Development of measures for financial literacy promotion was one of the important initiatives introduced by Russia at the G8 finance ministers meeting in Saint Petersburg in 2006. The Russian Federation identified financial literacy and financial education as one of the priority topics for discussion at the G20 summit in April 2009.
Promotion of financial literacy is one of the key activities for forming the investment resource as identified in the Concept of Long-Term Social and Economic Development of the Russian Federation till 2020. The Budget Message of the President to the Federal Assembly of the Russian Federation regarding the 2008—2010 budgetary policy highlights the importance of developing the pension system through promotion of voluntary pension savings among the population. Development of mortgage lending is identified as a goal of the National Project for Affordable and Comfortable Housing. The Strategy for Financial Market Development in the Russian Federation till 2020 treats the financial literacy project as an important factor for developing the financial market in Russia, improving stability of the financial system and enhancing the competitive ability of the Russian economy. The Concept for Creation of an International Financial Center in Russia identifies promotion of financial literacy as an important factor of the overall enhancement of the competitive ability of the Russian economy and strengthening of the country’s financial system.
These international and national initiatives are ultimately designed to facilitate the strengthening of the middle class, improve the financial well-being of the people and reduce economic and financial risks at the time of market economy fluctuations. Their implementation relies on a wider interaction among the population and financial institutions, including interaction models based on new financial schemes and instruments, which in its turn requires a high level of financial literacy among the population and a high standard in consumer rights protection in the financial sector.