Most Russian Students Face Financial Fraud, Survey Finds

A recent survey conducted by Rosgosstrakh Life and Maximum Education revealed that 76% of Russian schoolchildren have encountered financial fraud, including scam phone calls and deception in online games. At the same time, one in five students has no idea how to protect themselves from financial scams.

Interestingly, only 28% of parents are aware of the risks their gadget-equipped children face. Half of the adult respondents confidently stated that their children have never experienced phone scams or been tricked out of money in online games. One in five parents was unsure how to answer.

Financial Literacy and Awareness Among Students

On average, students rated their knowledge of basic financial topics as a “B-.” For example, one in three does not know what VAT is, and nearly half are unfamiliar with personal income tax. According to parents, 20% of children are unaware of their family’s financial situation, while 40% who do know still ask for expensive gadgets.

The vast majority of parents (87%) give their children pocket money, but 30% say it is often spent carelessly. Another recent survey showed that young bank cardholders behave similarly—knowingly or unknowingly subscribing to paid services and quickly using up their limits on gaming sites.

New Educational Standards and Recommendations

New educational standards developed with the participation of the Bank of Russia will introduce financial literacy lessons starting in elementary school (as part of math and environmental studies). In middle school, elements of financial education will be included in geography and social studies classes. According to Izvestia, these new rules will take effect on September 1, 2022.

The majority of surveyed children and adults support this initiative (90% and 83%, respectively). A third of parents believe children should be introduced to financial concepts between ages 6 and 10, while 16% favor starting as early as 5 or 6 years old.

Importance of Information Security Education

Cybersecurity experts also recommend teaching students the basics of information security. Since children often get smartphones in elementary school, it is important for them to understand modern threats and learn how to protect themselves online.