FINANCIAL LITERACY OF THE RUSSIAN POPULATION
Authors:   North Ossetian State University after K. L. Khetagurov, Vladikavkaz, Russia, Tadtaeva Naira V. 
Published: January 2025

The article highlights the essence and relationship of two categories that are most important for the country’s economy in modern realities: financial literacy of the population and financial security. All countries of the world are trying to maximize the financial literacy of the population; this problem is especially acute in developing countries, the situation in which is sometimes terrifying.
The work determines the level of financial literacy of citizens of the Russian Federation, identifies the problems that exist in this area, and suggests ways and methods to solve them. Only by increasing the level of financial literacy can we count on the effective consumption of financial services by the population in the country; this is a catalyst for the introduction of all segments of the population into the financial system of the state.
The issue of increasing the level of financial literacy of the domestic population is particularly acute today.
In the matter of increasing the financial literacy of the population, I would like to highlight the following problems:
— many educational institutions do not teach or insufficiently study financial literacy disciplines;
— the financial market is growing and developing, resulting in additional financial products available to the population;
— it is quite difficult, and often impossible, without certain knowledge in this area, to understand the essence and features of the financial services (products) offered by the market
These problems cannot be solved without a clear fixation of the monthly budget (in writing or electronically, with all family income and expenses) that needs to be planned. An equally important point here is the organization of a “safety cushion”, necessary in case of force majeure (its volume must be no less than an amount equal to 6 months of income). Investments to the future; is also one of the ways to solve the above problems. The higher the level of financial literacy of a citizen, the less he is exposed to financial risks, since he responsibly approaches the issue of forming a personal or family budget, he chooses a rational approach when using financial services or organizing his financial flows.
Naturally, the consequence of all this will be an increase in the standard of living through the effective distribution of one’s own assets. Increasing the standard of living of the population is a necessary and mandatory condition for the financial security of the state. Which implies a secure financial system of the country. For her, neither internal nor external threats are scary, but social stability and the economic interests of the state are a priority. In Russia today, a lot is being done to train and improve the level of financial literacy. You need to own it to ensure financial well-being; without knowing its basics, it is impossible to find new sources of income, understand the functioning of market instruments, rationally manage your own budget and invest money, without the risk of being left out of business. Today in Russia the number of new investment instruments is increasing in the financial market. This includes the securities market with many different forms of investment; various offers in the banking sector have also multiplied. There is also the possibility of investing in the precious metals market, etc.
The investing population is increasing, this is a definite plus for the country’s financial system, but at the same time, an incredible number of scammers have appeared, carrying out various frauds and criminal schemes. Increasing financial literacy will help you avoid falling into criminal schemes and fraudulent traps.