scholarly journals Financial Education of Russians: Classification of Target Groups

2020 ◽  
Vol 16 (2) ◽  
pp. 42-50
Author(s):  
Natal’ya V. Alikperova
Keyword(s):  
Financial Market ◽  
Russian Federation ◽  
Low Income ◽  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Knowledge ◽  
Target Groups ◽  
The Russian Federation

The Object of the Study. The population of the Russian Federation divided into target groups. The Subject of the Study. Financial education of Russians, taking into account the characteristics of various target groups. The Purpose of the Study. Clarification of target groups of Russian citizens for the implementation of the financial education strategy. The Main Provisions of the Article. In today's reality, financial literacy is becoming a necessary skill for personal and social well-being. In the conditions of active development of the financial market, increasing financial literacy of the population provides citizens with the opportunity not only to effectively use various financial products and services, make profitable economic decisions, but also to be full participants in the entire socioeconomic system of the state. However, currently there is a fairly low level of financial literacy of Russians, and this trend is observed from year to year, due to the complexity of the financial market as a whole, an erroneous idea of the essence of certain concepts, and as a result, the construction of financial strategies in accordance with this understanding, and this may indirectly indicate the inefficiency of the current system for improving financial literacy of Russian citizens. To implement the strategy of improving financial literacy of the population, first of all, it is necessary to clearly understand who will receive the training. It is a well-thought-out classification of target groups that is the basis for building a system of financial education, forming a methodological basis, training specialists to broadcast financial knowledge and creating educational channels. According to the author, it is recommended to clarify and supplement the existing classification of target groups, approved by the current strategy for improving financial literacy in the Russian Federation for 2017-2023, by including such categories of citizens as preschoolers, citizens with disabilities, vulnerable segments of the population (orphans, children in orphanages and boarding schools), as well as to clarify the current structure of the "adult population" group, dividing it into low-income citizens and families, and citizens with medium and high incomes (including families). In addition, it is recommended to divide each target group by the level of available financial knowledge and skills, which will allow you to create a targeted, personalized, thoughtful training system that promotes financial literacy, awareness as well as evaluate the results of such training.

scholarly journals IMPROVING FINANCIAL LITERACY OF THE CHILDREN AND TEENAGERS IN THE RUSSIAN FEDERATION

2019 ◽  
Vol 8 (6) ◽  
Author(s):  
Aidar M. Tufetulov ◽  
Chulpan M. Shavaleyeva ◽  
Nadia M. Sabitova ◽  
Timur I. Abdreev
Keyword(s):  
Financial Market ◽  
Russian Federation ◽  
Financial Literacy ◽  
National Level ◽  
Financial Education ◽  
Well Being ◽  
Children And Youth ◽  
Low Level ◽  
Training Materials ◽  
The Russian Federation

The issues of improving the financial literacy of the population are currently receiving a lot of attention both at the international and national levels. Of particular relevance are financial literacy issues for the Russian Federation. Due to the peculiarities of the country's historical development, for most citizens of Russia, issues of personal financial planning, the principles of the functioning of financial markets, the possibility of investing savings remain obscure, as a result of this, the population can not fully use modern financial products and services, does not know their rights in the financial market and unable to protect them in accordance with the law. It should be noted that the problem of a low level of financial literacy of citizens is a problem at the national level, since a low level of financial literacy negatively affects the personal well-being of citizens, their financial potential, and accordingly prevents the development of the financial market, inhibiting investment processes in the economy. Under these conditions, increased interest in issues of financial education and financial literacy of citizens of the Russian Federation is logical and, since 2011, the World Bank and the Ministry of Finance of the Russian Federation have actively implemented a project “Promoting Improving the Level of Financial Literacy of the Population and Development of Financial Education in the Russian Federation”. One of the most important areas of the project is to increase the financial literacy of children and youth. Since the start of the project, a range of training materials has been developed in this area, professional development of school teachers, teachers of orphanages, college teachers is provided, and weeks of financial literacy are held. The result of the events was a significant increase in the level of financial literacy of Russian schoolchildren. In this regard, the experience of the Russian Federation in improving financial literacy of children and youth is of great interest.

