HSE: The level of financial literacy of Russians is changing, but the libez is needed. What is financial literacy and how to increase it. Improve the right financial habits

In the years of crises financial literacy Citizens of the Russian Federation increases sharply. The National Financial Research Agency has published the results of the April survey, according to which each fifth resident of Russia has positively assessed its competence in monetary issues. This number for 2 years has grown from 13 to 20%. Half of our citizens their financial literacy is considered satisfactory, in 2013, a third of the respondents adhered to this opinion.

An amazing other fact: this growth turns out to be the blow. Experts recognize: an increase in the media flow information about finance causes the illusion of citizens awareness in the most difficult issues. Residents of Moscow their own financial literacy is assessed above, this is due to a rich information background, an omnipresent advertising.

Translated on the radio, TV printed in newspapers News of stock sites, reasoning experts on currency courses, futures and volatility do not launch the foundations of financial literacy. Citizens not seeking stuffed information to save money or more thoroughly credit contract before its signing. Moreover, the illusion of competence sometimes leads to unreasonable confidence and risky actions. The wave of crisis falls - financial self-esteem is usually reduced.

What is financial literacy

This is a set of experience, knowledge:
about financial markets (turnover valuable papers, banking system, pension, investment funds), laws of their functioning;
About members monetary operations, their services;
The ability to responsible and competently use financial instruments.

Low awareness

In fact, the financial literacy of the population remains low, the state "financial market development strategy" says. Sergey Pyatenko, CEO of the FBK Economic School, recognizes the lag for 30-40 years from similar indicators of countries with comparable economies. The reasons for the lag are historical: these are decades of administrative state intervention in natural market processes, freezing bills during reform times, Monetary default 1998, financial pyramids.

They played a certain role and mentality of the Russian Orthodox person, the ideals of which were a generous nonsensebrennik, who worked for the low-handed beds, Lazy Yelel. True, the expert is confident that through the five-year period of market relations, the Russians will achieve the level of financial advocations of residents of Mexico and Brazil.

Investkafe analyst Daria Pichugina notes: The alphabet of financial literacy is better assimilated by young people of 24-35 years, active Internet users, persons with high revenue plank.

The quarter of our citizens do not know what the Central Bank does, every tenth confuses him with Sberbank. Only 45% of the population know about the deposit insurance system. Many Russians do not know how to save, invest money; Few people read books on economics and financial literacy. Due to the mistrust of the state financial System With the word "crisis", many representatives of the population closes the deposits, which causes the deficit of funds and bankruptcy of banks.

Developed countries also did not have such problems. Knowing the accumulative pension system, foreign citizens save not enough for a decent pension, abuse loans and fall into financial "outer".

What is required to increase financial literacy?

Intensively developing market generates unfamiliar financial services, new sellers. The illiteracy of people is reflected at the level of personal income and the state of the economy. Excessive expectations of benefits, irresponsible solutions, non-repayment of loans - unprepared consumers carry money to the market "poor-quality" money. Increasing the share of such clients interferes with the stability of the economy, leads to unfair competition, raising speculative, panic sentiment; Fever in the financial system.

The task set by the government of our country is to increase the financial literacy of the population. This measure will help increase the share of "good" loans, to create a whole class of private investors in the country by 2020, to learn citizens to develop a strategy for a retirement period.

Ways to solve the problem

The five-year-old national program, in 2011, started in Russia, is intended to popularize the basics of financial literacy. You need to teach schoolchildren, students, adults to work with market information, overcome conservatism and not risking unnecessarily.

Experts believe: It is first necessary to learn how to invoke interest to the topics in the audience, and only then introduce training programs where the alphabet of financial literacy is contained.

"Finance is simple" - this is the name of the Internet portal, outdoor Sberbank http://finprosto.ru/. Information about banking services presented exciting using video real examples, games. The portal is invited to pass an interesting test for financial literacy. A special center, where they train budget planning and credit intricacies, created by the Association of Regional Banks of Russia.

For schoolchildren and students, textbooks are being developed, which is available to the basics of financial literacy. Such methods as a role-playing game, tasks, examples from history will help increase readiness for independent disposal by means.

The day will come, and everything - from schoolchildren to adults - will learn how to make personal financial plans, and hearing about consultation with the relevant adviser, will not raise the interlocutor of the moc. Financial literacy is a condition for the development of a stable economy, protecting and well-being of citizens.

Financial literacy can be determined how the ability to make informed decisions and perform effective actions in areas related to financial management to implement life goals and plans at the moment and future periods.

Financial literacy includes the ability to keep records of all revenues and expenses, the ability to manage cash resources, plan the future, make the choice of financial instruments, create savings to ensure the future and be ready for undesirable situations, including work loss.

