Development of an Index Score of Financial Literacy of the Population in Russia in the Context of the Regions

In this paper, an index assessment of the financial literacy of the Russian population in the context of regions is developed. To conduct the study, a sample was formed based on open data from 85 subjects of the Russian Federation for 7 variables for 2018. The study analyzed various methods for measuring financial literacy and the variables that can be included in the index. As a result, an index was developed that reflects both financial behavior and financial literacy. It was also found that financial literacy does not depend on the urbanization of regions. As a result, on the basis of the index, the rating of the subjects of the Russian Federation on the levels of financial literacy was built and compared with the rating that was compiled by the NAFI analytical center in 2018. The results of this study may be useful for researchers in the field of financial literacy in Russia, as well as for state and municipal managers.