The financial culture index in Russia has been calculated for the first time, revealing a baseline value of 41.7 out of 100. This pilot index is based on data from the first half of 2024 and will serve as a benchmark for future studies.
This index reflects individuals’ awareness when making financial decisions and considering related risks. It was developed at the request of the Bank of Russia and the Russian Ministry of Finance by experts from Lomonosov Moscow State University and InFOM, using opinion surveys and statistical data. The surveys highlight individuals’ values and attitudes, while the statistical data shows behavior resulting from these attitudes.
Bank of Russia Governor Elvira Nabiullina stated, “This index is an innovation. Globally, financial literacy, rather than culture, is measured. The distinctive feature of the financial culture index is that it measures not so much individuals’ knowledge as the way attitudes, values, and knowledge translate into behavior.”
The index aims to evaluate whether the Strategy for Improving Financial Literacy and Developing Financial Culture Until 2030 is being successfully implemented. The Bank of Russia and the Government will focus on boosting individuals’ confidence in the financial market, encouraging long-term planning skills, and promoting responsibility for financial decisions.
Individuals need to understand their financial rights and capabilities when investing or using borrowed funds, have insurance for risks, and know how to choose appropriate financial products.
Russian Minister of Finance Anton Siluanov noted that “around 80% of Russians would like to study various financial topics” which highlights the importance of enhancing financial education. He emphasized mutual interest among government, businesses, and individuals in developing financial culture to ensure personal well-being, improve business performance, strengthen state sovereignty, and foster economic growth.
In 2025, priorities will include cooperating with enterprises and scaling regional projects within this strategy. The Bank of Russia and Russian Ministry of Finance held their first Financial Culture Capital competition in 2024 to support regional initiatives aimed at improving financial literacy. Twenty-one regions qualified for this competition’s next round with a winner set to be announced in early 2025.
The calculation for this index will occur every three years with results based on 2024 data expected in early 2025.