Financial literacy is a complex sphere, involving the understanding of key financial concepts and the use of this information for the adoption of reasonable solutions that promote economic security and well-being of people. These include decision-making on spending and savings, the choice of relevant financial instruments, budget planning, accumulation of funds for future goals, for example, education or secured life in adulthood.

Knowledge of key financial concepts and the ability to use them in practice makes it possible to competently manage your cash. That is, to keep records of income and expenses, avoid excessive debt, plan a personal budget, create savings. And also to navigate in the complex products offered by financial institutions, and acquire them on the basis of an informed choice. Finally, use accumulative and insurance tools.

Be financially modern world important:

Financially competent people are more protected from financial risks and unforeseen situations. They are more responsibly referring to management personal financesare able to raise the level of welfare through the distribution of existing monetary resources and planning future expenses. No less important is that they can positively influence the national and global economy.

The world of finance is more difficult today than before. Understanding what is estimated and savings accounts are only a small part of what you need to know to be financially competent person. The possibilities of investing, savings, lending are huge, and a person who does not understand these issues is difficult to determine what he needs to pay attention to financial instrumentsand how to find out what opportunities are the best choice personally for him.

People who have "sound financial meaning" make decisions that allow personal financial security and their own well-being, to contribute to the economy and contribute to the sustainable development of the global economic system.

It is worth noting that from general level the financial literacy of the country's population largely depends on economic development. Low level of such knowledge leads to negative consequences not only for consumers financial servicesBut for the state, private sector and society as a whole. Therefore, the development and implementation of programs for improving financial literacy of the population is an important area public Policy In many developed countries, for example, in the United States, Great Britain and Australia. High level Awareness of residents in the field of finance contributes to social and economic stability in the country. The growth of financial literacy leads to a decrease in the risks of excessive personal debt of citizens in consumer loans, reduce the risks of fraud by unscrupulous market participants.

In Russia, financial literacy is low. Only a small part of citizens is focused in services and products offered by financial institutions.

According to the World Bank and the subsequent monitoring of the National Financial Research Agency, 49% of Russians keep the savings of the house, and 62% prefer not to use any financial services, considering them complex and incomprehensible. The deposit insurance system is aware of 45% of the adult population of Russia, and half of this amount only heard this name, but cannot explain it. Only 25% of Russians use bank cards. At the same time at the holders credit cards There is a low level of knowledge about risks associated with this product. Only 11% of Russians have a strategy of savings on the period of retirement age (for comparison: 63% - in the UK).

As for consumer loans and loans before salary, they are not big. Therefore, bank customers are not read too closely into the details of the contracts, and with the slightest delay, the bank charges them large fines.

Most of our fellow citizens make decisions about managing their finances not based on the analysis of the information received, but on the recommendations of acquaintances or interested employees of financial institutions. It should also be noted that in Russia there is a low awareness of the population about what rights is the consumer of financial services and how to protect them in case of violations. For example, over 60% of families do not know the duties of banks to disclose information about effective interest rate According to the loan, only 11% are aware of the lack of state protection in the event of personal funds in investment funds. About 28% of the population does not recognize personal responsibility for their financial decisions, believing that the state should be reimbursed.

Such statistics show that it is necessary to engage in the financial literacy of the population at the state level.

For the first time, this problem began to be discussed in Russia in 2006 at a meeting in St. Petersburg Finance Ministers G8, after which measures to form financial literacy in the country were reflected in a number of presidential documents and the Russian government.

For example, in the concept of long-term socio-economic development of the Russian Federation for the period up to 2020, increasing financial literacy is designated as one of the main directions of the formation of an investment resource. In the Strategy for Development of the Financial Market of the Russian Federation for the period up to 2020, it is considered as an important factor in the development of the financial market in Russia.

The Ministry of Finance of the Russian Federation, together with a number of federal executive bodies, and with the participation of the World Bank, develops a program for increasing the financial literacy of the population. The program is designed for five years and at the first stage will be implemented in several russian regions. It will include the preparation of specific curricula and products, improving the legislation in the field of financial services and consumer rights. This project should also be combined whenever possible, to ensure coordination of already implemented and preparing for launching on different levels Programs and initiatives in the field of financial literacy. The total cost is 110 million dollars. The main part (80%) will be financed from federal budgetremaining - at the expense of the World Bank.

Today, the majority of Russians are still getting theoretical knowledge in the field of finance on their own, through specialized Internet sites, television shows, literature, news, visiting courses and trainings, and experience gains on their own mistakes.

The state program to improve the level of financial literacy of the population is designed for five years (2011-2015). It involves federal and regional executive bodies, public organizations, insurance companies, Banks - all who are in one way or another participate in increasing financial literacy. "Ta or that measure" is equal to $ 113 million, of which $ 88 million was allocated from the budget Russian Federation. One of the mandatory conditions is co-financing - funds for the implementation of the program are allocated not only from the federal, but also from regional budgets.

