Financial Literacy Programme

The Challenge

• Only 0,5% of population in Russia plan their personal or family budget more than for 1 year ahead
• More than 70% of people don’t have any kind of insurance
• About 70% of people don’t know what to do about their future pensions
• 40% of population don’t use bank products
• 40% of active population believe that government return them their investments in the case of failure

IBLF Involvement

Main goals of Financial literacy program by IBLF are:

• Increase awareness of financial literacy and its benefits;
• Encourage people to engage with financial information and resources and take ownership of their sustainable future;
• Help to obtain knowledge, skills and willingness to make competent financial decisions;
• Improve business effectiveness, market sustainability, fairness, confidence, and growth of economy.

The Program include the following activities:

Web site www.azbukafinansov.ru

• Free on-line consultations
• Lessons and manuals for students and teachers;
• Information for adults about saving, credits, investments, budgeting, pensions, credit stories, bank services, consumers rights and responsibilities;
• Financial literacy for small business
• Useful web sites and resources on financial literacy

Financial literacy education for employees

• seminars and consultations (on-line and in-person) on personal finance regarding:
• Personal financial planning
• Russian and foreign investment instruments
• Credits and financial risks of personal insolvency
• Insurance
• Pension plans
• Personal taxation etc.

Publications on Financial Literacy

• A book for pupils on personal finance and a manual for teachers
• A book for students and adults on personal finance
• Articles in leading newspapers and magazines

Financial literacy events

• Round tables for experts in financial literacy
• Annual conferences on financial literacy

Financial literacy research projects

• Financial literacy measurement
• Current initiatives in financial literacy etc.

Cooperation with other web-sites on financial literacy

• Materials exchange
• Editing help
• References exchange etc.

Progress to date in Russia

• more than 150 000 people have visited www.azbukafinansov.ru
• over 400 visitors have used on-line consultations on personal finance
• 2 major companies have introduced corporate consultations on personal finance, over 150 employees have been advised on effective personal finance management
• books “Financial Literacy” aimed at students and adults and "Financial Literacy for Schollchildren" have been published and is available at www.azbukafinansov.ru for free download
• a study of the level of financial literacy has been conducted
• 2 major conferences devoted to financial literacy have been conducted with the number of visitors exceeding 300 people 

Contacts: Natalia Smirnova, Financial Literacy Programme Manager, editor of educational web-portal (www.azbukafinansov.ru), Natalia.Smirnova@iblf.ru