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DOI: 10.15507/1991-9468.092.022.201803.441-459
Financial Literacy in the Context of the Lifelong Education
Sergey М. Vdovin
Rector of National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russia), Ph.D. (Economics), Associate Professor, ORCID: http://orcid.org/0000-0001-7363-1389, Scopus ID: 57191505351, This email address is being protected from spambots. You need JavaScript enabled to view it.
Olga I. Averina
Head of Chair of Accounting, Analysis and Audit, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russia), Dr.Sci. (Economics), ORCID: http://orcid.org/0000-0002-6738-5828, Scopus ID: 57191523535, This email address is being protected from spambots. You need JavaScript enabled to view it.
Natalia A. Gorbunova
Associate Professor of Chair of Accounting, Analysis and Audit, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russia), Ph.D. (Economics), ORCID: http://orcid.org/0000-0003-2254-6584, Scopus ID: 57191528928, This email address is being protected from spambots. You need JavaScript enabled to view it.
Elena G. Moskaleva
Associate Professor of Chair of Accounting, Analysis and Audit, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russia), Ph.D. (Economics), ORCID: http://orcid.org/0000-0002-7364-4187, Researcher ID: Q-4733-2018, This email address is being protected from spambots. You need JavaScript enabled to view it.
Introduction. The current stage of economic development in the formation of the information society confirms the relevance of the problem of improving people’s literacy in the use of financial products, financial services and various technologies for effective financial management. The purpose of the article is to study the main factors determining the need to improve financial literacy in the region, the main forms of financial literacy training, as well as the experience of higher education institutions to carry out activities aimed at improving financial literacy.
Materials and Methods. This research was carried out with the help of general scientific and special techniques and methods: the method of observation and study of accumulated experience, the conceptual and socio-philosophical analysis, the system analysis, the comparative analysis, the structural-functional analysis. An empirical sociological survey was conducted to obtain objective data on the level of financial competence of the population of the region and to assess the relevance of activities among pupils, young people, pedagogical staff of educational institutions and other segments of the population. As tools for collecting information for analytical studies questionnaires based on Internet resources and interactive survey were used. The methods of statistical analysis consisted of grouping, constructing series of dynamics, determining absolute and relative statistical. As research materials were used normative and policy documents, which are the legal basis for the implementation of the concept of continuing education and ensuring financial literacy of the population in the international context.
Results.The article substantiates the importance of measures aimed at improving the financial literacy of the population of the Republic of Mordovia. Financial literacy is a necessity in the information society, in which financial decision-making and effective financial management is carried out using information and communication technologies. The authors of the article prove the role of higher education institutions in improving financial literacy of the population in accordance with the life-long learning education concept. Higher education institutions ensure access to financial literacy for various social groups through many forms of formal and non-formal education.
Discussion and Conclusions. The conclusions and recommendations of the study can be used in the activities of the National Research Mordovia State University in conducting training and consulting activities aimed at improving financial literacy of the population of the region (master classes, training seminars, video lessons, round tables, etc.). The authors’ proposals can be applied in the development of financial literacy strategy in the Republic of Mordovia.
Keywords: financial literacy, lifelong learning, self-improvement, competences of innovative society, educational centers of financial literacy
Acknowledgements: The authors would like to thank the students of economic faculty of the National Research Mordovia State University for participating in the survey and processing the results. The authors are grateful to the reviewers whose valuable comments helped to correct factual errors and improve the quality of the manuscript. The study was performed with financial support of the Erasmus+ programme jean monnet (project “Lifelong education without dimension: opportunities in the Russian-European integration (LED)” no. 564889-EPP-1-2015-1-RU-EPPJMO-PROJECT).
For citation: Vdovin S.M., Averina O.I., Gorbunova N.A., Moskaleva E.G. Financial Literacy in the Context of the Lifelong Education. Integratsiya obrazovaniya = Integration of Education. 2018; 22(3):441-459. DOI : 10.15507/1991-9468.092.022.201803.441-459
Contribution of the authors: Sergey М. Vdovin – project administrator; formulation of the basic concept of research; provision of resources and supervision of the study results. Olga I. Averina – scientific coordinator; specification of the methodology of research; critical analysis of materials and drawing the conclusions. Natalia A. Gorbunova – search of analytical materials in domestic and foreign literature; visualization of data in the text; preparation and revision of the text; anal ysis and drawing the conclusions. Elena G. Moskaleva – data collection; data analysis; visualisation; writing the draft of the article; empirical modelling.
All authors have read and approved the final manuscript.
Submitted 16.01.2018; revised 21.05.2018; published online 28.09.2018.
This work is licensed under a Creative Commons Attribution 4.0 License.