Volgograd, Kaliningrad and Tver region are chosen by regional polygons.

In addition to the foregoing, the International Public Organization "Guild of Financiers" and Non-Profit Partnership "Community of Professionals of the Financial Market" Sapphire "with the support of the Ministry of Finance of Russia and the Expert Group on Financial Enlightenment under the Federal Financial Markets Service of Russia, organize the All-Russian action" Day of financial literacy in educational institutions "7 and 8 September as part of the All-Russian professional holiday "Financier Day".

Improving the financial literacy of the population: International Experience and Russian Practice Rabbing Evgenia Aleksandrovna

1.6. Study of the level of financial literacy in Russia

1.6.1. Examples of research of financial literacy in Russia

Since the problem of financial literacy is a relatively new problem, it is obvious that the development of programs in the field of increasing FG should precede serious studies of its current level. The results of the study can serve as a basis for determining the most effective directions and ways to bring financial knowledge to the population.

In order to study the level of the PS population, studies were conducted by various organizations (the National Agency for Financial Research (Nafi), the Foundation "Public Opinion" on the order of the MICEX, etc.). The results indicate the need to raise FG, as:

Up to 40% of respondents believe that the government will compensate for them possible losses related to personal investments;

Only 9% of the adult population are planning their finances for a period greater than six months, and only 0.5% - exceeding one year;

During the survey 2007, only 48% of respondents answered that they know about the requirement of the disclosure of an efficient interest rate;

63.5% of respondents do not trust banks;

60% - not sure that in 20 years the largest companies insurance market Will not go anywhere. Population is not much familiar with the laws and regulatory acts According to financial products.

The results of sociological research NAPi show that population coverage financial servicesquite low - almost half of Russians (44%) does not use financial services (in low-income groups, this figure approaches 55%). At the same time in last years Some changes are noted. If we talk about the most popular services and products, the list is headed by banking plastic cards (mostly cards for which listed wage) - 21% and consumer loans - 19% (Fig. 1.8).

Fig. 1.8. Use by the population of times personal financeservices,% of respondents

Expectations state support individualsoperating operations in financial markets are presented in Table. 1.1. The study confirmed that a large number of Russians still expect that the government directly compensates for the losses incurred by them in the financial markets. More than a quarter of the population (28%) believes that the state should compensate for their personal financial losses associated with the decline market value their shares in mutual investment funds, cost ordinary shares or the fall in real estate prices. The percentage of respondents (32%), who have not formed their own opinion on this issue. Only 9% of respondents believe that neither of the situation listed below the state should play the role of the insurer.

Table 1.1.

The need to cover financial losses by the state:

We provide indicators of the level of financial literacy studied in the survey.

1. Maintain personal budget. Less than half of Russians (45%) systematically accounting for their personal funds (Fig. 1.9).

Conducting a personal budget; % respondents

2. Life by means.Current expenses 28% of Russians systematically exceed their current income (Fig. 1.10). For a low-income population, this figure is 40%. It was also noted that the low-income population more often takes money to cover the difference. In Russia, there is still an important factor in the ability to take money in debt among relatives.

The ratio of income and expenses,% of all respondents *

3. Comparison of alternative financial services (products).40% of respondents never compare the conditions offered by various financial services providers (Fig. 1.11).

Comparison of financial services of various companies *

4. Planning for the future.Russians are not confident in their income even in the short term (Fig. 1.12), and most of the population does not plan their expenses further than 6 months (Fig. 1.13).

Confidence in future income,% of all respondents *

Revenue planning,% of all respondents *

Concerning basic focal arithmetic skills,that 43% of respondents could not correctly respond to any six questions involving calculations (understanding of the issue, interest rate, inflation, etc.). Only 11% of respondents correctly answered all questions (Table 1.2).

Table. 1.2.

Skills of financial arithmetic

1.6.2. The need for financial education and additional information

A large number of respondents research Nafi declares that they would like to learn more about managing personal finance. Five of the most popular topics: how not to become a victim of scammers, retirement savings, personal debt management, expenses planning in the long run and the subtleties of signing contracts with financial institutions (Fig. 1.14).

The study revealed long-term problems of financial literacy of Russians:

Unreasonably overestimated expectations regarding state financial support in cases of financial losses;

Five of the most demanded topics of financial education,% of all respondents

Low ability of citizens to ensure personal (family) sustainable financial health on the basis of individual financial solutions;

Weak knowledge of the basic principles and instruments of the financial market.

