Russia Took 9th Place in the Financial Literacy Rating Among the G20 Countries
OREANDA-NEWS Russia took 9th place among the G20 countries in the rating of financial literacy of the population on the results of a study conducted in the framework of a joint project of the Ministry of Finance of the Russian Federation and the World Bank. The key research findings presented on the website Verifikasi.ru.
Studies of the level of financial literacy were conducted in all 85 subjects of the Russian Federation in July 2018. During the study, 85 thousand respondents were interviewed.
"The financial literacy index of the Russian population was 12.12 points with a possible maximum of 21 points. According to this indicator our country occupies the 9th place among the countries of the G20 ("Big twenty"). Average rating financial literacy for G20 countries is 12.7 points. Among the G20 countries, the financial literacy index is highest in France (14.9) and Canada (14.6), and lowest in Italy (11.0) and Saudi Arabia (9.6)," the study said.
The authors came to the conclusion that the Russians have accumulated knowledge, skills and attitudes leading to the growth of financial literacy up to about 30 years. By the age of 30, the index reaches the level of about 12.5 and stays at this level until about 45 years. After that, the growth of the index stops and begins its gradual decline with increasing age.
The average values of the index for men and women differ little: 12.06 for men and 12.18 for women. The gender differences in the index are almost imperceptible (within 0.15 points) until about 40 years of age, but after 40 years the superiority of women becomes apparent (up to 0.5 points). The authors of the study attributed this to the fact that women are more involved in the financial activities of the family: planning of regular expenses, the organization of financing of dependents, etc.