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FINANCIAL LITERACY: FROM THEORY TO PRACTICE
Abstract
The article discusses financial literacy-FL, the history of its development, and the current research conducted in this sphere. The author carried out a survey that studied the level of FL of the target audience and developed guidelines for the improvement of FL among the population. The surveys were aimed at finding out how aware the target audience is of the information that constitutes FL. The survey results have shown that students were poorly informed about the pension system and banking products and services (except for mobile banking applications and the electronic wallet), but that they were aware of saving practices and consumer rights protection. Our experience of conducting lectures on financial literacy has allowed us to draw conclusions and elaborate guidelines for enhancing financial literacy of senior school students. Thus, it can be concluded that students lack financial knowledge and are in need of communication with experts in this field. We believe that such communication can be organized in the form of optional regular lectures. It is also important that such lectures should focus on practical matters, in particular, instructing students how to understand and evaluate the information necessary to make sensible decisions and how to predict possible consequences of such decisions. Students should also be taught how to make informed judgements and manage their financial resources; how to apply their knowledge, skills and values when shopping and in other financial contexts; and how to take responsible decisions which will affect their lives, the lives of other people, their communities and the environment.
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References4
Kuzina O.E. (2015. Financial Literacy and Financial Capability: Definitions, Measurement Methods, and Analysis in the Case of Russia. Voprosy Ekonomiki. No 8. P. 129-148. URL: http://dlib.eastview.com/browse/doc/45117851 (last accessed: 15.09.2016).
Huston S. J. (2010). Measuring Financial Literacy // The Journal of Consumer Affairs. 44(2): 296-316. URL: http://onlinelibrary.wiley.com/doi/DOI: 10.1111/j.1745-6606.2010.01170.x/epdf (last accessed: 15.09.2016).
OECD INFE. (2011). Measuring Financial Literacy: Core Questionnaire in Measuring Financial Literacy: Questionnaire and Guidance Notes for Conducting an Internationally Comparable Survey of Financial Literacy. Paris: OECD.
Kempson E.; Perotti V.; Scott K. (2013). Measuring Financial Capability: a New Instrument and Results from Low- and Middle-Income Countries. Financial Literacy and Education Russia Trust Fund. Washington DC: World Bank.URL: http://documents.worldbank.org/curated/en/391291468152086725/Measuring-financial-capability-a-new-instrument-and-results-from-low-and-middle-income-countries (last accessed: 15.09.2016).
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Number of times cited according to Crossref: 6
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