Measuring Financial Literacyin all regions of Russia
Digital Literacy for the Economy of the Future
Business Digitalization Index. Bank Otkritie
Special projectWomen Business Index
Analysis and ForecastsView all
Digital Literacy of Russians Is Increasing
29 march 2019
Russians Self-Assess Their Financial Literacy Level Higher
14 november 2018
Head of Research Projects. HR Research Direction
High interest in obtaining remote medical services and in using bracelets that measure health status and transmit data to a doctor is the result of digitalization and passion for healthy lifestyle, especially among young people.
The research results, as well as similar data from the FCS, demonstrate the weak participation of Russian small and medium-sized business in the system of international trade relations. At first sight, the economic sanctions imposed on Russia and the related restrictions on imports of Russian products seem to be the main reason for such situation.
A specific feature of the insurance market is the low dynamics of the digitalization level: for example, the share of Russians who obtained an online insurance policy did not change from 2016 to 2019. The dynamics of digitalization of consumer behavior on the banking market is more obvious. For example, the proportion of Russians who prefer a non-cash payment method tripled - from 16% to 46% - over a similar period (2015-2019).
Head of HR and Energy Industry Research
Searching for work through acquaintances remains popular among Russians. Despite the fact that this method has significant advantages: easier to adapt to the future team, opportunity to get first-hand information about working conditions, salary and corporate management culture, there are some disadvantages: people could miss chance to find a better job if he or she widen the circle of job search.
Some barriers to the use of cashless payment remain today. They include uneven development of infrastructure: territorial and the other one associated with the type of seller of goods and services (for example, market traders, self-employed, working for cash, etc.), (b) low digital literacy of some segments of consumers, including those who can afford to pay (for example, retirees), on the one hand, conservative and accustomed to cash, and on the other, those who do not understand how non-cash payment works, who do not know how to protect against digital fraud and who are afraid of losing money using fintech solutions.
Payment discipline of Russians is now at a low level. According to the All-Russian study of financial literacy conducted by NAFI in the framework of a joint project of the Ministry of Finance of Russia and the World Bank, 44% of citizens have a low level of financial literacy. The size of loan payments exceeds one third of monthly income for 16% of borrowers, what automatically puts them at risk zone: it increases the possibility that they will not be able to return loan within the prescribed period.
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NAFI about financial literacy at SPIEF
08 June 2019