Financial literacy will be taught in Russian schools from grades 1 to 9
The Central Bank of Russia announced that compulsory teaching of financial literacy from the first to the ninth grades was added to the new state educational standards developed with its participation.
In elementary school, according to the message of the Central Bank of the Russian Federation, elements of financial literacy will appear in lessons such as “Mathematics” and “The World Around”, in grades 5-9 – in the subjects “Social Studies”, “Mathematics” and “Geography”.
The Bank of Russia says that schoolchildren from the first grade will be taught how to safely behave on the Internet, including making financial transactions, analyze family income and expenses, and draw up a personal financial plan.
From the fifth grade, schoolchildren will assess the risks of entrepreneurial activity, study the “unfair practices of financial organizations” and types of financial fraud, calculate the prices of goods, the cost of purchases and services, taxes, determine the quality of life of a person, family and financial well-being, as well as draw up various documents – statements , appeals, declarations, powers of attorney.
Education in the first and fifth grades according to the new standards will begin on September 1, 2022, but “in agreement with the parents” the programs can be changed as early as 2021.
The Bank of Russia has consistently advocated improving financial literacy among Russians. In 2019, the first deputy chairman of the Central Bank, Sergei Shvetsov, called for a change in Russian fairy tales that teach children “freebies.” In April 2021, the head of the Central Bank Elvira Nabiullina at an open online lesson on financial literacy advised schoolchildren not to buy a PS5 console on credit.
In June, the Central Bank proposed reducing the age of private investors to enter the stock exchange to 12 years.