voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2024-9-107-137voprecotest-4959Research ArticleМИКРОЭКОНОМИКАMICROECONOMICSФинансовая грамотность россиян: взаимосвязь с социально-демографическими и психологическими характеристикамиFinancial literacy of Russians: The relationship with socio-demographic and psychological characteristicshttps://orcid.org/0000-0002-4760-8780КузинаО. Е.KuzinaO. E.

Кузина Ольга Евгеньевна, к. э. н., с. н. с. лаборатории экономико-социологических исследований, профессор кафедры экономической социологии НИУ ВШЭ

okuzina@hse.ruАбдурамановА. Я.AbduramanovA. Y.

Абдураманов Артем Ягьяевич , аспирант Международного института экономики и финансов НИУ ВШЭ

https://orcid.org/0000-0003-2044-3418МоисееваД. В.MoiseevaD. V.

Моисеева Дарья Викторовна, к. с. н., с. н. с. лаборатории экономико-социологических исследований НИУ ВШЭ

Национальный исследовательский университет «Высшая школа экономики»РоссияHSE UniversityRussian Federation20240409202409107137Copyright © Voprosy Ekonomiki, NP, 20242024Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/4959

Исследуется взаимосвязь финансовой грамотности россиян и социальнодемографических и психологических факторов на данных трех волн всероссийского репрезентативного панельного обследования домохозяйств по потребительским финансам (2018, 2020 и 2022 гг.). Регрессия с фиксированными эффектами позволяет сделать вывод о том, что возраст индивида связан с финансовой грамотностью нелинейно и профиль имеет форму параболы с ветвями, опущенными вниз. Связь образования с финансовой грамотностью положительная: респонденты со средним специальным и высшим образованием более финансово грамотны по сравнению с людьми с общим средним образованием или ниже. Доход, пользование интернетом, наличие супруга или супруги, оплачиваемой занятости, банковского счета также положительно связаны с финансовой грамотностью. Хуже разбираются в личных финансах люди с более высокой склонностью к риску, низкой способностью контролировать свои эмоции и краткосрочными предпочтениями. Дополнительно оцененные модели для проверки полученных результатов на устойчивость также позволили сделать вывод о незначимом влиянии пола на уровень финансовой грамотности в России. 

The goal of the study is to reveal the relationship between the financial literacy of Russians and socio-demographic and psychological factors using data from three waves of the All-Russian Panel Survey of Consumer Finances (2018, 2020 and 2022). Fixed effects regression shows that the age of an individual is related non-linearly with financial literacy and the profile has the inverted U-shape. The association of education with financial literacy is positive: respondents with specialized secondary and higher education are more financially literate compared to people with general secondary education or lower. Income, Internet use, the presence of a spouse, paid employment, and a bank account are also positively related to financial literacy. Individuals with higher risk appetite, low ability to control their emotions, and short-term time preferences are worse literate in personal finance. Robustness tests allowed us to conclude that the influence of gender on the level of financial literacy in Russia is insignificant.

финансовая грамотность населенияфинансовое поведениефинансовые знанияпанельная регрессия с фиксированными эффектамиfinancial literacyfinancial behaviourfinancial knowledgepanel regression with fixed effectsВ работе использованы результаты проекта «Повседневные поведенческие практики россиян в условиях внешних шоков», выполненного лабораторией экономико-социологических исследований НИУ ВШЭ в рамках Программы фундаментальных исследований НИУ ВШЭ в 2024 г.The article was prepared within the framework of the HSE University Basic Research ProgramReferencesИбрагимова Д. Х. (2012). Кто управляет деньгами в российских семьях? // Экономическая социология. Т. 13, № 3. С. 22—56.Ibragimova D. K. (2012). Who manages money in Russian households? Economic Sociology, Vol. 13, No. 3, pp. 22—56. (In Russian).