scholarly journals Basic Knowledge Standards for Evaluating Financial Literacy of Adults Population

2020 ◽  
Vol 20 (4) ◽  
pp. 391-399
Author(s):  
Nataliya V. Mityaeva ◽  
Keyword(s):  
Russian Federation ◽  
Financial Literacy ◽  
Adult Population ◽  
Financial Education ◽  
Well Being ◽  
Basic Knowledge ◽  
Qualitative Assessment ◽  
Level Of Knowledge ◽  
The Russian Federation ◽  
Universal Applicability

Introduction. The article reflects the basic requirements for the results of the financial literacy system for the adult population. Theoretical analysis. The standard of basic knowledge is a tool in the field of education, fixing the level of knowledge that determines financial literacy. Empirical analysis. Financial knowledge is applied in nature, is a set of information and skills that have the property of universal applicability and are objectively necessary to maintain and improve financial well-being in daily life. Results. As a part of the implementation of the National Strategy for Financial Literacy in the Russian Federation for 2017–2023, the considered standards of basic knowledge for adults can be used in the process of developing regional programs aimed at a wide target audience, they can serve to identify factors and barriers to increasing the level of financial literacy of the Russian population, create effective tools for measuring the results of activities and a qualitative assessment of the results of work. The article was prepared as a part of the Project of the Ministry of Finance of the Russian Federation and the World Bank “Promoting Improving the Level of Financial Literacy of the Population and the Development of Financial Education in the Russian Federation”.

Living beyond one’s means: evidence from Malaysia

2015 ◽  
Vol 43 (1) ◽  
pp. 2-18 ◽  
Author(s):  
Yiing Jia Loke
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Financial Distress ◽  
Financial Management ◽  
Practical Knowledge ◽  
Financial Education ◽  
Financial Knowledge ◽  
Content Type ◽  
Explanatory Variables ◽  
Financial Behaviour

Purpose – The purpose of the paper is to identify the determinants of the probability of living beyond one’s means. The paper also explores the coping mechanisms of those financially distressed as well as the debt taking behaviour of consumers. Design/methodology/approach – The study uses data obtained from the OECD International Network on Financial Education pilot study on Measuring Financial Literacy in 2010 for the case of Malaysia. A logistic regression model is used to identify the main determinants of the probability that a consumer will live beyond his/her means. The analysis is carried out by using a set of socio-economic factors and the individual’s financial behaviour and attitudinal characteristics as explanatory variables. Findings – The findings indicate that low income and seasonal income earners are more vulnerable to financial distress. Furthermore, having a higher education, higher financial knowledge and prudent financial behaviour and attitude do not necessarily translate into better financial management. Family and friends provide the main source of financial assistance in times of need. Research limitations/implications – The assessment of financial knowledge should go beyond individual’s knowledge on financial concepts and theories. Practical knowledge on financial and cash flow management should be assessed. Practical implications – The study reiterates the importance of financial education. It is imperative to include financial education as part of the schools’ curriculum and also to be incorporated as part of the Continuous Professional Development modules for working adults. Originality/value – The study is based on the first nationwide study of consumer finances in Malaysia. It contributes to the literature by integrating financial behaviour and attitudinal factors into the analysis of the ability of individuals to live within their means. The findings also show the limitations of the existing self-assessment of financial behaviour and attitude and the assessment of financial knowledge.

