Children and Finance 2.0:security of savings and payments

supported by the MasterCard, PJSC "BINBANK", the international organization Child & Youth Finance International and "NP RTS" Association
1663 respondents (adolescents and adults)
40 regions
150 settlements

The aim of the project

  • To intensify public discussion and stimulate the strategic activities of the state and financial organiations to educate the financially literate generation
  • Identify the potential risks of using financial products by children and adolescents
  • Analyse existing approaches for providing financial protection for children and adolescents
  • Determine the attitude of Russians towards issues of financial security for children and adolescents



Mastercard (NYSE: MA) – a company operating in the global payment industry. Manages the world's fastest payment processing network, which connects consumers, financial institutions, trade organisations, government and business structures in more than 210 countries and areas. Products and solutions of Mastercard allows you more easily, safely and efficiently to solve everyday problems. For instance, to make purchases, travel, conduct business and manage finances.

«B&N Bank» – B&N Bank today is a trusted, privately-owned financial institution – one of the largest in Russia. The Bank has a track record of dynamic development, and the assessments of national and international rating agencies confirm its reliability, stability and significant potential.

Nonprofit partnership RTS unites about 100 professional participants of the financial market and, conducts many projects including those that promote financial literacy.

International Development Fund in field of finance for children and youth (Child and Youth Finance International) – a nonprofit organisation, works to provide children and youth around the world with access to financial services, enhance their awareness of economic rights, and empower them to build their assets, invest in their future, and ultimately break the cycle of poverty.

Methodology of research

All Russian representative survey* of parents and adolescents through personalised formal interviews. The sample - 1663 respondents. The sampling error -3.4%.

Desk research*: analysis of Russian and international practice in the field of children's finance

Main findings

Financial risks facing children and youth

Children and youth are already active, but still particularly vulnerable participants in the financial world. Research special project identified the provision of the following groups of risks for children and youth from the aspect of using the services of banks and other financial organisations:

  1. "Unauthorised" expenses
  2. Low level of financial literacy
  3. Financial infrastructure was developed for adult use and remains unadapted for children
  4. Low information availability 
  5. Risks of personal information and funds transmission 

Exactly these "pressure points" must be in the focus of regulators and players of the market in developing recommendations, norms and products for children and adolescent. 

The data of the all-Russian survey: the attitude of Russians towards the financial security of children

Most of the children of  the age of 14-17 have their own money (pocket, earned or donated by relatives), more than a third own a bank card. 



However, Russians believe that the safest age to start using financial products is 19. Vast majority of our fellow citizens agree that the age of up to 13 is not safe for the use of any financial products and services.


Parents are reluctant to take responsibility for the development of financial competencies of their children and do not involve them in planning the family budget. Both in Russia and in the global community there is no established approach to protect the rights of children as consumers of financial services.


The vast majority of children and adolescents know that in using a bank card,they might encounter fraud and only one out of ten adolescents confesses that they know almost nothing about such a problem. Almost a third of the surveyed children who have a card do not use protective measures.



PR activities

On April 4th, the TASS Press Centre hosted a press conference on "Children's Finance Safety", which was attended by 35 journalists and people who were interested in the topic. To participate as a speaker, were invited:

  • Anna Zelentsova, coordinator of  the project of the Ministry of Finance of the Russian Federation "Promoting the level financial literacy of the population and the development of financial education in the Russian Federation”,Co-chair of Financial Literacy and Consumer Protection Working Group of G20 – Global Partnership for Financial Inclusion.

  • Alexandr Kolankov, service advisor of the Bank of Russia for the consumer rights protection of financial services and minority shareholders.

  • Galina Ganeeva, vice president of MasterCard Russia.

  • Pavel Kravchenko, head of products and "B&N Bank Credit Cards" portfolio management department. 

  • Guzelia Imaeva, Chief Executive Officer at NAFI Analytical Centre,  the leader of the group of collecting statistics of the Expert Council on financial literacy of the Bank of Russia.

  • Alexandra Krivushkova, student of Moscow school, winner of the interregional business game "Become the first" with the project "Binbank Junior".

Video of the press conference 
Detailed analytics 

Additional materials of partners

Within the press conference, MasterCard introduced a compilation of recommendations to create banking and payment products for adolescents* 

The guide-  "Safer payment products for minors" provides recommended practices for developing safe banking and payment products that support minor’s rights whilst protecting them from age-inappropriate content. Financial Service Providers should treat minors with respect and not discriminate based on economic, social, cultural or religious situation, gender, age or ability.

Access to payment products is easier, quicker and more convenient than ever before as a result of the worldwide increase in digital payment services. These payment products are playing a pivotal role in creating greater access to financial services, as well as increasing financial inclusion and education – particularly for minors. As the number of products available for minors has risen. It is incumbent upon Financial Service Providers to offer safe, secure and responsible products that support not only the financial needs of minors but also help mitigate the associated risks.

Download the full study in English.

* Сборник рекомендаций «Безопасные платежные решения для детей и подростков» был разработан Mastercard, Международным фондом развития в области финансов для детей и молодежи (CYFI), платежным сервисом ParentPay, финансовым мобильным приложением Nimbl и компанией Mirador Digital при поддержке других участников финансового сектора.