Fifth Russian Online Financial Literacy Test taken by nearly 1.5 million people
The test was passed by almost 90% of participants after one or more attempts. The best results were demonstrated by residents of the Chukotka Autonomous Area and the Voronezh, Ryazan, Orel and Kursk Regions. The leader by the number of people engaged in the financial literacy test was the Ryazan Region with the highest percentage of residents taking part in the test.
This year, for the first time, the test could be taken by the entire family — 94,000 teams participated in the testing. Over 80% of the families passed the test successfully. This format was most popular in the Republics of Crimea, Kalmykia and Buryatia and the Ryazan and Lipetsk Regions.
The tasks for schoolchildren included special questions for elementary school pupils about making prudent purchases, identifying fraudsters’ tricks, and others. The most difficult task was to set and achieve a financial goal: children were to avoid excessive spending and to save the money for a new table game. Adults found it most difficult to answer a question about the terms for receiving a subsidised mortgage loan. According to the results of the testing, a rather large number of adults do not know how to get insured against large losses in case of unforeseen circumstances (for instance, a disease) or to resist sellers’ marketing tricks.
Each person who passed the test successfully received a personal certificate from the organisers — the Bank of Russia and the Agency for Strategic Initiatives.
The results of this online test are yet another indicator enabling the Bank of Russia to find out the topics and regions that should be the focus of financial literacy efforts.