Bank of Russia and Ministry of Finance to develop financial culture index

The parties are planning to perform the first pilot measurement of the index in 2024 H1. The index will assess individuals’ ability to manage personal finance, mindfulness in making financial decisions and accepting related risks, debt burden, purchases of insurance products, and long-term savings. The agencies will assess the level of individuals’ financial literacy, its integration into the educational system of the constituent territories of Russia, and the necessary infrastructure in the regions.

The Bank of Russian and the Russian Ministry of Finance have summed up the results of the implementation of the Strategy for Improving Financial Literacy in the Russian Federation for 2017–2023. Over the seven years, Russia has created specialised information resources, prepared a methodological base, and built an educational infrastructure. Regions are implementing their own programmes for improving financial literacy. Over 3.5 million schoolchildren and students have taken part in specialised academic competitions and contests.