Financially educated person. “On the way to financial literacy and economic culture
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1 question
Give your own (author's) definition of "financial literacy". How does it relate to the concept of "financial culture of the population"? What is the relationship between the concepts of "financial literacy" and "legal literacy"?
By financial literacy, I mean knowledge of key financial concepts, knowledge of financial institutions and their products, the ability to use it and make reasonable decisions to achieve life goals. It is also the ability to ensure one's own well-being, the ability to keep records of all expenses and incomes, the ability to search for information in the banking services market, and competently compare the offers of financial enterprises with each other. A financially literate person should understand the taxation system (the rule of charging taxes on an individual).
Financial literacy and financial culture, in my opinion, are closely related concepts. Since: financial culture suggests that reasonable people plan their lives in advance. They set priorities and goals in advance in all areas of life, using the laws of money and certain financial instruments. Financial culture, in my opinion, is a competent management of finances. That is, it is the ability to manage your personal finances and financial literacy in this area, of course, helps people.
The relationship between the concepts of financial literacy and legal literacy can be traced quite transparently. These concepts suggest that it is not possible to improve literacy in the narrow area of financial matters without an accompanying increase in legal literacy. As studies (sociological surveys of the population) show, the majority of the inhabitants of the Russian Federation do not know the laws and do not have the skills to use the laws that directly relate to the life of every person.
2. Question
What criteria can be used to comprehensively assess the level of financial literacy of an individual (the population as a whole)? Along with the already available, existing indicators (criteria) of financial literacy, which ones should be added?
In my opinion, firstly, the level of financial literacy can be assessed by the level of knowledge in financial accounting. It can also be assessed by the content of the issues that are raised in citizens' appeals to the state. The second criterion is the number of citizens who have started using the services of financial institutions and banks. The third criterion is a decrease in the number of citizens who have suffered from financial pyramid schemes that periodically arise on the territory of Russia.
NAFI conducted a study in the field of financial literacy, they singled out these components:
1) installations that are responsible for the formation of an individual's need for financial services and provide an understanding of the consequences of their actions
2) knowledge about financial institutions and the products they offer, about the basic concepts of the economy and the financial market in particular.
3) the skills to use them.
Speaking about literacy levels, it is impossible not to touch on the statistics of today. I cited the VTsIOM poll as an example. "More than half of the respondents (57%) are not afraid of losing their savings stored in banks. Every third respondent (38%), on the contrary, expressed concern about the possible loss of bank deposits. Citizens with primary education are more likely to be afraid of losing their savings (48% ) and low income (48%), as well as supporters of the communists (50%) The results of this year's survey are comparable to those of previous years.
Most of our fellow citizens (63%) do not consider it necessary to take any action to save their deposits. Russians took a more active position during the beginning of the global economic crisis (in October 2008, the share of respondents who gave a similar answer was only 48%).
Respondents who take certain measures primarily monitor the work of the bank (8%), keep money in a state bank or make deposits in several banks (5% each), withdraw money from accounts or keep small amounts (4%). A small part of the respondents insures bank deposits (3%), invests in real estate or purchases durable goods (2% each). Another 2% of respondents are convinced that they have already chosen a reliable bank for keeping deposits."
Noticeably, the percentage of "active" citizens is the lowest. It should be concluded that if a larger percentage of people were financially literate, then the statistics would be different. financial expense income
In my opinion, it is necessary to add a psychological factor, an individual one, to the indicators. All attempts to increase the level of financial literacy will be useless if they do not take into account the psychology of a person at a certain age.
3. What problems have you identified in assessing the level of financial literacy of the population? What factors hinder an objective assessment of the level of financial literacy?
In my opinion, the problems in financial literacy are quite significant. For example, this is the fragmented nature of the ways to improve it. There is no clear scheme to work. Each region of Russia has its own methods and methods. Secondly, a system of indicators characterizing the level of financial literacy and financial behavior of the population has not been developed. Thirdly, the most vulnerable points of the population have not been identified. The next problem may be an unformed monitoring system that allows you to track changes in the level of financial literacy and financial education of the population, both during the implementation of various programs and after their completion.