Колачев Н. И., Рутковская Е. Л., Ковалева Г. С., Половникова А. В. (2021). Факторы финансовой грамотности российских школьников на примере результатов исследования PISA-2018 // Вопросы образования. № 4. С. 166—186. https://doi.org/10.17323/1814-9545-2021- 4-166-186Kolachev N. I., Rutkovskaya E. L., Kovaleva G. S., Polovnikova A. V. (2021). Predictors of Russian students’ financial literacy: The PISA 2018 results. Educational Studies, No. 4, pp. 166—186. (In Russian). https://doi.org/10.17323/1814-9545-2021- 4-166-186Кузина О. Е. (2009). Финансовая грамотность молодежи // Мониторинг общественного мнения: экономические и социальные перемены. Т. 4, № 92. С. 157—177.Kuzina O. E. (2009) Financial literacy among the young. Monitoring of Public Opinion: Economic and Social Changes, Vol. 4, No. 92, pp. 157—177. (In Russian).Кузина О. Е. (2015). Финансовая грамотность и финансовая компетентность: определение, методики измерения и результаты анализа в России // Вопросы экономики. № 8. С. 129—148. https://doi.org/10.32609/0042-8736-2015-8-129-148Kuzina O. E. (2015). Financial literacy and financial capability: Definition, measurement methods, and analysis in the case of Russia. Voprosy Еkonomiki, No. 8, pp. 129—148. (In Russian). https://doi.org/10.32609/0042-8736-2015-8-129-148Кузина О. Е., Моисеева Д. В. (2021). Стратегии финансового поведения россиян: понятие, динамика, факторы // Вопросы экономики. № 10. С. 71—88. https://doi.org/10.32609/0042-8736-2021-10-71-88Kuzina O. E., Moiseeva D. V. (2021) Strategies of financial behavior of Russians: Concept, dynamics, factors. Voprosy Ekonomiki, No. 10, pp. 71—88. (In Russian). https://doi.org/10.32609/0042-8736-2021-10-71-88Мангейм К. (1998). Проблема поколений // Новое литературное обозрение. № 2. С. 7—47.Mannheim K. (1998). Theory of generations. Novoe Literaturnoe Obozrenie, No. 2, pp. 7—47. (In Russian).Радаев В. (2019). Миллениалы: как меняется российское общество. М.: Изд. дом Высшей школы экономики.Radaev V. (2019). Millennials: How Russian society is changing. Moscow: HSE University. (In Russian).Alhenawi Y., Elkhal K. (2013). Financial literacy of US households: Knowledge vs. longterm financial planning. Financial Services Review, Vol. 22, No. 3, pp. 211—244. Available at SSRN: https://ssrn.com/abstract=2532068Alhenawi Y., Elkhal K. (2013). Financial literacy of US households: Knowledge vs. longterm financial planning. Financial Services Review, Vol. 22, No. 3, pp. 211—244. Available at SSRN: https://ssrn.com/abstract=2532068Atkinson A., McKay S., Kempson E., Collard S. (2006). Levels of financial capability in the UK: Results of a baseline survey. Personal Finance Research Centre, University of Bristol.Atkinson A., McKay S., Kempson E., Collard S. (2006). Levels of financial capability in the UK: Results of a baseline survey. Personal Finance Research Centre, University of Bristol.Atkinson A., Messy F. A. (2011). Assessing financial literacy in 12 countries: Аn OECD/ INFE international pilot exercise. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 657—665. https://doi.org/10.1017/S1474747211000539Atkinson A., Messy F. A. (2011). Assessing financial literacy in 12 countries: Аn OECD/ INFE international pilot exercise. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 657—665. https://doi.org/10.1017/S1474747211000539Atkinson A., Messy F. A. (2012). Measuring financial literacy: Results of the OECD/ International Network on Financial Education (INFE) Pilot Study. OECD Working Papers on Finance, Insurance, and Private Pensions, No. 15. Paris: OECD Publishing. https://doi.org/10.1787/5k9csfs90fr4-enAtkinson A., Messy F. A. (2012). Measuring financial literacy: Results of the OECD/ International Network on Financial Education (INFE) Pilot Study. OECD Working Papers on Finance, Insurance, and Private Pensions, No. 15. Paris: OECD Publishing. https://doi.org/10.1787/5k9csfs90fr4-enBayer P. J., Bernheim B. D., Scholz J. K. (1996). The effects of financial education in the workplace: Evidence from a survey of employers. NBER Working Paper, No. 5655. https://doi.org/10.3386/w5655Bayer P. J., Bernheim B. D., Scholz J. K. (1996). The effects of financial education in the workplace: Evidence from a survey of employers. NBER Working Paper, No. 5655. https://doi.org/10.3386/w5655Bayar Y., Sezgin H. F., Öztürk Ö. F., Şaşmaz M. Ü. (2020). Financial literacy and financial risk tolerance of individual investors: Multinomial logistic regression