Results of All-Russian online test on financial literacy summed up

The second All-Russian online test on financial literacy held from 15 May until 7 June 2019 attracted hundreds of thousands of Russians. However, only 17% (almost 40,000) out of more than 220,000 attempts to pass the test were successful, with participants giving correct answers to more than 23 out of 30 questions.

The first online test held in 2018 was successfully completed by more than 60% of participants, so it was decided to make this year’s tasks more difficult.

Participants could choose between three question difficulty levels: primary, basic and advanced. The test therefore covered all kinds of participants, from those wanting to check the correctness of their personal budget planning to ones interested in investment strategies. Participants having difficulty with some questions were offered self-study links to problem areas so they could repeat the test.

Most participants tested their knowledge at primary level, where 140,000 attempts were registered. More than 57,000 participants opted for basic level, and another 30,000 attempts to pass the financial test were made at advanced level.

Questions related to currency controls were the most difficult, while questions about taxes, bank operations, financial fraud and monetary policy were among the easiest.

Women took the test more frequently than men (approx. 130,000 and 97,000 respectively). As many as 19% of women and 15% of men successfully passed the test.

The most active participation in the test was registered in the Republic of Tatarstan, the Ryazan Region, the city of Moscow, the Orenburg Region, and the Krasnodar Territory.

The largest share of participants who successfully passed the test was registered in the Ryazan Region, the Primorye Territory, the Leningrad Region, the Kamchatka Territory and the Altai Republic.