In the latter case, the population, firstly, demonstrates a low ability to prospective planning, people did not respond to the urgent need to independently accumulate funds to the retirement period. Although most know that the substitution rate is likely to be very low in the future (for 2020, about 24% is predicted) and that some pensions are not enough to reduce ends meet, only 11% of the population have entered into some formation programs. Pension financial savings. Over 50% of the population do not know anything about private pension funds. Only a small number of participants in the obligatory pension cumulative system independently chose the management company.

Secondly, as noted above, about a third of the respondents systematically go beyond their current income. The low-income layers more often occupy money to cover their financial "holes" (near and distant relatives).

Thirdly, the majority of the population still imposes unreasonably high hopes for state assistance in ensuring their personal well-being. These expectations create negative incentives for long-term individual financial planning. As a result, one third of the Russian adult population does not carry out regular expenses planning. Those who are engaged in such planning are limited to the short-term period - from the month to six months. Only 9% of the population are planning for a period greater than six months. Over half of the consumers of financial services are not aware of their legitimate rights as consumers of financial services.

Over 60% of the population do not know the obligation of the creditor to disclose the annual efficient interest rate on the loan. Only 11% of the population knows that the state does not cover all losses resulting from reducing the cost of assets of investment funds. Only 14% were able to correctly name the amount insurance coating According to deposits of the population. 6% of the population believes that state insurance applies to all bank deposits In full or up to a million rubles. In addition, it was revealed that people practically do not know where to look for reliable information about consumer rights financial products and services.

Fourthly the level of confidence in Russian consumers to financial sector As a rule, low. nine %consumers who do not form savings explained this to their "distrust of financial institutions." Only 11% of families are available. insurance policiesAt the same time, 21% of consumers consider it necessary to insure life, but do not make it, because they do not believe that insurance companies will indeed pay insurance in the event of their death. "

Fifth russian consumers of financial services have a low level of confidence in the possibilities of easy and fair permission of problems related to financial transactions. 77%consumers believe that the chances of achieving a "fast and fair" dispute resolution with financial organizations Are equal to "50:50" or even less. Consumers also show passivity in protecting their legal rights. 8% of respondents said that over the past five years they have received a financial service (usually one type of consumer loan), which has not satisfied their needs. And they conclude that they were deceived by suppliers of this service. At the same time, over 60% of unsatisfied respondents did not take any action on this. Only 4% turned with the claim to the financial organization, and 3% sent a complaint to the relevant state body.

At sixth, russian consumers are already taking measures to protect their interests.Over 40% of households answered that they compare the terms of the financial service before purchasing it, although 46% are focused on the reputation of the bank (and only 37% take into account the cost of the loan) as a determining factor when choosing a creditor bank. Over 80% get financial information from newspapers, magazines and specialized television programs. At the same time, when making a financial decision, 51% of respondents appeals to the Council to family members and friends, and 36% to "consultants" accompanying the provision of this service.

At the same time, in Russia, the demand for financial education and the desire to learn how to protect their interests when interacting with financial organizations, as well as to recognize fraudulent financial schemes and avoid them. 3/4 families would like to get a FD both to protect their financial interests and to plan their future income. 1/3 of the respondents wants to learn about the laws that protect the rights of consumers of financial services, and what should be done if these rights are violated. Over 13% would like to get information about consumer credits The population, and another 16% want to familiarize themselves with the possibilities of obtaining a loan for the purchase of housing. Approximately 26% of the adult population would like to learn to understand the pension system, as well as learn what ways to provide savings on old age. Another 22% of the population wants to learn how to "not get bogged down in too large debts when using loans." Young people are especially interested in large shopping and mortgage planning strategies. Elderly respondents pay more attention to pensions. Secured households note the need for a clearer understanding that the consumer should pay attention to the signing of contracts with financial organizations in order not to become a victim of fraud or unscrupulous practice. The fourth part of all respondents did not express interest in financial learning of any kind. The population would like the FD services to be provided by the authorities state regulation, as well as representatives of universities and non-commercial organizations (HKO).

As noted in research on Nafi, much of economically active population Russia is not ready to take responsibility for its financial well-being. This largely explains the expectations of citizens from the state "Protection" is not so much legal aspect "Protection of rights and interests", as in the paternalistic sense of state "guardianship and guardianship". And as a result of this, low financial literacy and economic inertness of a significant part of the population.

In marketing research influence of the crisis 2008-2009. on the financial behavior Citizens showed that Russian citizens do not show inclinations to make savings (Fig. 1.15).

The period during which the household can live at the expense of its savings, while maintaining the previous level of consumption (%)

In the same studies, it is shown that those who cannot correctly calculate interest rates on credit products and compare a loan load with their solvency, prone to accumulation credit debt And there are difficulties in repaying debts over a long period. Thus, on the basis of the data set out above, it can be concluded that the problem of financial education and the increase in FG for Russia is extremely relevant. The level of financial literacy of the population is currently extremely low, and its increase is an urgent need for all.