FBK’ Financial Literacy Strategy approved by MoF

Experts from the FBK Economic and Law School and the FBK Public Sector Advisory Department completed the development of the National Financial Literacy Strategy. It is for the first time in Russia that such a nationwide initiative has been implemented and approved by the MoF. The blueprint strategy document will be proposed for public discussion at specialised inter-ministerial commissions, field-specific associations and agencies.

“This initiative has far-reaching positive implications for the people of this country, for the growth of their wellbeing, it will facilitate making well-balances and well-educated decisions while making choices of a lender, deciding on the type size and repayment terms of a loan or an investment, it will also reduce the overall level of dissatisfaction of the general public with the quality of banking and financial services,” Sergey Shapiguzov, the leader of the initiative, FBK Grant Thornton President commented.

Behaving responsibly on the financial services market, on the part of the consumer as well as on the part of services providers (including banks, financial institutions), works only when each stakeholder is well aware and well-educated about the market as a whole and specific services, in particular. And while we have been seeing the efforts that banks are undertaking to raise awareness of people about financial products and instruments for quite a while, the consumer still lacks understanding of principles and patterns of such services, and it is for the first time when such tremendous effort has been applied to work out such a policy paper to address this issue, as opined by Sergey Pyatenko, General director at the FBK ELS.

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