A research has been conducted in Russia to access the level of financial knowledge among the country’s children and youth. This research was initiated by National Agency for Financial Studies (NAFI), under the project called ‘Children and Finance’.
Next to financial knowledge, the factors that exert most influence on the financial behaviour of children and youth were also assessed, as well as throughout desk research of best international practices was conducted. The project was sponsored by MasterCard and further supported by the Association of Russian Banks, Non-profit Partnership for the Development of Financial Market RTS, and Child & Youth Finance International (CYFI). The research was carried out between February and May of 2015 and involved both quantitative and qualitative methods like focus group discussions with children, online surveys, and interviews with parents throughout the country.
The results were published at the end of 2015 and exposed a quite drastic situation concerning financial knowledge of children and youth. Starting with parents, only 8% of them appeared to be keeping detailed financial records of family’s income and expenses. As there is no coherent program for financial education throughout the country, it is the task of parents to teach their children the basics of financial system. However, 77% of parents do not keep financial records and 73% do not involve their children in financial decisions. Further, only 16% of parents are interested in the opinions of their children about financial matters.
The overall conclusion of the report is that children and youth are under risk of being financially illiterate. They depend on their parents for guidance in financial matters, who often themselves lack the necessary knowledge and experience in the area.
The report also includes a very interesting review of international, as well as Russian banking products for children and youth available on the market at the moment.