to a broader definition which takes into account ‘behavior’, ‘attitudes’ and ‘skills’.

to a broader definition which takes into account ‘behavior’, ‘attitudes’ and ‘skills’. From ‘knowledge’

To compare the subjective and the objective indicators of FL H1. Both indicators went up – the crisis was a good teacher. H2. The subjective grades went up and the objective ones did not - FL did not increase while the overconfidence did.

Managing money • keeping records of income and expenditures • reading the text of the contract before signing it • Making choices • comparing offers from different banks and costs of different products before making the decision • knowing about the state deposit insurance • Getting help • being aware about the ways to protect consumer rights

All-Russian surveys 18+ June 2008 - World Bank and NAFS November 2009 - Higher School of Economics and WCIOM December 2009 - NAFS February 2010 - NAFS August 2010 - NAFS 1600 respondents were interviewed in each wave representative for the whole Russia, cross-sections, similar sampling procedures, sample error - 3,4%

Be cautious when the program is launched in the name of the state and better not aim it at increasing the use of financial services • The state should focus on the consumer rights protection and the advancement of financial markets – transparent and just rules of play. • Better not to impose the patterned models of ‘proper’ behaviour through social marketing • Do not make people feel overconfident about the level of their financial literacy

to a broader definition which takes into account ‘behavior’, ‘attitudes’ and ‘skills’.