Financial literacy

2021

Creation of a digital state platform for financial literacy of young people

By November 24, 2021, a digital state platform is being prepared to launch to improve the financial literacy of young people. It was announced by Deputy Prime Minister Dmitry Chernyshenko. He considered the implementation of such a project a correct and timely initiative. Read more here.

Introduction of financial literacy from the 1st grade in Russian schools

On July 8, 2021, it became known about the introduction of financial literacy lessons in Russian schools. The corresponding subject will be required for classes one to nine, according to the Central Bank of the Russian Federation.

The regulator's message notes that the mandatory teaching of financial literacy is enshrined in the new federal state educational standards for primary and basic general education, which were developed with the active participation of the Central Bank. Schoolchildren will be taught:

• skills of safe behavior on the Internet, including when performing financial transactions;
• analyze family income and expenses;
• draw up a personal financial plan;
• assess the risks of entrepreneurial activity, unfair practices of financial organizations and various types of financial fraud;
• prepare and fill out simple forms and documents (applications, appeals, declarations, power of attorney, including in electronic form).

Financial literacy introduced in Russian schools from the 1st grade

In addition, in grades 5-9, part of the mathematical tasks will be devoted to calculating the prices of goods, the cost of purchases and services, taxes, and geography lessons will determine the quality of life of a person, family and financial well-being.

The right skills in handling finances should be laid from childhood, from school. Already, thanks to the joint work of the Ministry of Education, the Bank of Russia and the Ministry of Finance, 86% of Russian schools one way or another include financial literacy in their curricula, in every fifth school this is a mandatory lesson, - said the first deputy chairman of the Central Bank Sergei Shvetsov.

In his opinion, the introduction of new educational standards will allow every student in Russia to be guaranteed to receive the necessary stock of knowledge about finance for life in order to understand how to manage their income, increase savings and protect them from financial fraudsters.

The first and fifth grades will begin to study under the new program from September 1, 2022. If the parents agree, the schools will introduce financial literacy in 2021.^[1]

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