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Strategizing: Theory and Practice
UDC
33

FINANCIAL LITERACY ASSESSMENT IN HOUSEHOLDS: STRATEGIZING PERSONAL FINANCING IN RUSSIA Financial Literacy Assessment in Households: Strategizing Personal Financing in Russia

Published in Strategizing: Theory and Practice · Pages 589–610 · Rubric: Human Capital Strategy
DOI: https://doi.org/10.21603/2782-2435-2025-5-4-589-610
Received: 12.01.2025 Accepted: 22.09.2025 Published: 13.11.2025 Language of publication: RUS
Authors
EL
Elizaveta Savostyan
TA
Tatiana Alabina
ORCID
ABSTRACT
The authors developed a method to assess the current financial literacy level of Russian households. The method relies on the econometric modeling tools and indicators from the course of basic financial literacy designed by the Central Bank of Russian Federation. The resulting assessment algorithm for financial literacy consists of five stages and three categories of financial literacy with a total score of 0–100. According to the empirical part of this research, the average financial literacy level was medium bordering on high, with occasional households with advanced financial culture. The correlation and regression analysis focused on the effect that the indicators highlighted by the Central Bank of Russian Federation had on the national gross domestic product. As all factors related to saving, investments, mortgage, and insurance grew, so did the gross domestic product. This correlation may indicate an indirect economic stimulus due to the consumption of financial services by Russian households. As stipulated by National Strategy 2030, personal financial strategizing is to shift from improving the average national financial literacy to a new national financial culture. The conceptual assessment algorithm can be used in other countries: it is flexible enough to allow for new indicators and adjustments.
KEYWORDS
strategizing, financial literacy, financial culture, households, assessment techniques, econometric modeling, strategy
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