists in 2023).

The Bank of Russia will use the results of the test in its financial education efforts as they show the real picture of which topics require more attention in different Russian regions.