In modern social reality, well-being of individuals, including their financial well-being, is increasingly becoming a zone of personal responsibility. At the same time, in the Russian context, the majority of people remain almost entirely dependent on wages as the only source of income. This fact, along with a low level of financial literacy, is an actual risk for individuals and the financial system of the country. Consequently, the importance of adequate financial knowledge, skills and actions within the financial education and training system is increasing. This brings to the fore the task of revealing “weak spots” in financial literacy and identifying vulnerable population groups so as to develop effective management decisions; this can be done with the help of well-elaborated tools used to study financial literacy. The goal of our paper is to carry out critical analysis of available theoretical and methodological approaches to the study of people’s financial literacy. It is done, first, to form a reference and information field suitable to be used in scientific and management activity, and second, to put forward a concept of our own methodology for assessing people’s financial literacy. To achieve the goal, we review foreign and domestic studies on people’s financial literacy, systematize approaches to the definition of this category and provide our own understanding of this category as a three-component structure. Moreover, we compare methods for its assessment and substantiate the concept of our own methodology for assessing people’s financial literacy. A distinctive feature of our study is the fact that it appeals not only to widely used approaches to understanding financial literacy and its assessment techniques but also to modern methodological structures that take into account current trends in the development of financial literacy, a dynamic and heterogeneous phenomenon. The findings of our study can be used as a theoretical and methodological basis in scientific research, as well as in the practical activities of authorities and other interested actors involved in improving people’s financial literacy and financial education
Keywords
financial literacy, financial knowledge, financial skills, monetary attitudes, sociological tools, international experience in assessing financial literacy