“Russia is #10 out of 18 countries, in the mid-table between the USA and France, with results close to Slovenia, Spain, Croatia and Israel, with Italy far behind”, Deputy Finance Minister of Russia Sergey Storchak told the press Wednesday.

On Wednesday, Minfin and the Education and Science Ministry unveiled the results of the first Financial Literacy survey among 15-year old schoolchildren, taken across 18 world’s leading economies, accounting for 40% of the global GDP. The survey was part of the OECD Programme for International Student Assessment (PISA).

“Over 80% Russian students showed that they are ready to use their basic financial knowledge and skills”, said Deputy Minister.

Storchak noted, however, that some 17% schoolchildren have scored below the basic level of financial literacy. These are primarily children from low-income households, living in villages and small towns.

Tests showed that for Russian students the toughest tests were identification and analysis of financial stats, and backing their arguments. The less-familiar topics for Russian students are loans, bank deposits, online shopping security, investment and taxes.

The survey was taken by 1187 students of age 15 from 227 schools in 42 Russian territories, with the results verified by OECD.

The top level of financial literacy was demonstrated by pupils from Shanghai. Leaders also include Australia, Belgium, New Zealand and other countries known for their long-term financial literacy programs.

Project Group №6