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The Impact of Financial Literacy on Household Over-Indebtedness

Student: Palitsyn Vladimir

Supervisor: Olga E. Kuzina

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2019

This paper examines the impact of financial literacy on the over-indebtedness of households in Russia. The research topic is relevant due the growth of volume of retail lending in Russia in recent years. Existing literature shows an ambiguous link between over-indebtedness and financial literacy. In this paper, we use data from a study of the financial behavior of Russians conducted in 2015–2018. Because of the potential problem of endogeneity, we use an instrumental variable. Results show that financial literacy reduces the probability of over-indebtedness.

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