Bank of Russia now legally authorised to improve financial literacy and inclusion

Before the law was adopted, the Bank of Russia had performed activities aimed at improving financial literacy and financial inclusion as part of its other authorities stipulated in the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

Together with the Russian Government, the Bank of Russia implements the Strategy for the Improvement of Financial Literacy in the Russian Federation in 2017–2023. The regulator participates in implementing financial literacy education at all levels. In 2019, 1.2 million high school students from nearly 19,000 schools ­— almost a half of schools in Russia ­— attended online financial literacy classes. Lessons and training games on financial literacy are held in children’s camps; corresponding profile sessions are arranged. An educational game ‘The Secret of the Lost Money Box’ has been developed to teach students financial literacy.

For financial literacy teachers, the Bank of Russia issues methodical and training materials that are available free of charge at the Financial Culture website (fincult.info). This informational portal also plays an important part in financial education of adults. Here they can receive information about financial products, instruments and services in an easy-to-understand form, learn about their specifics and risks and about protection of their own rights.

In addition, the Bank of Russia publishes educational videos that are broadcast in public transport and printed materials dedicated, in particular, to combating financial fraud. Lectures, webinars and master classes are held for elderly people. A separate programme has been developed for small and medium businesses. During lectures, workshops and webinars entrepreneurs have an opportunity to learn about various financial instruments and financial support.

In 2018, the regulator developed and approved its first Financial Inclusion Strategy of the Russian Federation for 2018–2020. Its main objective is to raise financial inclusion and improve the quality of financial services for consumers in remote, sparsely populated or hard-to-reach areas, SMEs and underbanked population groups (low-income individuals, disabled and elderly persons, and mobility-impaired population groups) as well as raise the speed and quality of access to financial services for the population with access to the internet. In order to increase financial inclusion in remote, sparsely populated or hard-to-reach areas it is critically important to ensure that they have broadband internet access. The Bank of Russia actively cooperates with major telecommunication providers and the government of the Russian regions to solve this problem.

Since 2015, the Bank of Russia has been monitoring the level of financial inclusion and publishing annual indicators together with a review of financial inclusion in Russia.

The Bank of Russia’s new legal authority to increase financial literacy and promote financial inclusion will assist in delivering improvements across these areas, including legislative activity, and therefore contribute to raising trust in the financial market. The Bank of Russia will exercise its new authority together with the Russian Government.