Financial literacy development priorities for 2022 defined

This decision was taken by the Inter-Agency Coordination Commission (ICC) during the meeting held on December 28, 2021 to discuss plans for 2022.

As Finance Minister Anton Siluanov noted, the Ministry of Finance and the Bank of Russia have been successful in organizing effective coordination among a wide range of agencies dealing with financial literacy issues. The ICC has four councils in its organizational structure responsible for budgeting, education promotion, information policy and the implementation of the Strategy for Improving Financial Literacy in the Federation of Russia. All regions have developed or updated their financial education programs, 81 regions have established dedicated coordinating authorities, and up to 38 regions have also established financial education centers.

“Finance and investment education is one of the priorities of the financial market development strategy until 2030. Our time horizon is the year 2030,” said Anton Siluanov. “For all of us, this fact confirms that financial literacy is a critical component of the country’s economic success.

Developing the Financial Literacy Improvement Plan for the period up to 2030 will become one of the goals of all ICC members. The plan will stipulate measures that take into account the rapidly evolving fintech.

Particular emphasis of financial literacy efforts will be placed on retirees, people with disabilities and orphans, as noted by Bank of Russia Governor Elvira Nabiullina. “They are the most vulnerable to fraud and unfair practices, especially because they lack the knowledge and skills to counter social engineering,” she said. Elvira Nabiullina also considers that it is essential to improve the knowledge of investing among first-time retail investors so that they act with caution. “We can see that many of them have conflicting or even mutually exclusive ideas about investing, including high returns and low risks,” said Elvira Nabiullina. “In addition, people find a wide variety of training courses online, when in reality their authors quite frequently involve learners in financial pyramids under the guise of education. That is why we need decisive action and, together with the Financial Literacy Development Association, we are striving to certify high quality educational programs ”.

The Bank of Russia and the Ministry of Finance are committed to actively developing cooperation with the Pension Fund and the Ministry of Labor and Social Protection of the Russian Federation, engaging with the Ministry of Digital Development, Communications and Mass Media to improve digital finance. literacy and e-literacy and with the Federal Tax Service – to improve tax literacy.

The ICC was established in 2018 to coordinate the work of federal and regional authorities in implementing the Strategy for Improving Financial Literacy for 2017-2023. The ICC is co-chaired by Anton Siluanov and Elvira Nabiullina.

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