approach. Sage Open, Vol. 10, No. 3. https://doi.org/10.1177/2158244020945717Bayar Y., Sezgin H. F., Öztürk Ö. F., Şaşmaz M. Ü. (2020). Financial literacy and financial risk tolerance of individual investors: Multinomial logistic regression approach. Sage Open, Vol. 10, No. 3. https://doi.org/10.1177/2158244020945717Becker G. S., Murphy K. M. (1988). A theory of rational addiction. Journal of Political Economy, Vol. 96, No. 4, pp. 675—700. https://doi.org/10.1086/261558Becker G. S., Murphy K. M. (1988). A theory of rational addiction. Journal of Political Economy, Vol. 96, No. 4, pp. 675—700. https://doi.org/10.1086/261558Belás J., Nguyen T. A. N., Smrčka L., Kolembus J., Cipovová E. (2016). Financial literacy of secondary school students. Case study from the Czech Republic and Slovakia. Economics and Sociology, Vol. 9, No. 4, pp. 191—206. https://doi.org/ 10.14254/2071-789X.2016/9-4/12Belás J., Nguyen T. A. N., Smrčka L., Kolembus J., Cipovová E. (2016). Financial literacy of secondary school students. Case study from the Czech Republic and Slovakia. Economics and Sociology, Vol. 9, No. 4, pp. 191—206. https://doi.org/ 10.14254/2071-789X.2016/9-4/12Bianchi M. (2018). Financial literacy and portfolio dynamics. Journal of Finance, Vol. 73, No. 2, рр. 831—859. https://doi.org/10.1111/jofi.12605Bianchi M. (2018). Financial literacy and portfolio dynamics. Journal of Finance, Vol. 73, No. 2, рр. 831—859. https://doi.org/10.1111/jofi.12605Brown M., Graf R. (2013). Financial literacy and retirement planning in Switzerland. Numeracy, Vol. 6, No. 2, article 6. https://doi.org/10.5038/1936-4660.6.2.6Brown M., Graf R. (2013). Financial literacy and retirement planning in Switzerland. Numeracy, Vol. 6, No. 2, article 6. https://doi.org/10.5038/1936-4660.6.2.6Bucher-Koenen T., Janssen B., Knebel C., Tzamourani P. (2024). Financial literacy, stock market participation, and financial wellbeing in Germany. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 3, pp. 486—513. https://doi.org/10.1017/flw.2024.5Bucher-Koenen T., Janssen B., Knebel C., Tzamourani P. (2024). Financial literacy, stock market participation, and financial wellbeing in Germany. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 3, pp. 486—513. https://doi.org/10.1017/flw.2024.5Bucher-Koenen T., Lusardi A., Alessie R., van Rooij M. (2017). How financially literate are women? An overview and new insights. Journal of Consumer Affairs, Vol. 51, No. 2, pp. 255—283. https://doi.org/10.1111/joca.12121Bucher-Koenen T., Lusardi A., Alessie R., van Rooij M. (2017). How financially literate are women? An overview and new insights. Journal of Consumer Affairs, Vol. 51, No. 2, pp. 255—283. https://doi.org/10.1111/joca.12121Bumcrot C. D., Lin J., Lusardi A. (2011). The geography of financial literacy. Numeracy, Vol. 6, No. 2, article 2. https://doi.org/10.5038/1936-4660.6.2.2Bumcrot C. D., Lin J., Lusardi A. (2011). The geography of financial literacy. Numeracy, Vol. 6, No. 2, article 2. https://doi.org/10.5038/1936-4660.6.2.2Chaloupka F. (1991). Rational addictive behavior and cigarette smoking. Journal of Political Economy, Vol. 99, No. 4, pp. 722—742. https://doi.org/10.1086/261776Chaloupka F. (1991). Rational addictive behavior and cigarette smoking. Journal of Political Economy, Vol. 99, No. 4, pp. 722—742. https://doi.org/10.1086/261776Chen H., Volpe R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, Vol. 7, No. 2, pp. 107—128. https://doi.org/10.1016/S1057-0810(99)80006-7Chen H., Volpe R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, Vol. 7, No. 2, pp. 107—128. https://doi.org/10.1016/S1057-0810(99)80006-7Clarke S. (2002). Budgetary management in Russian households. Sociology, Vol. 36, No. 3, pp. 539—557. https://doi.org/10.1177/0038038502036003003Clarke S. (2002). Budgetary management in Russian households. Sociology, Vol. 36, No. 3, pp. 539—557. https://doi.org/10.1177/0038038502036003003Cole S., Sampson T., Zia B. (2009). Financial literacy, financial decisions, and the demand for financial services: Еvidence from India and Indonesia. Harvard Business School Working Paper, No. 09-117.Cole S., Sampson T., Zia B. (2009). Financial literacy, financial decisions, and the demand for financial services: Еvidence from India and Indonesia. Harvard Business School Working Paper, No. 09-117.