Bank of Russia, Rosmolodezh and Association of Volunteer Centres sign agreement on financial education cooperation

The document was signed on 13 February 2019 at the Russian Investment Forum in Sochi. It provides for taking joint measures aimed at boosting the general public’s financial literacy in Russia, which includes organising topical competitions for school students and educational projects for small and medium enterprises.

It is expected that financial education volunteers will be engaged via both the single information platform, Volunteers of Russia, and with the active participation of the resource centres of the Association of Volunteer Centres (AVC). Moreover, the Bank of Russia will take part in the federal project Social Activity by offering its own educational and methodological programme for working with financial education volunteers.  In turn, AVC resource and volunteer centres will be able to inform the public of the opportunity to improve their financial literacy, and offer a venue for volunteer training.

The agreement was signed by Mikhail Mamuta, head of the BoR’s Service for Consumer Protection and Financial Inclusion, Aleksandr Bugaev, head of Rosmolodezh, and Artyom Metelev, head of the AVC Board.

‘The Bank of Russia has been implementing its financial literacy improvement programme for four years now. A financially educated person lowers risks to the financial system in general, is less likely to fall victim to fraud, and makes informed choices between competitors thereby supporting the best providers of financial services. We are paying particular attention to vulnerable social groups, in particular to young people who lack the experience to act as necessary in the financial market’, Mikhail Mamuta noted in his speech.

He also said that over 2000 people had already applied to participate in the Bank of Russia’s program for financial education volunteers and that volunteers were already helping the regulator identify fraudulent practices in the financial market in Kursk and Ryazan.