to a broader definition which takes into account

‘behavior’, ‘attitudes’ and ‘skills’.

From ‘knowledge’

To compare the subjective and the objective indicators of FL

H1. Both indicators went up – the crisis was a good teacher.

H2. The subjective grades went up and the objective ones did not - FL did not increase while the overconfidence did.

To compare the subjective and the objective indicators of FL

H1. Both indicators went up – the crisis was a good teacher.

H2. The subjective grades went up and the objective ones did not - FL did not increase while the overconfidence did.

Managing money keeping records of income and expenditures reading the text of the contract before signing it

Making choices comparing offers from different banks and costs of different products before making the decision knowing about the state deposit insurance

Getting help being aware about the ways to protect consumer rights

Managing money keeping records of income and expenditures reading the text of the contract before signing it

Making choices comparing offers from different banks and costs of different products before making the decision knowing about the state deposit insurance

Getting help being aware about the ways to protect consumer rights

All-Russian surveys 18+ June 2008 - World Bank and NAFS November 2009 - Higher School of Economics and WCIOMDecember 2009 - NAFS February 2010 - NAFSAugust 2010 - NAFS

1600 respondents were interviewed in each wave representative for the whole Russia, cross-sections, similar

sampling procedures, sample error - 3,4%

%

What consumer rights protection laws are available and what one needs to do when one’s consumer rights are

violated

31

How does the pension scheme work and what methods are available to secure one’s old age income

26

I am not interested in any of such topics 25 What to do not to get up to one’s neck in debt when

using credits 22

How to plan purchases of durables (car, apartment, dacha) and evaluate one’s abilities to implement them

19

What information should a user pay attention to when signing a contract with a bank or another financial

company

18

%

government authorities regulating these markets

34

independent financial consultants 29

non-government organizations or public organizations involved in consumer rights protection

23

higher education institutions of economic and financial profile

23

20

Be cautious when the program is launched in the name of the state and better not aim it at increasing the use of financial servicesThe state should focus on the consumer rights protection and the advancement of financial markets – transparent and just rules of play. Better not to impose the patterned models of ‘proper’ behaviour through social marketingDo not make people feel overconfident about the level of their financial literacy

Be cautious when the program is launched in the name of the state and better not aim it at increasing the use of financial servicesThe state should focus on the consumer rights protection and the advancement of financial markets – transparent and just rules of play. Better not to impose the patterned models of ‘proper’ behaviour through social marketingDo not make people feel overconfident about the level of their financial literacy