Ćumurović A., Hyll W. (2016). Financial literacy and self-employment. IWH Discussion Papers, No. 11/2016.Ćumurović A., Hyll W. (2016). Financial literacy and self-employment. IWH Discussion Papers, No. 11/2016.Fonseca R., Mullen K. J., Zamarro G., Zissimopoulos J. (2012). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, Vol. 46, No. 1, pp. 90—106. https://doi.org/10.1111/j.1745-6606.2011.01221.xFonseca R., Mullen K. J., Zamarro G., Zissimopoulos J. (2012). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, Vol. 46, No. 1, pp. 90—106. https://doi.org/10.1111/j.1745-6606.2011.01221.xFornero E., Monticone C. (2011). Financial literacy and pension plan participation in Italy. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 547—564. https://doi.org/10.1017/S1474747211000473Fornero E., Monticone C. (2011). Financial literacy and pension plan participation in Italy. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 547—564. https://doi.org/10.1017/S1474747211000473Gagarina M. A., Shantseva A. A. (2017). Socio-psychological peculiarities and level of financial literacy of Russian debtors. Review of Business and Economics Studies, Vol. 5, No. 2, pp. 5—22.Gagarina M. A., Shantseva A. A. (2017). Socio-psychological peculiarities and level of financial literacy of Russian debtors. Review of Business and Economics Studies, Vol. 5, No. 2, pp. 5—22.Gilenko E., Chernova A. (2021). Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach. Children and Youth Services Review, Vol. 127, article 106122. https://doi.org/10.1016/j.childyouth.2021.106122Gilenko E., Chernova A. (2021). Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach. Children and Youth Services Review, Vol. 127, article 106122. https://doi.org/10.1016/j.childyouth.2021.106122Hasler A., Lusardi A. (2017). The gender gap in financial literacy: A global perspective. Global Financial Literacy Excellence Center (GFLEC), George Washington University School of Business.Hasler A., Lusardi A. (2017). The gender gap in financial literacy: A global perspective. Global Financial Literacy Excellence Center (GFLEC), George Washington University School of Business.Henager R., Cude B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, Vol. 27, No. 1, pp. 3—19. https://doi.org/10.1891/1052-3073.27.1.3Henager R., Cude B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, Vol. 27, No. 1, pp. 3—19. https://doi.org/10.1891/1052-3073.27.1.3Hyll W., Irrek M. (2015). The impact of risk attitudes on financial investments. IWH Discussion Papers, No. 10/2015.Hyll W., Irrek M. (2015). The impact of risk attitudes on financial investments. IWH Discussion Papers, No. 10/2015.Hospido L., Iriberri N., Machelett M. (2024). Gender gaps in financial literacy: A multiarm RCT to break the response bias in surveys. Banco de Espana Working Paper, No. 2401. https://doi.org/10.2139/ssrn.4688569Hospido L., Iriberri N., Machelett M. (2024). Gender gaps in financial literacy: A multiarm RCT to break the response bias in surveys. Banco de Espana Working Paper, No. 2401. https://doi.org/10.2139/ssrn.4688569Kadoya Y., Khan M. S. R. (2020). What determines financial literacy in Japan? Journal of Pension Economics and Finance, Vol. 19, No. 3, pp. 353—371. https://doi.org/10.1017/S1474747218000379Kadoya Y., Khan M. S. R. (2020). What determines financial literacy in Japan? Journal of Pension Economics and Finance, Vol. 19, No. 3, pp. 353—371. https://doi.org/10.1017/S1474747218000379Kawamura T., Mori T., Motonishi T., Ogawa K. (2021). Is financial literacy dangerous? Financial literacy, behavioral factors, and financial choices of households. Journal of the Japanese and International Economies, Vol. 60, article 101131. https://doi.org/10.1016/j.jjie.2021Kawamura T., Mori T., Motonishi T., Ogawa K. (2021). Is financial literacy dangerous? Financial literacy, behavioral factors, and financial choices of households. Journal of the Japanese and International Economies, Vol. 60, article 101131. https://doi.org/10.1016/j.jjie.2021Kempson E., Collard S., Moore N. (2006). Measuring financial capability: An exploratory study. In: Consumer financial capability: Empowering European consumers. Brussels: European