Subjective financial knowledge, prudent behaviour and income

2019 ◽  
Vol 37 (4) ◽  
pp. 934-950 ◽  
Author(s):  
Leonore Riitsalu ◽  
Rein Murakas
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Knowledge ◽  
Future Research ◽  
Objective Knowledge ◽  
Content Type ◽  
Subjective Knowledge ◽  
Subjective Financial Knowledge ◽  
Behaviour Score

Purpose The purpose of this paper is to study how subjective and objective knowledge of finance, behaviour in managing personal finances and socio-economic status affect financial well-being. Design/methodology/approach The financial well-being score is constructed in quantitative financial literacy survey data from Estonia as the arithmetic mean of four statements on a five-point scale. Four hypotheses are tested in multiple regression analysis. Findings Subjective knowledge has a stronger relation with financial well-being than objective knowledge. Financial behaviour score and income level correlate with financial well-being. Research limitations/implications The paper contributes to literature on financial literacy, subjective financial knowledge and financial well-being. In future research, psychological factors and future orientated financial well-being should be included, and their relationship to subjective well-being could be analysed further. Practical implications The results highlight the importance of subjective knowledge and sound behaviour for improving financial well-being. Providers of financial services should address these more in the design of their services and communication. Social implications Policymakers developing national strategies for financial education need to address subjective financial knowledge for increasing financial well-being in society. Originality/value Knowledge, behaviour and subjective knowledge have not been used simultaneously in the analysis of financial well-being in Europe before.

Social policy of the regions: Reducing poverty among families with children and stimulating fertility

2020 ◽  
Vol 18 (10) ◽  
pp. 1869-1893
Author(s):  
L.P. Koroleva
Keyword(s):  
Social Policy ◽  
Russian Federation ◽  
Low Income ◽  
Federal Budget ◽  
Well Being ◽  
Lump Sum ◽  
Federal Subsidies ◽  
The Russian Federation ◽  
Low Income Families ◽  
Families With Children

Subject. This article analyzes the differentiation of the subjects of the Russian Federation in terms of fertility and material well-being of average-revenue families with children, and considers maternal capital as a regions' social policy aspect. Objectives. The article intends to justify the priorities of the Russian Federation subjects' social policy in the context of the expansion of federal subsidies for multiple-child families, based on an analysis of the relationship between the well-being of families and fertility. It also aims to develop general recommendations for groups of actors to improve social policy in the face of budgetary constraints. Methods. For the study, I used general scientific, economics and statistics methods of research. Results. Combining the subjects of the Russian Federation in eight clusters, close in birth rate and material well-being of families, the article offers general recommendations on the choice of priorities of regional social policy. The article shows that maternal capital gets transformed into a lump-sum benefit to support the current revenues of low-income families. Conclusions. To secure demographic increase, maternal capital must be paid from the Federal budget at the birth (adoption) of each child in the family without additional conditions, regardless of the region of residence. The eradication of poverty among families with children and support for multi-child parenting should be key priorities of the social policy of the regions.

Assessing a Community-Based Financial Literacy Program: A Case Study in California’s Silicon Valley

2018 ◽  
Vol 29 (1) ◽  
pp. 142-153 ◽  
Author(s):  
Xiaoyan Xu
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Positive Impact ◽  
Silicon Valley ◽  
Financial Education ◽  
Well Being ◽  
Literacy Program ◽  
Knowledge Gain ◽  
Community Based ◽  
Behavioral Tendencies

This study presents a community-based financial literacy program offered to low-income families in the heart of Silicon Valley. Leveraging local financial institutions and organizations, it provided financial education and encouraged habit formation, hoping for lasting outcomes toward financial well-being. Program impact was assessed in the areas of financial knowledge gain, behavioral tendencies in financial decision-making, and self-reported personal finances. Participants showed significant improvement in key knowledge areas, with positive impact observed in behavioral tendencies such as financial goal setting. Improvements in financial outcomes were not significant. The results of this intervention illustrate that maintaining long-term impact and applying sophisticated evaluation methods present key challenges for community-based efforts focused on financial education.

scholarly journals Multinomial Logistic Regression to Estimate the Financial Education and Financial Knowledge of University Students in Chile

