Opening the round table “Strategy for Improving Financial Literacy”, which was held at the second day of the Moscow Financial Forum, Sergey Storchak, Deputy Minister of Finance of the Russian Federation, announced that the Government of the Russian Federation approved the Strategy for Improving Financial Literacy until 2023.

"For the first time in the history of the Russian Federation, a systematic conceptual document was adopted on this topic, which entrenched the achievements of previous years and decades. Classic conflict situation demonstrating citizens’ illiterate behavior were taken into consideration. For example, the problems faced by foreign currency depositors are an example of illiterate financial behavior of citizens. Judging by mass character of such cases, it is possible to say that there is also the state’s shortcoming in education of citizens in the field of finance. The strategy should fix it," Storchak said.

The Strategy for Improving Financial Literacy is necessary not only for citizens, but also for the state – noted the representative of the Ministry of Finance: illiterate financial behavior, especially if it is on a massive scale, threatens the stability of the country’s financial system and creates social tension.

"In general, the Strategy is aimed at the general public, but special attention is paid to the education of the three categories of citizens: pensioners, students of schools and universities, as well as villagers" - clarified Sergey Storchak.

Participants of the round table proposed to expand this list – and to include such vulnerable categories as children from orphanages, boarding and remedial schools. However, the document already considers the experience and the best practices of improving financial literacy, implemented in the pilot regions of the country – representatives of the Altai, Tomsk and Stavropol regions told about them at the round table. To date, the Ministry of Finance has already signed 40 agreements with the regional authorities including in the implementation of the Strategy for Improving Financial Literacy

Andras Horvai, Director and Permanent Representative of the World Bank in the Russian Federation, praised the path that Russia has transitioned since 2012, when the World Bank became a partner of the Ministry of Finance in the project on improving financial literacy of the country's population. One of the indicators of the success is the First International Olympiad in financial literacy, which will bring together participants from around the world for the first time at the corporate University of Sberbank of Russia on September 15.

 

 

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