IDEAS home Printed from https://ideas.repec.org/a/fru/finjrn/260206p100-117.html

Financial Literacy of Russian Youth: Current Trends and Transformation of Competencies

Author

Listed:
  • Olena Sokolovska

    (St. Petersburg State University, St. Petersburg, Russian Federation)

Abstract

The challenges that Russian economy faces affect the financial behavior of citizens and require the transformation in financial literacy. This is especially important for young people, who are exposed to the risks of irrational financial behavior to a greater extent than the adult population. This, in turn, determines the importance of studying the characteristics of financial knowledge and financial behavior of modern Russian youth. We summarize the results of a review of modern academic literature on financial literacy and financial behavior of young people in countries around the world, based on which we develop a model of formation of financial literacy of youth. We present the results of a comparative analysis of the financial competencies of the adult population and young people in Russia and we identify the features of financial knowledge and financial behavior of Russian youth and their consistency with trends in countries worldwide. Based on the results of the study we determine areas for improving existing programs and practices in order to increase the financial literacy of young people in Russia. They include the continuous updating of the formation of financial competencies of young people; the continuous approach to the development of youth’s financial literacy with the possibility of a step-bystep education; the expansion of units on investments and medium- and long-term financial planning in financial literacy programs; the strengthening the behavioral component of programs, focused on the emotional aspects of financial decision-making; the participation of young people in financial consulting of citizens. We also provide examples of current practices of St. Petersburg State University focused on improving the students’ financial literacy.

Suggested Citation

  • Olena Sokolovska, 2026. "Financial Literacy of Russian Youth: Current Trends and Transformation of Competencies," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 100-117, April.
    • Handle: RePEc:fru:finjrn:260206:p:100-117
    DOI: 10.31107/2075-1990-2026-2-100-117
    as

