Financially Literate Behavior in the Course of Achieving National Goals and Strategic Objectives of Russia

Abstract

Purpose: The relevance of this issue has been raised due to the demand for a forecast of the needs of the financial and economic segment of the market in the content and models of financial literacy in the process of achieving the national goals and strategic objectives of the development of the Russian Federation for the period up to 2024. The chapter presents an analysis of current issues of improving financial literacy, provides a detailed description of the main target groups on the basis of the Strategy for Improving Financial Literacy in the Russian Federation for the period 2017–2023, and presents the results pilot studies of a condition of financial literacy, financial competent behavior of the population and determining from factors on the example of one of the main target groups—school students. Design/methodology/approach: The authors have measured the possible financial strategies of a today’s schoolchild using a quantitative survey, as well as a semi-gamified approach. The conducted sociological research in the framework of the scientific paper “Institutionalization of financial literacy of the Russian population” is a necessary element in assessing the level of financial literacy of the population of Russia, based on the use of a set of methods to determine the level of financial literacy for developing measures to increase its effectiveness. The authors conducted a mass face-to-face survey with 731 students involved using the survey method. Senior students aged 16–18 years answered our questions. Respondents from 66 regions of the country were interviewed. Findings: The young people’s self-esteem of their own financial literacy looks quite self-critical. Hence, approximately 2/3 of the respondents surveyed consider themselves more or less financially literate (61.3%); approximately one in ten found it difficult to answer, and a little more than a quarter said “rather not” (28.7%). The possible financial strategies of a today’s schoolchild were measured using a semi-gamified approach, that is, respondents were asked an open question in the manner of Pushkin’s fairy tale of a goldfish. Originality/value: The indicators of the study base presented in this research reflect the population’s perception of financial literacy in 2019 with the aim of improving the institutionalization of the population financial literacy improvement system in the Russian Federation. The indicated author base for assessing the level of financial literacy of the Russian population can be applied for series of points.