Financial culture in Russia: starting point
The baseline value of the financial culture index has been calculated for the first time. The pilot index value is 41.7 p out of 100 p. It is based on the 2024 H1 data. The results of future studies will be compared with the baseline value.
The index shows the level of individuals’ awareness when making financial decisions and taking into account related risks. It was calculated at the request of the Bank of Russia and the Russian Ministry of Finance by experts from the Lomonosov Moscow State University and InFOM using opinion surveys and statistical data. The former demonstrate individuals’ values and attitudes and the latter – behaviour resulting from such attitudes and values.
‘This index is an innovation. Globally, financial literacy, rather than culture, is measured. The distinctive feature of the financial culture index is that it measures not so much individuals' knowledge as the way attitudes, values, and knowledge translate into behaviour. We will assess this using the aggregate of opinion surveys and statistics on individuals’ activity in certain segments of the financial market,’ noted Bank of Russia Governor Elvira Nabiullina.
The index will help assess whether the Strategy for Improving Financial Literacy and Developing Financial Culture Until 2030 is implemented successfully. The Bank of Russia and the Government of the Russian Federation will have to put a lot of effort into enhancing individuals’ confidence in the financial market, encouraging them to develop long-term planning skills and the ability to take responsibility for their decisions.
It is important that individuals understand their financial rights and assess their capabilities both when investing and using borrowed funds, have their risks insured, and know how to choose financial products.
‘Today, already around 80% of Russians would like to study various financial topics and learn to manage their personal finance. Young people are showing particular interest. This evidences the importance of our work to enhance financial education. The government, businesses, and, of course, individuals should demonstrate mutual interest in developing financial culture. Owing to joint efforts in this area, people know how to ensure their financial well-being, businesses are able to improve their performance, and the state can strengthen its financial sovereignty and foster economic growth,’ said Russian Minister of Finance Anton Siluanov.
In 2025, cooperating with enterprises, supporting and scaling regional projects will become priorities in the strategy implementation.
In 2024, the Bank of Russia and the Russian Ministry of Finance hold the Financial Culture Capital competition for the first time. It is aimed at supporting the best regional initiatives to improve financial literacy and develop financial culture. The regions applying for the competition and qualifying for the next round numbered 21. The winner will be announced in early 2025.
The financial culture index will be calculated every three years. The calculation based on the 2024 data will be presented in 2025 H1.