Financial Knowledge

The problem of low financial literacy exists in virtually all walks of the Russian society and is therefore of special relevance. Financial illiteracy creates serious negative consequences and caused direct losses. The public has poor understanding of the economic lexicon and very little understanding of the financial tools and services, and related rules of access and use. Promoting financial education to the public has become a task of national importance. It has to be noted that financial education is in the field of public knowledge that must be taught starting from the first school year if not the kindergarten, and continue teaching of entire lifetime, because money is something that will have to handle as long as we live.

The nation's financial authorities are resolute about specific measures to boost the population's financial literacy. It is not a single hit, but a continuous government policy.

The program for promotion of financial literacy aims to teach the skills needed to use modern financial instruments, and to fill in the blanks in Russian citizens’ economic knowledge base. The program is educational assuming that citizens are going to learn about the following fields of financing: - capital saving culture; -financial instruments and their use; - family budget planning culture; - consumer loan specifics.