NORDSCI Conference proceedings 2019, Book 2

Finance

FINANCIAL LITERACY AND PROTECTION OF RIGHTS OF CONSUMERS OF FINANCIAL SERVICES

Assoc. Prof. Vladimir Malyaev, PhD, Assoc. Prof. Andrey Nazarov

ABSTRACT

Financial literacy is a certain level of knowledge and skills in the financial sector, which in conditions of market economy enables the citizen to rationally assess the real situation and make the right life decisions. The problem of increasing the level of financial literacy in recent years and especially after the aggravation of the global financial crisis has become one of the priority tasks for governments in many countries, including the Russian Federation.
The results of the conducted studies indicate that the level of financial literacy of the Russian population is quite low, as most citizens are poorly oriented in the financial environment and few use the products and services offered by financial institutions. Improving the financial literacy in the Russian Federation will accelerate the development of certain financial instruments and segments of the market economy, implementation of national, regional and municipal programs.
The aim of this article is to present the results of the project on the development and implementation of programs to improve financial literacy at the level of municipal formation (City district of Dzerzhinsk, Nizhny Novgorod region, Russia).

KEYWORDS

financial literacy, financial inclusion, protection of the rights of consumers of financial services

REFERENCE

NORDSCI Conference Proceedings 2019, Book 2, Conference Proceedings, ISSN 2603-4107, ISBN 978-619-7495-06-5, FINANCIAL LITERACY AND PROTECTION OF RIGHTS OF CONSUMERS OF FINANCIAL SERVICES, 191-197 pp, DOI paper 10.32008/nordsci2019/b2/v2/24