RESEARCH OF MODERN TRENDS OF FINANCIAL LITERACY OF STUDENTS OF THE REPUBLIC OF SAKHA (YAKUTIA)

Financial education and financial literacy programs for the population being of state importance aims to provide young people with the necessary knowledge and skills, particularly, students as the most active part of the youth. This article discusses the results of the undergraduate students’ financial literacy levels study in the Republic of Sakha (Yakutia) in 2018. The obtained results show that nearly half of the undergraduate students demonstrate the high level of financial literacy that corresponds to all‑Russian indicators. Nevertheless, the researchers consider the level of modern students’ financial literacy insufficient in the face of current national and global challenges. The results suggest that it is necessary to develop and introduce financial literacy courses in curriculum for vocational educational institutions to enhance financial knowledge and practical skills in students based on the Decree of the Russian Federation Government No. 2039‑R “Financial Literacy Improvement Program in the Russian Federation 2017—2023”. The analysis of students’ survey implies the need for extensive training with the aid of financial organizations and business structures. The article states that current practice in financial education such as the annual “Open Days” of the Russian Federal Tax Service, banking institutions and other financial organizations is unsatisfactory. In sum, it concludes that joint efforts of financial and educational organizations are vital as the broad financial education of the youth enables to foster a competent and responsible citizen of the Russian Federation.

financial literacy, Republic of Sakha (Yakutia), financial literacy improvement strategy, financial education, undergraduate students, financial literacy measurement characteristics, financial literacy level, vocational education, financial literacy training, Russian Federation.

Yurganova I. I., Nikolaeva I. V., Ivanov N. Yu. Research of modern trends of financial literacy of students of the Republic of Sakha (Yakutia). Business. Education. Law, 2019, no. 4, pp. 87–93. DOI: 10.25683/VOLBI.2019.49.470.