Financial Literacy: Problems and Solutions
https://doi.org/10.26794/1999-849X-2022-15-3-59-68
Abstract
As a result of the analysis of the degree of mastery of financial literacy by Russian citizens, it was revealed that the foundations for responsible behavior of the country’s population in the financial market and the effective use of financial products have not yet been created. Therefore, the financial literacy of Russian citizens is chosen as the subject of research in this article. The purpose of the work is to study the definition of “financial literacy”, which is considered as a system or a set of certain elements of mastering financial literacy by citizens. The source of information was statistical, informational and analytical materials, empirical data from open sources of Rosstat, websites of the Government of the Russian Federation and the Bank of Russia. The study found that financial literacy is not limited to citizens’ knowledge of finance, but is a system of relations integrating educational, social, mental and material components in order to improve the well-being of Russians, as well as the economic growth of the country based on the realization of the potential of sustainable development of the national financial market.
According to the results of the study, it was concluded that the acquisition of financial literacy by citizens of the country as a system of interrelated elements is based on the disclosure of the potential of each of its components and implies the need for further formation of financial market institutions.
About the Authors
N. E. Brovkina
Financial University
Russian Federation
Russian Federation
Natalia E. Brovkina — Dr. Sci. (Econ.), Assoc. Prof. Department of Banking and Financial Markets.
Moscow
I. A. Rizvanova
Financial University
Russian Federation
Russian Federation
Irina A. Rizvanova — Cand. Sci. (Econ.), Lecturer of the Department of Banking and Financial Markets.
Moscow
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Review
For citations:
Brovkina N.E., Rizvanova I.A. Financial Literacy: Problems and Solutions. Economics, taxes & law. 2022;15(3):59-68. (In Russ.) https://doi.org/10.26794/1999-849X-2022-15-3-59-68
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