Credit Research Institute, pp. 39—76.Kempson E., Collard S., Moore N. (2006). Measuring financial capability: An exploratory study. In: Consumer financial capability: Empowering European consumers. Brussels: European Credit Research Institute, pp. 39—76.Kempson H. E., Perotti V., Scott K. M. (2013). Measuring financial capability: A new instrument and results from low- and middle-income countries. Washington, DC: World Bank Group.Kempson H. E., Perotti V., Scott K. M. (2013). Measuring financial capability: A new instrument and results from low- and middle-income countries. Washington, DC: World Bank Group.Klapper L. F., Panos G. A. (2011). Financial literacy and retirement planning in view of a ¬growing youth demographic: The Russian case. Netspar Discussion Paper, No. 01/2011 017. https://doi.org/10.2139/ssrn.1809723Klapper L. F., Panos G. A. (2011). Financial literacy and retirement planning in view of a ¬growing youth demographic: The Russian case. Netspar Discussion Paper, No. 01/2011 017. https://doi.org/10.2139/ssrn.1809723Klapper L., Lusardi A. (2020). Financial literacy and financial resilience: Evidence from around the world. Financial Management, Vol. 49, No. 3, pp. 589—614. https://doi.org/10.1111/fima.12283Klapper L., Lusardi A. (2020). Financial literacy and financial resilience: Evidence from around the world. Financial Management, Vol. 49, No. 3, pp. 589—614. https://doi.org/10.1111/fima.12283Klapper L., Lusardi A., Panos G. A. (2013). Financial literacy and its consequences: Evidence from Russia during the financial crisis. Journal of Banking and Finance, Vol. 37, No. 10, pp. 3904—3923. https://doi.org/10.1016/j.jbankfin.2013.07.014Klapper L., Lusardi A., Panos G. A. (2013). Financial literacy and its consequences: Evidence from Russia during the financial crisis. Journal of Banking and Finance, Vol. 37, No. 10, pp. 3904—3923. https://doi.org/10.1016/j.jbankfin.2013.07.014Klapper L., Lusardi A., Van Oudheusden P. (2015). Financial literacy around the world. Insights from the Standard & Poor’s Ratings services global financial literacy survey. Washington DC: World Bank.Klapper L., Lusardi A., Van Oudheusden P. (2015). Financial literacy around the world. Insights from the Standard & Poor’s Ratings services global financial literacy survey. Washington DC: World Bank.Korkmaz A. G., Yin Z., Yue P., Zhou H. (2021). Does financial literacy alleviate risk attitude and risk behavior inconsistency? International Review of Economics and Finance, Vol. 74, рр. 293—310. https://doi.org/10.1016/j.iref.2021.03.002Korkmaz A. G., Yin Z., Yue P., Zhou H. (2021). Does financial literacy alleviate risk attitude and risk behavior inconsistency? International Review of Economics and Finance, Vol. 74, рр. 293—310. https://doi.org/10.1016/j.iref.2021.03.002Kuzina O. (2011). The level of financial literacy of Russians: Before and during the crisis of 2008—2009. Economic Sociology: The European Electronic Newsletter, Vol. 12, No. 2, pp. 27—43Kuzina O. (2011). The level of financial literacy of Russians: Before and during the crisis of 2008—2009. Economic Sociology: The European Electronic Newsletter, Vol. 12, No. 2, pp. 27—43Lusardi A., Michaud P.-C., Mitchell O. S. (2017). Optimal financial knowledge and wealth inequality. Journal of Political Economy, Vol. 125, No. 2, pp. 431—477. https://doi.org/10.1086/690950Lusardi A., Michaud P.-C., Mitchell O. S. (2017). Optimal financial knowledge and wealth inequality. Journal of Political Economy, Vol. 125, No. 2, pp. 431—477. https://doi.org/10.1086/690950Lusardi A., Mitchell O. S. (2008). Planning and financial literacy: How do women fare? American Economic Review, Vol. 98, No. 2, pp. 413—417. https://doi.org/10.1257/aer.98.2.413Lusardi A., Mitchell O. S. (2008). Planning and financial literacy: How do women fare? American Economic Review, Vol. 98, No. 2, pp. 413—417. https://doi.org/10.1257/aer.98.2.413Lusardi A., Mitchell O. S. (2014). The economic importance of financial literacy: Тheory and evidence. Journal of Economic Literature, Vol. 52, No. 1, pp. 5—44. https://doi.org/10.1257/jel.52.1.5Lusardi A., Mitchell O. S. (2014). The economic importance of financial literacy: Тheory and evidence. Journal of Economic Literature, Vol. 52, No. 1, pp. 