Financial literacy became a part of the new edition of the country’s financial system development state program

Financial literacy became a part of the new edition of the country’s financial system development state program

The project of financial literacy is one of the core projects in the new edition of the state program of financial system development. This was stated by Mikhail Kotuykov, Deputy Minister of Finance of the Russian Federation, at the session ‘Implementation of the strategy for improving financial literacy in the Russian Federation’at the V Moscow Financial Forum – 2021.

The session opened with an awards ceremony for the winners of the Lomonosov Moscow State University Faculty of Economics Student Competition in Financial Literacy ‘Cancel Can't Regulate’. The winners were students of Omsk State University.

The topic of the first discussion was ‘Financial literacy 2.0: challenges for financial education and options for responding’. The Deputy Minister of Finance Mikhail Kotyukov noted that the new educational and enlightening portal ‘My Finance’, presented at the Forum, will be developed on the basis of specific requests of citizens.

‘This is a part of the Ministry of Finance strategy till 2030. Today we have prepared a new edition of the state program for the development of the financial system and financial relations, and the project of financial literacy is one of the core projects there. We set an ambitious task and suggest transforming the project from a set of separate measures into a full complex of financial behavior culture development, a healthy lifestyle in the financial sector,’ Kotyukov said.

According to the Deputy Minister, people wait for clear rules of the game, for technological services that will protect citizens from errors, fraud, and such services will be developed.

Mikhail Mamuta, the Head of the Consumer Protection and Financial Inclusion Service of the Bank of Russia, pointed out that the objectives of promoting financial literacy are based primarily on investment literacy, and noted that there are now many private investors in Russia. Another goal is to increase the level of cyber-literacy of the population, which goes in conjunction with digital literacy.

‘Interaction with Internet platforms is a completely different format of interaction, which is inherent in the current level of information technology development. This trend will only will only continue to grow. It can be for the good - provided that bloggers use this tool responsibly in order to improve people's lives, or it can be used in the other direction, so this is a big risk. Therefore, our cooperation with Internet platforms, such as Yandex and others, is crucial to strike a balance between the interests of the state, society and ecosystems, and we will do it on a regular basis,’ the Head of the Consumer Protection and Financial Inclusion Service of the Bank of Russia said.

The second part of the session included a discussion entitled ‘Foresight 2030: best regional practices as a tool for shaping the future of financial health’. During the discussion representatives of the regions shared how they improve financial literacy. At the end of the speeches Kotyukov noted that the main goal is to put a person at the center of attention of the authorities. ‘And we have to create all possible forms, tools, communication channels for different target groups of audiences as quickly as possible so that they would be easy to understand, convenient to use, available at all times and be around when needed,’ he concluded.

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