Sudakova A.E.Ural Federal University named after the First President of Russia B.N. Yeltsin, Yekaterinburg, Russian Federation a-chusova@mail.ru
Subject The article considers issues of financial literacy.
Objectives The purpose of the study is to disclose the nature of financial literacy, identify its components, offer an updated concept, evaluate the level of financial literacy and provide recommendations to enhance it.
Methods The analyzed cohort is students getting general secondary education in general educational institutions and vocational secondary education in vocational secondary educational institutions. The study can be qualified as a panel one. It represents a sociological experiment aimed at identifying the level of financial literacy of the target audience through questionnaires and interviews.
Results The paper updates the concept of financial literacy. Based on the surveys, it provides recommendations and concludes that the financial literacy of the analyzed cohort is at the average level. The students are not aware of important financial elements, have no confidence in State financial institutions and organizations protecting their rights.
Conclusions The need for the study of financial literacy is dictated by the complexity of the elements of the financial system. The updated concept of financial literacy may serve as a reference point for questionnaires and surveys.
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