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Program Against Financial Ignorance
April 19, 2007 17:23

Most Russians turned out to be financially ignorant, but this disastrous situation will very soon change. The Russian Ministry of Finance has worked out a program of investments in enhancement of financial literacy of the citizens for the period of 5-9 years. However, the way the educational process will be formed hasn’t been said yet. The government plans to spend over 100 million dollars on implementation of the project. The sum can’t be called little. The question is what the Ministry of Finance is going to teach having 100 million dollars for expenses.

The problem of financial ignorance of the population has already been disscused for some time at the government. The truth is that most Russians are uneducated in questions concerning credits, deposits and mortgage, says the survey conducted by the World Bank. People don’t have proper financial knowledge to help them to see what banks have in store for them. Poor financial education limits the range of opportunities available for raising prosperity. Moreover, this kind of ignorance considerably impedes economic development of the whole country, which is even worse.

 The survey produced an effect, so that the Financial Ministry took this problem up and involved plenty of specialists to find the right solution of the problem and work out a brand new financial target-oriented program. The program has been finished by today and directed to the Russian Ministry of Economic Development and Trade for consideration. According to the program, the process of enhancing the educative level of the citizens may take 5-9 or 7-9 years, the second variant is much more probable due to the enormous size of the country.

Everything seems to be alright, but Russian civil servants still keep the main points of the program in secret. Nobody knows what exactly they are going to spend money on, what steps they are planning to undertake to make Russian people see and realize specifics of economy in Russia. To avoid being unjust, we should mention that the government intends to involve universities, colleges, private companies, banks and insurance agencies, which may perform as co-investors in implementation of the project.

 Anyway, it doesn’t seem easy to find a worth way to spend such a big capital given for education. Tthe idea of people leaving all their business and work for seminars organized by the Ministry looks even more unreal. The human history shows that people treat free and paid education differently. You can hardly expect the first one to be taken with the same responsibility as the second. Some experts suppose the government will spend the biggest part of the sum on TV commercials – the most popular now among banks and IPO planning companies.

Nevertheless, the Russian Ministry of Finance regards the program as successful and even wants to get the experienced specialists from the World Bank to take part in bringing the program to people. The representatives of the Ministry are sure the changes will take much more time unless a credible international structure assists in the project.



Olga Pletneva

Tags: Russian finance     

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