Third financial literacy survey results summed up
Russians have increased the use of digital financial services, used trusted sources to search for information about financial institutions more often, and — the most important thing — started saving for emergencies. These are the results of the third phase of the financial literacy measurement commissioned by the Bank of Russia.
‘The 2020 surveys showed that people started to think more about making savings and cutting down expenses, not just spending. This is a very important trend. It is especially valuable for us that this trend emerged in 2020, when people were hit by the pandemic and its economic consequences’, said Sergey Shvetsov, First Deputy Governor of the Bank of Russia. ‘We have been repeatedly pointing out the importance of having a safety cushion to mitigate the risks posed by illness, job loss, and other difficult life situations. Proper financial behaviour needs to be developed since school. Our surveys have revealed another important trend: people began to use reliable sources when searching for information. If a person knows where to look, they are bound to find the right information, which will help them solve their financial issues wisely and without any risks’.
Both adults and young people aged 14 to 22 took part in the survey. In total, there were over 4,000 respondents from 307 cities and villages in almost every constituent territory of the Russian Federation.
MIREA — Russian Technological University has conducted a research on the extent to which financial literacy is embedded in school curricula. The results show that over the past two years the number of educational establishements where financial literacy is included in the programmes has increased from 29,561 to 32,110. The number of schools where financial literacy is taught as a separate subject has almost doubled, from 4,472 to 7,946.
These results indicate the effectiveness of Strategy for the Improvement of Financial Literacy implemented by the Bank of Russia and the Ministry of Finance.
‘Surveys show that positive changes are taking place and increasingly more people are becoming aware of the importance of financial literacy,’ notes Deputy Minister of Finance Mikhail Kotyukov. ‘The joint efforts of the Ministry of Finance and the Bank of Russia are yielding tangible results. Over the 2030 horizon, at least 80% of Russians will have all the necessary knowledge of personal and public finance. Together with the Bank of Russia and the regions, we are building a system of financial literacy education and inclusion to reach 100% pupils and students by 2023. It is also important that under all life circumstances people of all ages — including both adults and senior citizens — receive up-to-date and applicable knowledge in this area. The government and our partners joined their efforts to help people solve pressing issues and protect their financial interests’.