V. V. Bondarenko, E. V. Kuznetsova, M. A. Tanina, V. A. Yudina. Financial Literacy as a Factor in the Economic Development of Russian Regions

https://doi.org/10.15507/2413-1407.26342.415-437
EDN: https://elibrary.ru/xgitvpISSN 2413-1407
УДК / UDC 316.334.2:336.01(470+571) ISSN 2587-8549

Abstract

Introduction. The level of financial literacy of the population is a significant factor in the socioeconomic development of the Russian Federation's regions, especially in the context of globalization and digitalization. The purpose of this study was to establish a relationship between the level of financial literacy of the population and the level of regional socioeconomic development, as well as to justify differentiated strategies for improving financial literacy based on regional characteristics.

Materials and Methods. The study focused on regions of the Russian Federation with varying levels of socioeconomic development and financial literacy. Data from an online survey (2025, standardized online interview, n = 2,273) with quota selection based on gender, age, district of residence, and occupation were used. The questionnaire included four thematic sections and a Likert scale. Descriptive statistics and correlation regression analysis (Pearson's coefficient and linear regression) were used.

Results. It was found that 89 % of respondents assessed their level of financial literacy as sufficient, but their actual skills were lower than their self-assessment: for example, only 47 % of respondents were able to calculate interest capitalization. The weakest areas were investing (3.04 points), pension planning (3.14), and knowledge of insurance (3.19). The highest-rated areas were understanding budgeting principles (3.81) and using internet resources (3.78); the average value for all parameters was 3.48 points. A strong direct correlation (r = 0.92) was found between the level of financial literacy of the population and the Final Rating of Russian Regions. The forecast shows that increased financial literacy will contribute to the improvement of the socioeconomic indicators of Russian Federation constituent entities.

Conclusion. The study confirmed a correlation between the level of financial literacy and the socioeconomic development of Russian regions. Uneven financial knowledge was identified across federal districts: the highest level was found in the Central and Urals Federal Districts, while the lowest was found in the North Caucasus, Siberia, and Far Eastern Federal Districts. Differentiated strategies for improving financial literacy were proposed, targeting key problem areas and priority development areas.

Keywords: financial literacy, rating of regions, investment activity, business development, financial know­ledge, financial literacy assessment methodology, correlation and regression analysis, financial stability of the population

Conflict of interest. The authors declare no conflict of interest.

Acknowledgements. The authors are grateful to the reviewers and editors of the Russian Journal of Regional Studies for valuable recommendations, comments and advice that helped improve the quality of the text.

For citation: Bondarenko V.V., Yudina V.A., Kuznetsova E.V., Tanina M.A. Financial Literacy as a Factor in the Economic Development of Russian Regions. Russian Journal of Regional Studies. 2026;34(2):415–437. https://doi.org/10.15507/2413-1407.26342.415-437

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About the authors:

Vladimir V. Bondarenko, Dr.Sci. (Econ.), Professor of the Chair of Management, Computer Science and Humanities, Penza branch of the Financial University under the Government of the Russian Federation (33B Kalinin St., Penza 440052, Russian Federation), ORCID: https://orcid.org/0000-0002-6716-1963, Researcher ID: E-5624-2018, Scopus ID: 57211802151, SPIN-code: 8606-0184, bond40@bk.ru

Elena V. Kuznetsova, Cand.Sci. (Econ.), Associate Professor of the Chair of Management, Computer Science and Humanities, Penza branch of the Financial University under the Government of the Russian Federation (33B Kalinin St., Penza 440052, Russian Federation), ORCID: https://orcid.org/0000-0002-6863-1066, SPIN-code: 5509-1140, elena_myskina@mail.ru

Mariya A. Tanina, Cand.Sci. (Econ.), Associate Professor of the Chair of Management, Computer Science and Huma­nities, Penza branch of the Financial University under the Government of the Russian Federation (33B Kalinin St., Penza 440052, Russian Federation), ORCID: https://orcid.org/0000-0001-7311-6280, Researcher ID: E-7224-2018, Scopus ID: 57211810144, SPIN-code: 8764-6330, margo10@inbox.ru

Vera A. Yudina, Cand.Sci. (Econ.), Associate Professor of the Chair of Management, Computer Science and Huma­nities, Penza branch of the Financial University under the Government of the Russian Federation (33B Kalinin St., Penza 440052, Russian Federation), ORCID: https://orcid.org/0000-0001-9835-9430, Researcher ID: E-4558-2018, Scopus ID: 57211803103, SPIN-code: 2887-6549, vayudina@fa.ru

Contribution of the authors:

V. V. Bondarenko – supervision; writing – review and editing.

E. V. Kuznetsova – methodology; validation.

M. A. Tanina – formal analysis; investigation.

V. A. Yudina – conceptualization; visualization.

Availability of data and materials. The datasets used and/or analyzed during the current study are available from the authors on reasonable request.

The authors have read and approved the final manuscript.

Submitted 02.05.2025; revised 22.10.2025; accepted 06.11.2025.