SOCIO-ECONOMIC ASPECTS OF THE DEVELOPMENT OF FINANCIAL LITERACY OF THE POPULATION

UDC 336
DOI: 10.36871/ek.up.p.r.2023.09.02.010

Authors

Alexander S. Akimov,
Russian New University

Abstract

Currently, financial literacy of the population is one of the key aspects affecting the economic stability and social well-being of Russian regions. The author has identified several factors influencing the formation of financial literacy among the population, which differs from the regions and their socio-economic standard of living. The paper discusses the basic principles of personal finance management, including budget management, cost reduction, debt reduction and the creation of reserve funds. The directions for the formation of financial literacy of the population, based on the age category of citizens, are also highlighted, including training courses and trainings in schools, universities, business schools, libraries, employment centers and other public places, the development and expansion of access to financial resources, raising public awareness about financial products and services, the use of modern technologies.

Keywords

financial planning, investment, debt and credit management, budgeting, economic security, retirement planning, risks and risk management, financial literacy, financial analytics, personal finance.