The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 4/2024.  World Economy and International Relations. 

Valeriya S. Minchichova

Cand. Sci. (Econ.), Associate Professor, Leading Researcher, Institute of Humanitarian Sciences and Social Engineering, Faculty of Social Sciences and Mass Communications; Associate Professor of the Department of International Business, Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, Moscow, Russia

ORCID: 0000-0001-5838-659X

Mikhail P. Petrichenko

Dr. Sci. (Econ.), Associate Professor, Chief Researcher, Institute of Humanitarian Sciences and Social Engineering, Faculty of Social Sciences and Mass Communications, Financial University under the Government of the Russian Federation, Moscow, Russia

INSTRUMENTS AND APPROACHES TO IMPROVING FINANCIAL LITERACY AND FINANCIAL INCLUSION IN THE BRICS COUNTRIES

159-174

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Abstract

The article presents the results of the analysis of the approaches to ensuring financial literacy and financial inclusion in the 2020s and the tools for its implementation in the five “old” BRICS countries. The focus of the efforts of such states as Brazil, China, and India on financial inclusion has been determined, while for the Republic of South Africa the basic financial skills of the population for the functioning of financial markets and the capital market are primary, and Russia, in turn, declares its goal is not only to instill the skills of correct and reasonable financial behavior, but to create the financial culture of all citizens. The key target groups of the population for financial education have been identified, among which are women entrepreneurs in India and the Republic of South Africa, entrepreneurs in Russia, and schoolchildren in China occupy an important place. The most important tools for improving financial literacy for each of the BRICS countries are highlighted, including the maintenance of unified state portals, educational programs at the state and corporate levels.

Keywords: financial literacy, financial inclusion, financially literate behavior, financial markets, BRICS, economic policy, international cooperation

JEL: Z13, E24, I22

EDN: XRTKXY

DOI: https://doi.org/10.52180/2073-6487_ 2024_4_159_174

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Manuscript submission date: 12.07.2024

For citation:

Minchichova V.S., Petrichenko M.P. Instruments and approaches to improving financial literacy and financial inclusion in the BRICS countries // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. № 4. Pp. 159-174. (In Russ.).  https://doi.org/10.52180/2073-6487_ 2024_4_159_174 EDN: XRTKXY

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