5—44. https://doi.org/10.1257/jel.52.1.5Lusardi A., Mitchell O. S., Curto V. (2012). Financial sophistication in the older population. NBER Working Paper, No. 17863. https://doi.org/10.3386/w17863Lusardi A., Mitchell O. S., Curto V. (2012). Financial sophistication in the older population. NBER Working Paper, No. 17863. https://doi.org/10.3386/w17863Lusardi A., Mitchell O. S. (2023). The importance of financial literacy: Opening a new field. Journal of Economic Perspectives, Vol. 317, No. 4, pp. 137—154. https://doi.org/10.1257/jep.37.4.137Lusardi A., Mitchell O. S. (2023). The importance of financial literacy: Opening a new field. Journal of Economic Perspectives, Vol. 317, No. 4, pp. 137—154. https://doi.org/10.1257/jep.37.4.137Lusardi A., Mitchell O. S. (2011a). Financial literacy around the world: An оverview. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 497—508. https://doi.org/10.1017/S1474747211000448Lusardi A., Mitchell O. S. (2011a). Financial literacy around the world: An оverview. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 497—508. https://doi.org/10.1017/S1474747211000448Lusardi A., Mitchell O. S. (2011b). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 509—525. https://doi.org/10.1017/S147474721100045XLusardi A., Mitchell O. S. (2011b). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance, Vol. 10, No. 4, pp. 509—525. https://doi.org/10.1017/S147474721100045XLusardi A., Streeter J. L. (2023). Financial literacy and financial well-being: Evidence from the US. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 2, pp. 169—198. https://doi.org/10.1017/flw.2023.13Lusardi A., Streeter J. L. (2023). Financial literacy and financial well-being: Evidence from the US. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 2, pp. 169—198. https://doi.org/10.1017/flw.2023.13Lusardi A., Tufano P. (2009) Debt literacy, financial experiences, and overindebtedness. NBER Working Paper, No. w14808. https://doi.org/10.3386/w14808Lusardi A., Tufano P. (2009) Debt literacy, financial experiences, and overindebtedness. NBER Working Paper, No. w14808. https://doi.org/10.3386/w14808Lyons A. C., Chang Y., Scherpf E. (2006). Translating financial education into behavior change for low-income populations. Financial Counseling and Planning, Vol. 17, No. 2, pp. 27—45.Lyons A. C., Chang Y., Scherpf E. (2006). Translating financial education into behavior change for low-income populations. Financial Counseling and Planning, Vol. 17, No. 2, pp. 27—45.Mandell L. (1997). Our vulnerable youth: The financial literacy of American 12th graders. Washington, DC: The Jump$tart Coalition for Personal Financial Literacy.Mandell L. (1997). Our vulnerable youth: The financial literacy of American 12th graders. Washington, DC: The Jump$tart Coalition for Personal Financial Literacy.Mandell L. (2008). The financial literacy of young American аdults: Results of the 2008 national Jump$Tart Coalition survey of high school seniors and college students. Washington DC: The Jump$tart Coalition for Personal Financial Literacy. http:// www.jumpstart.org/assets/files/2008SurveyBook.pdfMandell L. (2008). The financial literacy of young American аdults: Results of the 2008 national Jump$Tart Coalition survey of high school seniors and college students. Washington DC: The Jump$tart Coalition for Personal Financial Literacy. http:// www.jumpstart.org/assets/files/2008SurveyBook.pdfMolina-García A., Cisneros-Ruiz A. J., López-Subires M. D., Diéguez-Soto J. (2023). How does financial literacy influence undergraduates’ risk-taking propensity? International Journal of Management Education, Vol. 21, No. 3, article 100840. https://doi.org/10.1016/j.ijme.2023.100840Molina-García A., Cisneros-Ruiz A. J., López-Subires M. D., Diéguez-Soto J. (2023). How does financial literacy influence undergraduates’ risk-taking propensity? International Journal of Management Education, Vol. 21, No. 3, article 100840. https://doi.org/10.1016/j.ijme.2023.100840Monticone C. (2010). How much does wealth matter in the acquisition of financial literacy? Journal of Consumer Affairs, Vol. 44, No. 2, pp. 403—422. https://doi.org/10.1111/j.1745-6606.2010.01175.xMonticone C. (2010). How much does wealth matter in the acquisition of financial