It seems to me that the main factor hindering an objective assessment of the level of literacy is that people answering questionnaires on the level of financial literacy cannot objectively assess themselves, therefore subjectivity is always present.
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As financial products and services become more and more complex, understanding them can be difficult. To enable people to navigate the world of finance more freely and choose exactly the services they need, the Bank of Russia is working on financial education and improving financial literacy. The regulator participates in the development of educational programs for schools and universities, holds events and online seminars, and prepares information materials for the media.
In order to help citizens understand financial issues, an information and educational resource "Financial Culture" - fincult.info has been developed.
The site is intended for a wide audience with different levels of knowledge about the economy and different financial capabilities. The materials of the site in a simple form, with some assumptions and simplifications, deal with situations that everyone can face - from the need to take a loan and choose the most successful option for saving money to finding the best strategy for forming a future pension. This is not a direct guide to action, but only supporting information that can be taken into account so as not to be in an unfavorable situation and not to lose sight of anything important when making financial decisions.
Increasing financial literacy
April 13, 2017 Governor of the Bank of Russia Elvira Nabiullina and Minister of Education and Science of the Russian Federation Olga Vasilyeva Roadmap for the inclusion of financial literacy in the programs of Russian educational organizations.
According to the document prepared by the interdepartmental working group, in 2017–2018, proposals will be developed for teaching the basics of financial literacy in preschool institutions, changes will be made to the existing programs of primary, basic, secondary, secondary vocational and higher education, methodological recommendations for teachers at all levels will be prepared , including additional education, and by 2019-2020 - proposals for introducing elements of financial literacy into the control and measuring materials of the unified state exam. To increase the motivation of both students and teachers, professional competitions and thematic olympiads are provided.
Materials for teachers
More reference, methodological and educational materials can be found in the specialized section for teachers of the Financial Culture website.
The concept of "financial culture" is much broader than the concept of "financial literacy". It assumes that a person not only has the necessary special knowledge, but also has a responsible attitude to finances, has the skills to form a personal budget, and knows how to manage it. Experts consider a sufficient level of financial culture to be one of the main conditions for the stable development of society, a guarantee of the well-being of every citizen.
A person with a financial culture has an idea of what processes are taking place in the modern economy, how money circulation works, how much inflation affects the life of society, how to properly verify the authenticity of banknotes or protect yourself from fraudsters. Armed with knowledge and financially cultured, a citizen is able to independently or with the help of a special loan or deposit calculator calculate the possible income from a certificate of deposit, debt or tax burden on the family budget.
In recent years, the Russian state has begun to pay more attention to the formation of a financial culture among citizens, including this issue in its list of priorities. The difficulty lies in the fact that the population of Russia varies greatly in terms of the level of knowledge and their financial capabilities. According to surveys, about half of Russians consider their knowledge in the financial sector insufficient and unsatisfactory. Moreover, even the presence of a high economic status and appropriate formal education cannot serve as a guarantee that the financial culture of such a citizen has been formed. Special programs to promote financial literacy and culture come to the rescue.
In August 2017, the Bank of Russia announced the launch of a new resource called "Financial Culture". This site is intended for the widest audience with different levels of education and financial capabilities. The creators of the project had a task: to analyze situations in an extremely simple form that absolutely everyone can meet. The range of such issues includes, in particular, the need to take a loan, choose the optimal form of saving money, find a reliable strategy for the formation of a future pension or investment.
University professors, methodologists and volunteers with experience in financial management are directly involved in the work on improving financial culture. Their joint activity is not advisory in nature, but has purely educational purposes. The situations considered in the course of training often contain simplifications and free assumptions, which helps not to drown in a sea of special terms and allows you to get an extremely general idea of the essence of a particular phenomenon in the world of finance.
The organizers of this resource believe that the site "Financial Culture" will be useful not only to consumers who are faced with the task of choosing a particular financial service, but also to those who intend to understand the structure and principles of the financial market.
