The Russian Ministry of Education has announced that there are no plans to introduce a new subject on financial literacy in schools. This was reported by the press service of the department.
“We are not talking about the introduction of a new subject, and this will not lead to an increase in the hourly permissible workload for the children,” the statement said.
Earlier today, the Bank of Russia announced that schoolchildren in grades 1-9 will start teaching financial literacy. The corresponding norm is enshrined in the new educational standards.
Thus, primary school students in the framework of “The World Around” and “Mathematics” will study the terms “family budget” and “rationality”, as well as the relationship between work, craving for work and economic well-being. In high school, in Social Science, Informatics, Geography and other lessons, students will gain in-depth knowledge of finance, financial instruments, protection against fraud and rational use of funds.
“School programs should provide the most relevant knowledge that students can apply in real life, meet the challenges that exist in the modern world, form the basis for continuing their further path, no matter what educational and career path the student chooses after school,” noted in the Ministry of Education.
At the end of March, a study conducted by the Institute of the Public Opinion Foundation (FOM) commissioned by the Central Bank showed that from 2018 to 2020 the share of Russians with a level of financial literacy above the average increased from 34 to 39%. However, over the same time, the share of people with an average level of financial literacy has decreased – from 34 to 30%. The share of people with a low level increased by 1 percentage point to 31%, respectively.
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