Development of educational programs for enhancing financial literacy of Russian citizens

EDP Kazan Federal University, 4, Butlerov st., Kazan, 420012, Russia

^a Corresponding author: chulpan212@mail.ru

Abstract

Currently, the financial literacy is one of the indicators for the level of economic competence in the country. The financial competence of the population should increase with the growth of living standards. But in Russia, the matter of financial literacy has been ignored for years. Not all Russian people are financially competent, even those who have secondaryand university-level degrees. Furthermore, financial literacy requires to be constantly updated, considering dynamic economic processes ongoing both globally and domestically. As late as in recent years, the Russian Government has paid serious attention to this issue. Ministries and authorities undertake to create Internet portals on their official websites that serve to enhance financial literacy of people. The Ministry of Finance was the first that had such portal called “Budget for General Public” on its official website. The Russian Ministry of Industry and Trade undertakes the same activity to produce its own web portal as part of the “Budget for Public” project. This paper covers the overview of this project.