St Petersburg University’s Centre for Financial Literacy celebrates 10 years: we teach how to manage your budget and thwart scammers

The rapid advancement of modern financial technologies underscores the need to enhance the population’s financial literacy. Hence, the primary objectives of the Centre for Financial Literacy are to address this by offering consulting services on various financial topics, including: deposits and their features; loans and their types; specific features of mortgage loans; insurance and its types; and pension provision for retirement. The Centre also organises open lessons and lectures on financial literacy for school students and silver-age citizens as part of the St Petersburg University for School project. Anyone can apply to the St Petersburg University Centre for Financial Literacy for a consultation.

Over 100,000 people have completed financial literacy courses at St Petersburg University.

The Centre’s team organises educational events for the public, such as financial literacy lessons for schoolchildren and senior citizens. Experience indicates that each age group has distinct interests. High school and university students are keen to learn about investing in cryptocurrencies and High-Yield Investment Programs (HYIPs). Middle-aged adults are more interested in traditional investment methods and tax deductions. Senior citizens tend to focus on understanding retirement provisions and navigating online platforms like the Russian Portal of Government Services "Gosuslugi" and utility services. 

Consultations and practical advice are available to anyone interested. The Centre facilitates communication and interaction between teachers, students, interns, and citizens using modern communication technologies. This includes a social media group for the Centre for Financial Literacy and various online platforms. The interaction format is "online question — online answer". The Centre has received questions from residents of St Petersburg as well as from other regions of the Russian Federation.

St Petersburg University online courses

Practical classes at the Centre involve professional interactions between students and teachers, as well as among students themselves and between university students and students of colleges and schools. Interactive learning methods include: guided discussions; business and role-playing games; professional skills training; and simulation games to provide a simulated experience of real-life professional consultations. These simulation games and other game models help to create a comprehensive context for the professional activities of a financial consultant. 

A traditional annual event dedicated to the Financier’s Day celebrated on 8 September is the so-called "Financial Dictation". The event is organised and conducted by the Centre for Financial Literacy staff. Everyone can participate, either online or in person, and assess their level of financial literacy.

Since 2015, approximately 200 bachelor’s and master’s students at St Petersburg University have completed internships at the Centre for Financial Literacy.

To offer more citizens the opportunity to enhance their financial literacy, the Centre’s staff has developed and implements online courses focused on improving financial and cyber literacy. These courses are available on the OpenEdu National Platform and have no special educational prerequisites. Upon successful completion, students receive a certificate from St Petersburg University. 

The online course "Financial Literacy" has been completed by over 4,600 individuals, while the course "Fundamentals of Financial Literacy" has been attended by approximately 30,000 people in less than a year. The relevance of individual risk management and understanding modern technologies that are transforming the financial market and contribute to the formation of new business models has inspired the creation of new online courses. These include "Fundamentals of Financial Culture" and "Countering Financial Fraud and Individual Risk Management", developed by the academic and research staff of St Petersburg University.

Since 2019, financial literacy courses have been consistently ranked among the top 20 online courses implemented by St Petersburg University.

The Centre’s activities extend beyond practical classes and consultations. The Centre for Financial Literacy team actively shares its best practices and achievements at major conferences and forums. Notable events include the St Petersburg International Labour Forum, which addresses critical issues related to the labour market and socio-economic development; the St Petersburg International Educational Forum, focusing on innovations in education and enhancing financial literacy; and the annual scientific conference "Lomonosov Readings", organised by Moscow State University, where leading experts discuss current research ideas and their practical implications. 

Another key area of the Centre’s activities is conducting surveys and monitoring financial literacy levels across various social strata. This not only helps to assess the current situation but also facilitates designing more effective academic programmes that meet public needs and developing new methods for teaching financial disciplines. 

Recently, the Centre has been actively participating in the Bank of Russia’s forums, which focus on the behavioural strategies of financial services consumers in the context of cyber fraud.

The 9th St Petersburg International Labour Forum features a roundtable discussion titled "Economic and Financial Culture of the Working-age Population: the Centre for Financial Literacy at St Petersburg University Marks 10 Years" and a scientific session on ‘Financial Literacy as an Indicator of Human Capital Development’. During these events, experts from St Petersburg University discuss methods for assessing personal finance management skills and competences, the content of academic programmes, and the relationship between financial literacy, career prospects, and social well-being.

In general, working at the Centre for Financial Literacy offers the opportunity to integrate theory and practice, contribute to enhancing societal financial literacy, and continuously grow professionally. The Centre’s success is a result of leveraging the University’s resources to improve the quality of professional education, which in the 21st century is not only based on knowledge but also follows a competence-based approach. The well-coordinated efforts of the Centre’s team will facilitate the development of new financial literacy training formats, the launch of new online courses and academic programmes, and potentially new academic specialisations.