The seventh edition of the Russian Online Financial Literacy Test has seen participation from over 2 million individuals, marking an increase of nearly 10% compared to last year. According to reports, 70% of participants successfully completed the self-assessment test. The top performers were residents from the Ryazan Region, City of Sevastopol, Republic of Buryatia, Penza, and Kaliningrad Regions.
Participants this year had the option to select scenarios relevant to their lives and answer related questions. The most popular topics included ‘Saving for a financial goal’, ‘Improving financial literacy’, and ‘Avoiding scams’. Over 80% answered these questions correctly. However, questions on starting a business, pensions, and purchasing property proved more challenging.
Middle and high school students excelled in digital security and countering financial fraud tasks but found investment, financial consumer protection, and banking products more difficult.
The test was open to families as well, with more than 85,000 teams participating. Families from Chukotka Autonomous Area and Arkhangelsk, Ryazan, Ivanovo, and Kaliningrad Regions displayed notable financial literacy skills.
This year marks the second consecutive time that a school test for grades 5-11 was included in the Russian Online Financial Literacy Test by the Bank of Russia. Out of 24,800 students nationwide who participated, over 300 advanced successfully. These students reached the finals in the 'Financial Literacy' category of the All-Russian Contest 'The Highest Standard', organized by HSE University. Notably, only six finalists emerged last year.
The Bank of Russia intends to utilize these test results to guide its financial education initiatives across various Russian regions based on identified areas needing further attention.