Information ◽  
2021 ◽  
Vol 12 (9) ◽  
pp. 379
Author(s):  
Hanns de la Fuente-Mella ◽  
Benito Umaña-Hermosilla ◽  
Marisela Fonseca-Fuentes ◽  
Claudio Elórtegui-Gómez
Keyword(s):  
Financial Literacy ◽  
Multinomial Logistic Regression ◽  
Financial Education ◽  
Well Being ◽  
Economic Resources ◽  
Financial Knowledge ◽  
Degree Programs ◽  
Main Challenge ◽  
Level Of Knowledge ◽  
Criterion Development

All individuals face decisions during their lifetime that directly influence the economic well-being of their families. Therefore, financial education can be a fundamental tool to maximize our economic resources and use them wisely. A virtual survey was administered to 410 volunteer students belonging to a public university in southern Chile. The objective was to determine the level of financial knowledge and appreciation of financial education of future professionals. The most important results demonstrate a reality in which young people said they had the habit of saving and budgeting at home and were responsible for paying their bills on time. However, only a very small number of participants claimed having a superior level of knowledge regarding financial literacy. The main challenge for universities is to include this topic in the elective curriculum of all degree programs to promote financial criterion development that contributes to the comprehensive training and professional competencies of future graduates.

scholarly journals Investigating the level of financial literacy of university students

2017 ◽  
Vol 16 (3) ◽  
pp. 845-866 ◽  
Author(s):  
Israel José dos Santos Felipe ◽  
Harrison Bachion Ceribeli ◽  
Túlio Queiroz Lana
Keyword(s):  
Structural Equation Modeling ◽  
University Students ◽  
Financial Literacy ◽  
Structural Equation ◽  
Financial Education ◽  
Well Being ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Financial Attitudes

AbstractConsidering that the quality of financial decisions taken by individuals depends on their financial knowledge, abilities and attitudes, it is possible to state that the well-being of a population depends on how financially literate it is. In this context, the aim of this study was to measure the financial literacy level of university students in north of Mexico. The research method used was the survey and the data collected were analyzed using the structural equation modeling technique. As results, it was possible to confirm that financial attitudes of university students of north of Mexico influence their financial behavior. However, it was not confirmed that financial knowledge of these students impacts their financial behavior. As a high relationship between financial attitudes, financial behavior and financial knowledge of analyzed individuals was not found, it is concluded that the level of financial literacy of university students in the north of Mexico is low. It implies in the necessity to invest in financial literacy programs that could help this population to better manage their resources, what would certainly impact on its savings and consumption decisions, and retirement planning.Keywords: Financial Literacy. Financial Education. Structural Equation Modeling. Mexican Students. Investigando o nível de alfabetização financeira de estudantes universitários ResumoConsiderando que a qualidade das decisões financeiras tomadas pelos indivíduos depende de seus conhecimentos, habilidades e atitudes financeiras, é possível afirmar que o bem-estar de uma população depende do quão financeiramente alfabetizada ela é. Neste contexto, o objetivo deste estudo foi mensurar o grau de alfabetização financeira dos estudantes universitários do norte do México. O método de pesquisa utilizado foi a survey e os dados coletados foram analisados por meio da técnica de modelagem de equações estruturais. Como resultados, foi possível confirmar que as atitudes financeiras dos universitários do norte do México influenciam seu comportamento financeiro. Todavia, não se confirmou que o conhecimento financeiro desses estudantes impacta seu comportamento financeiro. Como não se encontrou uma forte relação entre os conhecimentos, atitudes e comportamentos financeiros dos indivíduos analisados, conclui-se que o nível de alfabetização financeira dos estudantes universitários do norte do México é baixo. Isso implica na necessidade de investir em programas de alfabetização financeira para auxiliar essa população a melhor gerir seus recursos, o que certamente irá impactar em suas decisões de poupança e consumo, assim como em seu planejamento de aposentadoria.Palavras-chave: Alfabetização financeira. Educação financeira. Modelagem de equações Estruturais. Estudantes mexicanos.

