The Turks were the financial literacy of Russians

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Photo: Umit Bektas / Reuters

Russia took ninth place among the countries “the Big twenty” on the financial literacy of the population. To such conclusion the Organization for economic cooperation and development (OECD) and the Russian Ministry of Finance in their joint study.

According to the authors of the ranking takes into account indicators 17 of the 20 members of the “Big twenty” (G20). In addition to individual countries, also forms part of the European Union. First place in the level of financial literacy of the population of France won with a score of 14.9 points out of 21 possible. In the second place Canada (14.6 points), the third China (14,1).

Russia was in ninth place with a score of 12.2 points. Above our country is located in Indonesia (sixth place with 13.4 points) and Turkey (eighth place with 12,5 points). Two members of the “Big twenty” in South Africa, and Japan — have not provided all the data, so the results were not considered on par with the rest.

The authors assessed the countries according to three main parameters: financial knowledge, behaviour and attitudes. The inhabitants of the surveyed countries were asked the appropriate questions. In particular, the assessment of the level of financial knowledge suggested questions on financial math and an understanding of key terms. It is noted that for this parameter the results were weak, the inhabitants of most countries and the average level of correct answers is 42 percent.

By financial behavior, the authors understand planning personal and family budget, the ability to deliberate purchases, timely payment of accounts under the financial attitudes — the desire to live for the moment, the balance of spending and saving, and understanding the function of money in private life.

In January, the first Deputy Chairman of the Central Bank Sergey Shvetsov said that the reason for the low financial literacy of Russians in Russian fairy tales, which “are forced to believe in easy money and create hindrances for the improvement of financial culture”.

Video, photo All from Russia.

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