Almost half of Russians do not consider themselves to be financially literate

© Fotolia / patpitchayaРабота with finances. Archival photoAlmost half of Russians do not consider themselves to be financially literate© Fotolia / patpitchaya

Almost half (46%) of Russians believe poor your knowledge in the financial sector, according to the results of monitoring conducted by the HSE at the end of 2016.

«The population has become adequate to assess their knowledge in the financial sector. Almost half (46%) found them unsatisfactory. The proportion of those who put up a school «unit» (there is no knowledge at all), increased from 16% to 20%,» — said in a survey of 1,600 respondents older than 18 years.

More than half of Russian citizens do not provide a written accounting of income and expenses of the family budget, almost one in ten it is not known how much money was received and spent during the month. 51% of the citizens are not versed in the peculiarities of the state system of Deposit insurance, few (29%) understand the relationship between risk and return. Almost every tenth Russian, signing financial contracts, not read them, 26% read, but put a signature, regardless of the understanding, and only 35% read, clarify and get advice.

At the same time, financial arithmetic cope from 50% to 76% of Russians (depending on questions). So, they understand how much profit you will receive from the Bank Deposit for a specified period under a certain percentage, will adjust as income, inflation or how not to miscalculate with discount on sale.

However, experts note that these skills do not give the overall picture of financial literacy — it is also important to have information about the market, important guidance in handling personal finances. By analyzing these figures from 2009, the researchers concluded: the level of financial literacy of Russians is changing, but the need for literacy remains.

Meanwhile, «Russia financial literacy in the greater degree people with high income at age 36-45 years of age, College graduates, and residents of large cities,» concludes the researchers.

Source