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Regional Economics: Theory and Practice
 

A comparative analysis of financial awareness of the Northwestern Federal District population

Vol. 18, Iss. 3, MARCH 2020

Received: 10 December 2019

Received in revised form: 16 January 2020

Accepted: 28 January 2020

Available online: 16 March 2020

Subject Heading: SOCIOECONOMIC POLICY

JEL Classification: D14, G21

Pages: 474–491

https://doi.org/10.24891/re.18.3.474

Belekhova G.V. Vologda Research Center of the Russian Academy of Sciences (VolRC RAS), Vologda, Russian Federation
belek-galina@yandex.ru

https://orcid.org/0000-0002-6373-9043

Subject This article deals with the issues of determining the level of financial literacy, identifying problems, and comparing the financial literacy rates of the population of different areas.
Objectives The article aims to identify territorial differences in the overall level of financial literacy of the population of the Northwestern Federal District regions and study the prevalence of problems related to the family budget, using financial products, and risk.
Methods For the study, we used a sociological survey and an original methodology for indexing the level of financial literacy of the population based on the methodology of the Organization for Economic Cooperation and Development, taking into account the adults' financial competence system proposed by the Ministry of Finance of the Russian Federation.
Results The article determines the level of financial literacy of the Northwestern Federal District population and identifies similar problems for the District's regions.
Conclusions A comparative analysis of the components of financial literacy of the four regions reveals the strengths and weaknesses of each of them. This will help adjust financial literacy programmes being implemented in some regions and developed in others.

Keywords: financial literacy, household budget, interest calculation, financial risk

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