    Download full text from publisher

    File URL: https://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2026/2/statii/06_2_2026_v18.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.31107/2075-1990-2026-2-100-117?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Fernando Angulo-Ruiz & Albena Pergelova, 2015. "An Empowerment Model of Youth Financial Behavior," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(3), pages 550-575, November.
    2. Gilenko, Evgenii & Chernova, Aleksandra, 2021. "Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach," Children and Youth Services Review, Elsevier, vol. 127(C).
    3. Kwame Mireku & Francis Appiah & Joseph Akadeagre Agana, 2023. "Is there a link between financial literacy and financial behaviour?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 11(1), pages 2188712-218, December.
    4. Khanh Duy Pham & Vu Linh Toan Le, 2023. "Nexus between Financial Education, Literacy, and Financial Behavior: Insights from Vietnamese Young Generations," Sustainability, MDPI, vol. 15(20), pages 1-21, October.
    5. Razen, Michael & Huber, Jürgen & Hueber, Laura & Kirchler, Michael & Stefan, Matthias, 2021. "Financial literacy, economic preferences, and adolescents’ field behavior," Finance Research Letters, Elsevier, vol. 40(C).
    6. Feby Yanti & Endri Endri, 2024. "Financial Behavior, Overconfidence, Risk Perception and Investment Decisions: The Mediating Role of Financial Literacy," International Journal of Economics and Financial Issues, Econjournals, vol. 14(5), pages 289-298, September.
    7. Ashley B. LeBaron & Heather H. Kelley, 2021. "Financial Socialization: A Decade in Review," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 195-206, July.
    8. Mahfuzur Rahman & Che Ruhana Isa & Muhammad Mehedi Masud & Moniruzzaman Sarker & Nazreen T. Chowdhury, 2021. "The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia," Future Business Journal, Springer, vol. 7(1), pages 1-18, December.
    9. Olga Yu. Dmitrieva & Evgeniy N. Kadyshev & Polina G. Gorbynova & Alisa O. Patyanova, 2025. "Regional Practice of Coordination of Activities to Increase Financial Literacy of the Population," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 82-99, April.
    10. Tohar, Gilad & Akron, Sagi, 2025. "Financial literacy cognitions and optimal financial behavior," Finance Research Letters, Elsevier, vol. 83(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pankaj Kumar & Pardeep Ahlawat & Aarti Deveshwar & Mahender Yadav, 2025. "Do Villagers’ Financial Socialization, Financial Literacy, Financial Attitude, and Financial Behavior Predict Their Financial Well-Being? Evidence from an Emerging India," Journal of Family and Economic Issues, Springer, vol. 46(3), pages 802-820, September.
    2. Tang My Sang, 2026. "Determinants of financial well-being: the roles of family financial socialization, financial literacy, financial inclusion, and propensity to plan," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 31(1), pages 1-14, March.
    3. Panos, Georgios A. & Wright, Robert E., 2025. "Financial teaching and financial understanding amongst young people," Economics Letters, Elsevier, vol. 251(C).
    4. Zahrotul Auliya Rahmawati & Nur Khusniyah Indrawati & Siti Aisjah, 2024. "Building financial well-being through financial socialization and literacy A study of millennial employees at PT. Solusi Bangun Indonesia Tbk," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 13(5), pages 450-462, July.
    5. Alhassan Musah & Deodat Emilson Adenutsi, 2025. "Financial risk tolerance and financial behaviour of microentrepreneurs in Ghana," SN Business & Economics, Springer, vol. 5(11), pages 1-27, November.
    6. Chelom E. Leavitt & Ashley B. LeBaron-Black, 2025. "Two Taboos: The Money and Sex Model (MSM) in Romantic Relationships," Journal of Family and Economic Issues, Springer, vol. 46(3), pages 954-972, September.
    7. Yunju Nam & Margaret S. Sherraden & Eun Jeong Lee & Jin Huang, 2022. "Building financial capability among low‐income older Asian immigrants: The roles of financial access and locus of control," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(4), pages 1683-1704, December.
    8. Zewei Liu & Ji-Kang Chen, 2024. "Financial Resilience and Adolescent Development: Exploring a Construct of Family Socioeconomic Determinants and Its Associated Psychological and School Outcomes," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 17(5), pages 2283-2318, October.
    9. Ionut Marius Croitoru & Paula-Paraschiva Dragan (SPIRIDON) & Nicoleta Daniela Ignat & Romanita Jumanca, 2025. "Exploring Financial Literacy in Higher Education with the Help of FinTech: A Bibliometric Analysis of Linkages to Access, Behavior, and Well-Being Through Digital Innovation," FinTech, MDPI, vol. 4(1), pages 1-17, January.
    10. Asni Binti Mat Saad & Gavin Jonathan & Aza Azlina Md Kassim & Maryam Yousefi Nejad, 2023. "Money Management Behavior among Adults in Indonesia," Information Management and Business Review, AMH International, vol. 15(4), pages 146-154.
    11. Susnaningsih Muat & Nurul Shahnaz Mahdzan & Mohd Edil Abd Sukor, 2025. "How Do Family Financial Socialization and Financial Literacy Dimensions Shape the Financial Well-Being of Indonesian Millennials? A Serial Mediation Analysis," Journal of Family and Economic Issues, Springer, vol. 46(3), pages 867-886, September.
    12. Adam Ndou & Sam Ngwenya, 2022. "The Influence of Parental Financial Socialization on Young Black African Adults’ Financial Behavior," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 10(4), pages 120-134.
    13. Katarzyna Czech & Luiza Ochnio & Michał Wielechowski & Serhiy Zabolotnyy, 2024. "Financial Literacy: Identification of the Challenges, Needs, and Difficulties among Adults Living in Rural Areas," Agriculture, MDPI, vol. 14(10), pages 1-17, September.
    14. Øystein Bortne & Jone Bjornestad & Mads Nordmo Arnestad & Tore Tjora & Kolbjørn Kallesten Brønnick, 2024. "The role of persuasion by significant others and engagement in bank-switching intention," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1279-1290, December.
    15. Maslina Mansor & Mohamad Fazli Sabri & Mustazar Mansur & Muslimah Ithnin & Amirah Shazana Magli & Abd Rahim Husniyah & Nurul Shahnaz Mahdzan & Mohd Amim Othman & Roza Hazli Zakaria & Nurulhuda Mohd Sa, 2022. "Analysing the Predictors of Financial Stress and Financial Well-Being among the Bottom 40 Percent (B40) Households in Malaysia," IJERPH, MDPI, vol. 19(19), pages 1-23, September.
    16. repec:bcp:journl:v:9:y:2025:i:10:p:3029-3039 is not listed on IDEAS
    17. Terri Friedline & Stacia West, 2016. "Financial Education is not Enough: Millennials May Need Financial Capability to Demonstrate Healthier Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 37(4), pages 649-671, December.
    18. Shu Meng & Xin Gao & Lianfeng Duan, 2022. "Facing the COVID-19 Pandemic and Developing a Sustainable Entrepreneurial Ecosystem: The Theory and Practice of Innovation and Entrepreneurship Policies in China," IJERPH, MDPI, vol. 19(14), pages 1-20, July.
    19. Yu Zhang & Swarn Chatterjee, 2023. "Financial Well-Being in the United States: The Roles of Financial Literacy and Financial Stress," Sustainability, MDPI, vol. 15(5), pages 1-18, March.
    20. John de New & David Ribar & Christopher Ryan & Clement Wong, 2020. "Financial Outcomes in Adolescence and Early Adulthood in Australian Longitudinal Data," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(1), pages 126-138, March.
    21. Carlsson Hauff, Jeanette & Hermansson, Cecilia, 2023. "“Buy him some Tesla stocks for his baptism”: Gender differences among young savers," Working Paper Series 23/12, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance, revised 19 Sep 2024.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fru:finjrn:260206:p:100-117. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gennady Ageev (email available below). General contact details of provider: https://edirc.repec.org/data/frigvru.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.