Financial literacy of the population as a factor of general economic well-being

In the Russian Federation, the issue of increasing the level of financial literacy of the population is becoming more and more urgent. Questions related to financial literacy, as well as the processes of its level of improvement, have been puzzled for a long time, while this trend has spread both in Russia and in the rest of the world. Such issues become especially relevant in the conditions of the availability of the possibility of providing financial services remotely, using advanced remote technologies, self-service terminals, as well as paying for services via the Internet and mobile devices. From the very moment of the emergence of market relations in the economy of the Russian Federation, there is a more fundamental understanding of both the problems that accompany the majority of citizens in carrying out economic activities, and the mechanisms that solve these problems. At the current stage of the formation of market relations in the Russian economy, there is an awareness of the need and expediency of increasing the level of financial literacy of the population. This expediency is especially felt in the most crisis periods of the economic cycle. The article examines the essence of the concept of “financial literacy”, considers the mechanism of its organization, and also analyzes the relationship of financial literacy with the general economic well-being of the country by identifying and considering factors that can be controlled to form the formation of the necessary level of financial education of the population for further improvement of economic well-being.

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