XII Международная студенческая научная конференция Студенческий научный форум - 2020

Today, the issue of financial literacy is very relevant. It has become necessary for every person. The very concept of financial literacy means a high level of knowledge and skills in the field of finance, which allows you to correctly assess the situation on the market and make the right decisions. But if you think about it, this concept reflects a higher level of knowledge in the field of finance, and it would not hurt many people to know the most basic signs of financial literacy.

Let's try to form the image of an ideal financially competent person. In my opinion, he should be inherent in such signs as:

1. Keeping records of income and expenses             

2. Formation of a financial airbag             

3. The ability to spend less than earn             

4. The ability to correctly use financial services             

5. Knowledge and ability to assert their rights             

6. Possession of relevant financial information             

7. Self-development and online education in finance             

8. The use of modern IT technologies (Internet banking, online payments, mobile applications, etc.)             

9. Economic culture             

10. Teaching the younger and older generation (members of their family) the basics of financial literacy.             

In my opinion, a financially competent person in a modern economic environment should possess such a set of qualities. This is an ideal that you need to strive for, but compliance with at least the first five aspects already guarantees the absence of problems with your personal budget.

The whole essence of financial literacy lies in the fact that a person who has the necessary knowledge in the field of finance can competently, with benefit for himself, manage his savings. After all, it is precisely this knowledge that makes it possible to fully carry out the accounting of funds, avoiding unnecessary expenses, not incurring debts, and planning a budget. One of the causes of poverty is often the habit of people spending more than they can afford. In addition, knowledge of the basics of financial literacy will allow people to navigate the various offers of the modern financial environment, accumulate and insure their money. A financially educated person is also naturally more in demand on the labor market.

It is worth noting that its economic development also largely depends on the general level of financial literacy of the country's population. The low level of such knowledge leads to negative consequences not only for consumers of financial services, but also for the state, private sector and society as a whole. Therefore, the development and implementation of programs to improve the financial literacy of the population is an important direction of state policy in many developed countries, such as the USA, Great Britain, and Australia. A high level of awareness of residents in the field of finance contributes to social and economic stability in the country an Increase in financial literacy leads to a decrease in the risks of excessive personal debt of citizens on consumer loans, a reduction in the risks of fraud by unscrupulous market participants, etc.

According to World Bank statistics, financial literacy in Russia is quite low. People, often not knowing many aspects, make mistakes. For example, a fairly large number of people prefer to keep their savings at home, and some do not want to use financial services at all. Also, quite a lot do not use bank cards, and card holders do not always know about the capabilities and specifics of cards. A small percentage of the population has a strategy for accumulating funds for retirement age. Consumers of financial services are poorly informed about their rights and how to protect them. The is unpleasant enough situation. Therefore, the state should apply measures to eliminate this problem.

Also, according to research the index of financial literacy of the population of Russia amounted to 12.12 points with a possible maximum of 21 points. According to this indicator, our country takes 9th place among the G20 countries (the "Big Twenty"). The average financial literacy score for G20 countries is 12.7 points. Among the G20 countries, the financial literacy index is the highest in France (14.9) and Canada (14.6), and the lowest in Italy (11.0) and Saudi Arabia (9.6). An assessment of the level of financial literacy by socio-demographic difference shows that it is nonlinearly related to the age of the person. An average citizen of the Russian Federation up to about 30 years of age has accumulated knowledge, skills and attitudes that lead to an increase in financial literacy. By the age of 30, the Index reaches an indicator of about 12.5 and remains at that level until about 45 years, after which the growth of the Index ceases and its gradual decline begins along with an increase in age.

 

The average values ​​of the Index in men and women differ little: 12.06 in men and 12.18 in women. Until about 40 years old, gender differences in the Index are almost invisible (within 0.15 points), but after 40 years the superiority of women becomes clearly pronounced (up to 0.5 points). This is due to the greater involvement of women in the financial activities of the household (planning of regular expenses, organization of financing for dependents, etc.). Marital status greatly differentiates the level of financial literacy: married people, on average, are significantly more literate than their single / unmarried peers. This takes place in any age group, but is especially pronounced in the range from 40 to 50 years.

Fundamentally important for financial literacy is the degree to which a person is involved in economic / economic activity. The level of financial literacy is higher among working citizens. At the same time for non-working pensioners, the Index is significantly lower than the national average, that is the drop in the Index in older age groups is explained by the exclusion from economic and financial activity.

The financial literacy rating of the regions was presented by NAFI at the Russian Investment Forum on February 14, 2019 as part of the Russian Investment Forum in Sochi at the session “Financial Literacy as the Basis of Financial Stability”. The session was attended by the First Deputy Prime Minister of the Russian Federation - Minister of Finance Anton Siluanov.   

In Russia, this problem was discussed for the first time in 2006 in St. Petersburg at a meeting of Ministers G 8. After that, a series of documents were formed by the President and the Government of the Russian Federation on the formation of financial literacy.

Nowadays improving the financial literacy of the population is one of the main directions in the Concept for the long-term socio-economic development of the Russian Federation for 2020. An important document is the Strategy for increasing financial literacy in the Russian Federation for 2017-2023, which is being successfully implemented in our country. There is also a number of documents devoted to this topic.

So a financially literate person is a person who knows how to handle finances correctly, controls them, knows the laws and rules in the economic sphere and is also ready for continuous development and development of new things, because life does not stand still. Full and timely awareness in the world of finance is the key to success!

Код для цитирования: Скопировать