scholarly journals Sociological Research on Russian Pupils’ Financial Literacy as an Element of Project Management of Russian Students’ Financial Education

2020 ◽  
Vol 79 ◽  
pp. 03005
Author(s):  
Alexander Georgievich Tyurikov ◽  
Yuriy Alekseevich Korablin ◽  
Pavel Viktorovich Razov ◽  
Mikhail Viktorovich Kibakin ◽  
Semen Yurievich Bogatyrev
Keyword(s):  
Russian Federation ◽  
Financial Literacy ◽  
Professional Growth ◽  
Regional Differences ◽  
Financial Education ◽  
Mortgage Lending ◽  
Sociological Research ◽  
Important Conclusion ◽  
Face To Face ◽  
The Russian Federation

One of the differentiating characteristics and the main goal of this study has been to empirically study the financial literacy of modern Russian pupils and to determine their attitude to the problem of financial literacy in their everyday life. In order to solve the above goals, a set of sociological methods has been used, including a mass face-to-face survey of pupils from most regions of the country, a mass face-to-face online survey of students studying at the Financial University under the Government of the Russian Federation, in Moscow departments and departments of the regional branch network, an expert survey in regions of the Russian Federation, a content analysis of key electronic databases, e.g., the Russian State Library, the Library of Dissertations and Abstracts, the eLIBRARY.RU Scientific Electronic Library, a webometric analysis of more than 1,500 official websites of Russian regions on the problems under study, including the Usability and Visibility analysis. The authors have made some unique conclusions. Thus, more than ¾ of the modern youth understand the importance of financial literacy as an instrument to achieve their goals, and the goals demanded by the modern society. The main ones are to obtain education, to create a family, to achieve success in their career and professional growth, to establish their own business, etc. One important conclusion is as follows: the prospects for the use of deposits by today’s pupils, mortgage lending, leasing, and participation in mutual investment funds (MIFs) have a number of fundamental regional differences. Moreover, these regional differences among pupils as potential investors may be demanded by modern commercial financial and credit organizations for preparing promising medium-term development plans for their regional branches.

Determinants of Personal Financial Literacy among Young Adults in Malaysian Accounting Firms

2019 ◽  
Vol 7 (1) ◽  
pp. 8-19
Author(s):  
Aik Myin Loh ◽  
Kwee Kim Peong ◽  
Kwee Peng Peong
Keyword(s):  
Young Adults ◽  
Financial Literacy ◽  
Pearson Correlation ◽  
Geographical Location ◽  
Financial Education ◽  
Well Being ◽  
Jel Classification ◽  
Family Characteristics ◽  
Financial Knowledge ◽  
Accounting Firms

Objective - In the twenty-first century, financial competencies are an essential tool in understanding the connection between financial behaviour and knowledge of individual financial problems. High financial knowledge may encourage young adults to carry less debt, increase their wealth and have a better financial retirement plan. According to Wolla (2017), less than one-third of youths have basic financial knowledge. This will have an impact to their lifelong financial well-being. Hence, this research intends to explore the personal financial literacy of young adults in Malaysian accounting firms. Methodology/Technique – The study examines 150 young working adults between the ages of 18-35 years old, working in accounting firms in Malacca, Malaysia. Stratified sampling and convenience sampling techniques were used to distribute questionnaires. Descriptive statistics, Pearson correlation coefficient and multiple regression analyses were also employed. Findings - The empirical findings show that geographical locations and family characteristics are significantly related to the personal financial literacy of young adults in accounting firms in Malacca. However, financial education and financial experience do not influence young adults in their financial decision making. Novelty – The results of this study suggest that the relevant authority should take an appropriate action to improve the financial well-being of young adults in Malacca, Malaysia. Type of Paper: Empirical. JEL Classification: M40, M41, M49 Keywords: Financial Literacy; Financial Education; Financial Experience; Family Characteristics; Geographical Location.

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