Subject The increased geopolitical risks, energy price volatility and currency fluctuations force the governments of many countries to develop targeted national strategies to improve financial literacy. The article considers approaches to enhancing the financial literacy in Russia. Objectives The aim of the study is to review the financial literacy concept, foreign approaches to improving its efficiency. Special focus is on practical approaches to the implementation of effective tools for enhancing the financial literacy of the population of Russia. Methods The paper analyzes main approaches to defining the financial literacy. Through grouping, it identifies factors having a positive impact on households, the business, the government and the entire economy. Results The analysis shows that it is necessary to expand the horizons of financial education and pursue a policy of transparency of financial institutions for the most efficient practical enhancement of financial literacy. The findings may be useful for practical implementation of tools for improving the financial literacy at the State and municipal level. Conclusions Enhanced financial literacy of the population is extremely important for the entire national economy, particularly under the existing sanctions and restrictions.
Keywords: State finances, municipal finances, financial literacy, economic security
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