I decided to write another article on a very topical topic, which, unfortunately, few people think about - financial culture. What it is, what it includes, what problems are most relevant in this area today, what everyone needs to know in order to be cultural financially, and how it can help in life - all this in today's publication. I hope it will be interesting and instructive.
So, what is financial culture in my understanding? I always recommend interpreting terms that are not quite clear, consisting of several clear words, first considering each word separately, and then connecting them together.
We go to the dictionaries and see that culture is upbringing, education, development, accumulation and application of skills and abilities in various areas of human life, and finance is money in motion. Thus, we can formulate the following definition:
Financial culture is the upbringing, development, accumulation and practical application of the skills and abilities of handling personal cash flows.
How are we doing with this? Unfortunately, bad. The overwhelming majority of the population has a very low level of financial culture, and this statement can be applied even to people who are cultural and educated in other areas of life.
Let's look at this question in more detail: what specific skills and abilities in dealing with personal finance do you need to develop in yourself? That is, what should a person's financial culture include?
In my opinion, there are 4 main areas here:
1. Skills and abilities of making money;
2. Skills and abilities of competent spending of money;
3. Skills and abilities of accumulation and preservation of money;
4. Skills and abilities to increase money.
And for each of these areas, the financial culture of our people leaves much to be desired. Moreover, I arranged them in descending order of this same financial culture. That is, people know best how to make money (I emphasize: not better in an absolute sense, but better in comparison with other areas). Slightly worse things are with the competent spending of money. Even worse - with their accumulation and preservation. Well, only a few out of tens and hundreds of thousands of people have the skills to increase money.
As you know, the vast majority of our people are constantly experiencing financial problems, in simple terms - they live in poverty. If you ask them why this is happening, they will surely begin to complain about the state, which “does not care” about them, about the lack of work, low wages and pensions, high prices, etc. At the same time, no one will say that the reason for such a deplorable financial condition is the low level of their own financial culture, financial literacy.
Of course, it is always easier to look for the causes of your troubles somewhere around, but not in yourself. I will say more - there really are these reasons around! And there are a lot of them. And it is virtually impossible to fight them. Well, after all, a person will not be able to resist rising prices in any way, if there are objective economic reasons for this. Therefore, there is only one way out of the distressful financial situation, which everyone can do - this is the development of their own financial culture: obtaining and applying in practice the skills and abilities of managing personal finances. Unfortunately, almost no one even thinks about this, so I once again focus on this point.
The financial culture of making money.
Most people believe that in order to earn money, you need to go to work. To earn a lot - you need to either move up the career ladder. This is a very superficial view of earnings.
Firstly, you need to know what exists, and in each of them there are many diverse areas for earning money, of which traditional work in most cases is, to be honest, not the most successful. Secondly, you need to understand that the ways of earning differ in general in nature, based on what resources a person uses to generate income (more on this in the article). And thirdly, it is important to know that the only source of income, no matter how reliable it may seem, is always very dangerous. After all, if it suddenly disappears, the income to the personal or family budget will stop, and what then to live on? Moreover, such a source as wages - it certainly cannot be considered reliable. Therefore, it is imperative to diversify your income: the more sources of income you have, the better, but it definitely should not be one source.
The financial culture of spending money.
If in the area of income a certain percentage of people still look for and find alternative ways to earn money, then things are worse with expenses. That is, our people do not know how to spend money wisely.
Judge for yourself: everyone complains about the constant lack of money, while they have smartphones and iPhones of the latest model. In many cases - bought on credit. With this simple example, I want to show that most people cannot correctly allocate those areas of spending that they really need, and, as they say, “affordable”.
And things are also bad with the necessary areas of spending: people do not know where and without even understanding the real meaning of the word “savings”, associating it with greed. They think stereotypes imposed by someone that “there are things that cannot be saved on” and this justifies their financial hole.
The financial culture of spending a personal budget is simply perfectly described in Semyon Slepakov's well-known hit:
I receive 9,000 rubles, which is enough for me for 30 days,
And if there are more days in a month, I borrow 300 rubles,
And if there are fewer days in a month, I save 300 rubles,
