Financial Literacy, Financial Culture, and Financial Autonomy of Youth
DOI:
https://doi.org/10.14515/monitoring.2025.6.3048Keywords:
financial literacy, financial competence, financial culture, financial autonomy, economic behavior of adolescentsAbstract
The study aims at assessing the level of financial literacy and financial autonomy among Russian adolescents aged 15—19 and studying in schools, colleges, and universities, and to identify the relationship between their financial autonomy and socio-demographic characteristics. The authors first review existing approaches to defining financial culture and financial autonomy among young people. Then the authors propose a rationale for operationalizing financial autonomy and assess its level overall and by individual components, as well as identify its relationship with socio-demographic characteristics. Empirically, the study bases on the data coming from an online survey of schoolchildren and students of colleges and universities, collected in November — December 2023. The sample represents Russian adolescents aged 15—19 who live in cities with a population of 100,000 or more, attend school, college, or university, and have internet access. A quarter of the adolescents surveyed demonstrated a high level of financial literacy, while a third of respondents demonstrated a low level. University students were found to be the most financially literate, while college students were the least literate. The average financial autonomy scored 3.8 out of 9. The estimates show that financial autonomy increases with age; it is higher among males than among females; and acquiring financial knowledge from school courses and the internet is positively associated with adolescents' financial autonomy.
Acknowledgments. This paper is based on the results of the project "Household Consumption and Economic Behavior in Russia, 2025—2027" supported within the HSE Fundamental Research Program.
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