Financial Education and Financial Literacy

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The objectives of the Financial Education and Financial Literacy Project are to (i) improve the financial literacy of Russian citizens (especially, among the school-age and college students, and active and potential low and middle income users of financial services) and (ii) strengthen the foundations for improving consumer protection in financial services. This project has five components. Component one comprises of developing a financial literacy strategy and consumer protection monitoring and evaluation. This includes strengthening the institutional and legal framework for the implementation of financial literacy and consumer protection policies, and development of the Project monitoring and evaluation framework. Component two consists of financial literacy capacity building. This involves building institutional and human capacity for raising financial literacy in Russia at both federal and regional levels, and in the public and private sectors. Component three comprises of development and implementation of education programs and information campaigns for improving financial literacy. This includes development and implementation of educational programs, information campaigns, and the scaling up of existing financial literacy improvement initiatives. Component four consists of the strengthening of consumer protection in financial services by strengthening capacity for financial consumer protection in the Consumer Protection Service, industry professional associations, and civil society. Component five is project management which includes implementation, monitoring, and evaluation as set forth by the rules and procedures of the IBRD and Russian laws and regulations.