The Ministry of Finance called the risk to the Russians in matters of financial literacy

© RIA Novosti / Natalia to Seliverstova in photobacteria of the Ministry of Finance of the Russian Federation. Archival photoThe Ministry of Finance called the risk to the Russians in matters of financial literacy© RIA Novosti / Natalia to Seliverstova the image Bank

Risk issues financial literacy of Russians is their lack of awareness about the system of consumer protection in the financial services market, as well as increased in recent years, the digitalization of such services, said the Director of the Department of international financial relations Ministry of Finance of Russia Andrey Bokarev.

«Unfortunately, the Russians still often unaware of the opportunities offered to them by the system of consumer protection in relation to financial institutions, do not know where to turn to for advice. And even in those cases when they have such information, they believe that certain banking institutions can certainly win in court and for them it will only lead to more waste of time and money,» said Bokarev at the opening of the V all-Russian week of savings.

Another risk factor not only for Russia but for the entire international community is sharply increased in recent years, the digitalization of financial services. «Not all of the products and services in a timely manner can be prescribed by law, and unfair participants of financial markets use it», — said the head of the Department of Treasury.

In addition, risk is the psychological unpreparedness and lack of understanding of people that, in principle, financial literacy is an area of knowledge that in the XXI century is necessary for everyone, regardless of occupation, level of income. «Here we aim to solve the task to convey this understanding», he said.

According to Bokarev, financial literacy adults and youth need to use different approaches. «On the one hand, to work with young people is easier, because it’s that audience that she is learning, willing to learn something new, there are formats in which it can be done. It schools, institutes, and various electives. We in all these formats is, of course, children and the younger generation is ready to accept something new,» he said.

However, young people have often no own experience, continued Bokarev. «And here, perhaps, the advantage of the older generation — they can do something to improve your life experience. At the same time they can be exposed to the formed stereotypes. Can take suggestions to improve financial literacy as something unnecessary,» he added.

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