literacy? Journal of Consumer Affairs, Vol. 44, No. 2, pp. 403—422. https://doi.org/10.1111/j.1745-6606.2010.01175.xMpaata E., Koske N., Saina E. (2023). Does self-control moderate financial literacy and savings behavior relationship? A case of micro and small enterprise owners. Current Psychology, Vol. 42, pp. 10063—10076. https://doi.org/10.1007/s12144-021-02176-7Mpaata E., Koske N., Saina E. (2023). Does self-control moderate financial literacy and savings behavior relationship? A case of micro and small enterprise owners. Current Psychology, Vol. 42, pp. 10063—10076. https://doi.org/10.1007/s12144-021-02176-7OECD (2012). OECD/INFE high-level principles on national strategy for financial education. Paris: OECD Publishing. https://doi.org/10.1787/12e3989f-enOECD (2012). OECD/INFE high-level principles on national strategy for financial education. Paris: OECD Publishing. https://doi.org/10.1787/12e3989f-enOECD (2014). PISA 2012 Results: Students and money: Financial literacy skills for the 21st century, Vol. VI. Paris: OECD. https://doi.org/10.1787/9789264208094-enOECD (2014). PISA 2012 Results: Students and money: Financial literacy skills for the 21st century, Vol. VI. Paris: OECD. https://doi.org/10.1787/9789264208094-enOECD (2016). OECD/INFE international survey of adult financial literacy competencies. Paris: OECD Publishing. https://doi.org/10.1787/28b3a9c1-enOECD (2016). OECD/INFE international survey of adult financial literacy competencies. Paris: OECD Publishing. https://doi.org/10.1787/28b3a9c1-enOECD (2018). Levels of financial literacy in Eurasia. Paris: OECD Publishing. https://doi.org/10.1787/1a064de1-enOECD (2018). Levels of financial literacy in Eurasia. Paris: OECD Publishing. https://doi.org/10.1787/1a064de1-enOECD (2020). OECD/INFE 2020 international survey of adult financial literacy. Paris: OECD Publishing. https://doi.org/10.1787/145f5607-enOECD (2020). OECD/INFE 2020 international survey of adult financial literacy. Paris: OECD Publishing. https://doi.org/10.1787/145f5607-enOECD (2022). OECD/INFE toolkit for measuring financial literacy and financial inclusion 2022. Paris: OECD Publishing. https://doi.org/10.1787/cbc4114f-enOECD (2022). OECD/INFE toolkit for measuring financial literacy and financial inclusion 2022. Paris: OECD Publishing. https://doi.org/10.1787/cbc4114f-enOECD (2023a). National strategy for financial education for Poland. Paris: OECD Publishing. https://doi.org/10.1787/2e954031-enOECD (2023a). National strategy for financial education for Poland. Paris: OECD Publishing. https://doi.org/10.1787/2e954031-enOECD (2023b). OECD/INFE 2023 international survey of adult financial literacy. OECD Business and Finance Policy Papers, No. 39. Paris: OECD Publishing. https://doi.org/10.1787/56003a32-enOECD (2023b). OECD/INFE 2023 international survey of adult financial literacy. OECD Business and Finance Policy Papers, No. 39. Paris: OECD Publishing. https://doi.org/10.1787/56003a32-enOuachani S., Belhassine O., Kammoun A. (2021). Measuring financial literacy: А literature review. Managerial Finance, Vol. 47, No. 2, pp. 266—281. https://doi.org/10.1108/MF-04-2019-0175Ouachani S., Belhassine O., Kammoun A. (2021). Measuring financial literacy: А literature review. Managerial Finance, Vol. 47, No. 2, pp. 266—281. https://doi.org/10.1108/MF-04-2019-0175Rutledge S. L. (2010). Consumer protection and financial literacy: Lessons from nine country studies. World Bank Policy Research Working Paper, No. 5326. https://doi.org/10.1596/1813-9450-5326Rutledge S. L. (2010). Consumer protection and financial literacy: Lessons from nine country studies. World Bank Policy Research Working Paper, No. 5326. https://doi.org/10.1596/1813-9450-5326Sabri M. F., Aw E. C. X. (2019). Financial literacy and related outcomes: The role of financial information sources. International Journal of Business and Society, Vol. 20, No. 1, рр. 286—298.Sabri M. F., Aw E. C. X. (2019). Financial literacy and related outcomes: The role of financial information sources. International Journal of Business and Society, Vol. 20, No. 1, рр. 286—298.Sconti A., Fernandez D. (2023). The importance of financial literacy: Evidence from Singapore. