Speaking at a Moscow International Financial Center meeting hosted by Prime Minster Dmitry Medvedev, Central Bank First Deputy Chairman Sergey Shvestov said that he had already contacted the Ministry of Education, however, the reply was cagey: “Physics teachers want more hours too, and so do teachers of astronomy, PE and literature”.

“I think, however, that being financially illiterate in today’s world ultimately makes you dysfunctional or an easy target for con artists, and there are plenty of them, unfortunately. Thus the plea to make financial literacy a must”, Shvetsov told the Prime Minister.

He stated that this is the most efficient way to spread knowledge, since children will pass on the information to their parents.

Medvedev liked the idea. He said that it would protect people from the lure of financial pyramids.

In early September, Finance Minister Anton Siluanov told the G20 Summit that his ministry had come to an agreement with the Ministry of Education and Science to incorporate elements of financial literacy in the school curriculum. Siluanov pointed out that the overall level of financial awareness in Russia is low. Siluanov also said that the Ministry of Education and Science is not planning to set up a special lesson – financial literacy could be taught as part of another course, such as social studies.

Project Group №6