+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Developing the methods to assess financial literacy of the population of Russia under digitalization

Vol. 29, Iss. 1, JANUARY 2023

Received: 28 November 2022

Received in revised form: 12 December 2022

Accepted: 26 December 2022

Available online: 30 January 2023

Subject Heading: THEORY OF FINANCE

JEL Classification: D14, D31, G02

Pages: 38–59

https://doi.org/10.24891/fc.29.1.38

Tatiana Yu. OSIPOVA Tomsk State University (TSU), Tomsk, Russian Federation
osipovatyu@yandex.ru

https://orcid.org/0000-0003-3907-8887

Mariya Yu. ZAGUZINA Institute of Economics and Management, Tomsk State University (TSU), Tomsk, Russian Federation
zaguzinamu@gmail.com

ORCID id: not available

Subject. The article explores methods to assess the level of financial literacy of the population.
Objectives. The focus is on the analysis of existing methods, their updating in conditions of digital technologies introduction in the financial sector.
Methods. We identified criteria for assessing financial literacy through the review of regulatory and methodological materials of the Bank of Russia and NAFI. The statistical analysis of data of the said organizations and Russian Ministry of Internal Affairs showed the need to supplement the set of criteria that form the basis of the methods.
Results. We revealed changes in the financial market, relating to transactions of individuals; systematized methods of financial literacy used by NAFI, the Bank of Russia, and the Ministry of Finance; unveiled problems of development of financial services for individuals under digitalization, and supplemented the list of criteria for assessing the financial literacy of the population. These criteria can be included in the methods used by the Bank of Russia and NAFI.
Conclusions. The population has become a more active user of financial products, including investments. However, the financial knowledge and competence are not sufficient. Meanwhile, the transition to the digital environment of obtaining financial products and services caused an increase in the level of fraud in the financial sector. These changes should be reflected in the new criteria for assessing the financial awareness of the country’s population.

Keywords: financial culture, financial awareness, financial market, financial literacy index

References:

  1. Kibakin M.V. [The index method in the social diagnosis of the financial culture of the Russian youth]. Innovatika i ekspertiza: nauchnye trudy = Innovatics and Expert Examination, 2018, no. 4, pp. 106–113. URL: Link (In Russ.)
  2. Brykin A.V., Kunizheva D.A., Bol'shunova S.A. [Methodological Approaches to the Study of Financial and Economic Culture]. Gumanitarnye nauki. Vestnik Finansovogo universiteta = Humanities and Social Sciences. Bulletin of Financial University, 2021, vol. 11, no. 6, pp. 73–80. URL: Link (In Russ.)
  3. Voskanyan R.O. [Financial literacy as the condition for formation of financial culture]. Azimut nauchnykh issledovanii: ekonomika i upravlenie = Azimuth of Scientific Research: Economics and Administration, 2018, vol. 7, no. 1, pp. 86–88. URL: Link (In Russ.)
  4. Hastings J.S., Madrian B.C., Skimmyhorn W.L. Financial Literacy, Financial Education and Economic Outcomes. NBER Working Paper, 2012, no. 18412, 42 p. URL: Link
  5. Kokina A.O. [Three important components of financial literacy and their role in improving the culture of financial behavior among young people]. Science Time, 2022, no. 1, pp. 37–40. URL: Link (In Russ.)
  6. Lavrent'ev V.A., Lavrent'eva L.V. [Digital technologies as a tool for improving the financial culture of the population: domestic and foreign experience]. Innovatsionnaya ekonomika: perspektivy razvitiya i sovershenstvovaniya = Innovative Economy: Prospects for Development and Improvement, 2021, no. 6, pp. 66–70. (In Russ.)
  7. Semeko G.V. [Financial literacy in Russia: Problems and ways of their solution]. Ekonomicheskie i sotsial'nye problemy Rossii = Economic and Social Problems of Russia, 2019, no. 1, pp. 70–98. URL: Link (In Russ.)
  8. Ustinova K.A. [Analyzing the determinants of financial literacy and financial condition of the population]. Regional'naya ekonomika: teoriya i praktika = Regional Economics: Theory and Practice, 2018, vol. 16, iss. 12, pp. 2276–2291. (In Russ.) URL: Link
  9. Kibakin M.V. [Criteria aspects of social diagnostics of financial culture of the population of the Russian Federation]. Innovatika i ekspertiza: nauchnye trudy = Innovatics and Expert Examination, 2019, no. 2, pp. 136–143. (In Russ.)
  10. Kuzina O.E. [The Financial Competence of Russians: Results of an International Comparative Investigation]. Den'gi i kredit = Russian Journal of Money and Finance, 2015, no. 5, pp. 64–68. (In Russ.)
  11. Nikitina T.V., Dembinskaite V.S., Skalaban M.P. [Financial literacy and its determinants]. Izvestiya SPbGEU, 2020, no. 5, pp. 78–83. URL: Link (In Russ.)

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 3
March 2024

Archive