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 2, pp. 225—243. https://doi.org/10.1017/flw.2023.11Sconti A., Fernandez D. (2023). The importance of financial literacy: Evidence from Singapore. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 2, pp. 225—243. https://doi.org/10.1017/flw.2023.11Stolper O. A., Walter A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, Vol. 87, pp. 581—643. https://doi.org/10.1007/s11573-017-0853-9Stolper O. A., Walter A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, Vol. 87, pp. 581—643. https://doi.org/10.1007/s11573-017-0853-9Strauss W., Howe N. (1991) Generations: The history of America’s future, 1584 to 2069. New York: William Morrow & Company.Strauss W., Howe N. (1991) Generations: The history of America’s future, 1584 to 2069. New York: William Morrow & Company.Strömbäck C., Lind T., Skagerlund K., Västfjäll D., Tinghög G. (2017). Does selfcontrol predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, Vol. 14, pp. 30—38. https://doi.org/10.1016/j.jbef. 2017.04.002Strömbäck C., Lind T., Skagerlund K., Västfjäll D., Tinghög G. (2017). Does selfcontrol predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, Vol. 14, pp. 30—38. https://doi.org/10.1016/j.jbef. 2017.04.002Taylor M. (2011). Measuring financial capability and its determinants using survey data. Social Indicators Research, Vol. 102, No. 2, pp. 297—314. https://doi.org/10.1007/s11205-010-9681-9Taylor M. (2011). Measuring financial capability and its determinants using survey data. Social Indicators Research, Vol. 102, No. 2, pp. 297—314. https://doi.org/10.1007/s11205-010-9681-9Vaahtoniemi S., Buturak G., Kalmi P., Ruuskanen O.-P. (2023). Financial literacy and its determinants and consequences: New survey evidence from Finland. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 2, pp. 368—402. https://doi.org/10.1017/flw.2023.14Vaahtoniemi S., Buturak G., Kalmi P., Ruuskanen O.-P. (2023). Financial literacy and its determinants and consequences: New survey evidence from Finland. Journal of Financial Literacy and Wellbeing, Vol. 1, No. 2, pp. 368—402. https://doi.org/10.1017/flw.2023.14Wagner J. (2019). Financial education and financial literacy by income and education groups. Journal of Financial Counseling and Planning, Vol. 30, No. 1, pp. 132—141. https://doi.org/10.1891/1052-3073.30.1.132Wagner J. (2019). Financial education and financial literacy by income and education groups. Journal of Financial Counseling and Planning, Vol. 30, No. 1, pp. 132—141. https://doi.org/10.1891/1052-3073.30.1.132Wooldridge J. (2003). Introductory econometrics: A modern approach, 5th ed. Mason: Nelson Education.Wooldridge J. (2003). Introductory econometrics: A modern approach, 5th ed. Mason: Nelson Education.Yakoboski P. J., Lusardi A., Hasler A. (2022). How financial literacy varies among U.S. adults: The 2022 TIAA Institute-GFLEC Personal Finance Index. TIAA Institute Research Paper Series, No. 2022-01. https://doi.org/10.2139/ssrn.4256989Yakoboski P. J., Lusardi A., Hasler A. (2022). How financial literacy varies among U.S. adults: The 2022 TIAA Institute-GFLEC Personal Finance Index. TIAA Institute Research Paper Series, No. 2022-01. https://doi.org/10.2139/ssrn.4256989Zaimovic A., Torlakovic A., Arnaut-Berilo A., Zaimovic T., Dedovic L., Meskovic M. N. (2023). Mapping financial literacy: A systematic literature review of determinants and recent trends. Sustainability, Vol. 15, No. 12, article 9358. https://doi.org/ 10.3390/su15129358Zaimovic A., Torlakovic A., Arnaut-Berilo A., Zaimovic T., Dedovic L., Meskovic M. N. (2023). Mapping financial literacy: A systematic literature review of determinants and recent trends. Sustainability, Vol. 15, No. 12, article 9358. https://doi.org/ 10.3390/su15129358Zhan M., Anderson S. G., Scott J. (2006). Financial knowledge of the low-income population: Effects of a financial education program. Journal of Sociology and Social Welfare, Vol. 33, No. 4, article 4. https://doi.org/10.15453/0191-5096.3135Zhan M., Anderson S. G., Scott J. (2006). Financial knowledge of the low-income population: Effects of a financial education program. Journal of Sociology and Social Welfare, Vol. 33, No. 4, article 4. https://doi.org/10.15453/0191-5096.3135

The authors declare that there are no conflicts of interest present.