THE DEVELOPMENT OF A FINANCIAL LITERACY SYSTEM IN RUSSIA

Abstract

The article touches upon the issues of financial literacy development in Russia. The author considers financial literacy as a set of procedures that build up the system of financial literacy institution development including financial inclusion, an increase in financial literacy and a strengthening of the protection of consumers’ rights in regard to financial services. The author presents research findings that indicate a poor financial literacy level in Russia. The key conclusion reflects the goal of the paper: the development of the financial literacy system depends on the demand for innovative financial services and the measures taken by the government to develop the financial literacy system.