Financial Behavior of Russians: Practices, Models, Effective Tools

The article considers scientific approaches to the study of financial behavior, Russian experience in studying financially literate behavior. The relevance of studying the topic of financial behavior is substantiated, including the results of the content analysis of publication activity for the period from 2017 to 2023 conducted by the authors.

The purpose of the study is to identify models of financially literate behavior of Russians and effective tools for shaping financially literate behavior of the population in the context of sanctions pressure.

The research methodology consists of scientific research methods (questionnaires, analysis and synthesis), data processing is carried out using factor and cluster analyses (Ward’s hierarchical clustering method).

Nine models of financially literate behavior have been identified and described, constituting 3 groups: problematic, intermediate and positive. The tools for shaping financially literate behavior in Russia have been studied from the point of view of their effectiveness and prevalence.

The main results of the work: it has been confirmed that positive models and practices of financially literate behavior prevail among the population; the levels of effectiveness and prevalence of tools for shaping financially literate behavior have been determined. Conclusions were made about the average level of effectiveness of the existing tools for developing financially literate behavior under the pressure of sanctions.

The prospects for applying the results are expressed in the methodological substantiation and development of educational programs aimed at specific target groups demonstrating problematic models of financially literate behavior, as well as in the adoption of measures by government authorities to enhance the effectiveness and prevalence of tools for developing financially literate behavior. The study can serve as a basis for further scientific work related to behavioral economics, in particular, aimed at studying the financial behavior of the population in different periods of the country’s economic situation.

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