Low financial literacy turns out that many people simply do not know how to structure their budget properly and effectively use the financial tools existing in the market, but ready to invest available funds in pyramid scheme in pursuit of a quick profit. Players of the Financial Services Market enlighten the people using their own resources and they recognize that in general it is impossible to solve the problem without the government. This is the conclusion of participants of the Round table held by the portal TatCenter.ru.
Subject of the next Round table discussion, organized by the portal TatCenter.ru, was defined as: “Financial literacy: contribution to the future”.The event was attended by representatives of the financial services market, in particular, the leading partners of the event: Investment Company “Elemte” and LLC “Aton” as well as representatives from several government agencies and banks. It should be noted that the Round table discussion for the first time was held in live videotelecast that means all readers of the portal could become the event’s participants.
The discussion was started with the view, common to all its members, that the financial literacy of our citizens is still at a low level, and the Round table experts made this “diagnosis” for both: ordinary people and many members of offices and agencies related to the financial market in any event. It is uncontroversial that the situation should be changed, because Illiteracy is profitable only for unfair players of the financial services market, and all others are interested in the opposite.
Development of financial literacy is in a great necessity for both: citizens which currently most often come across the tricks of the pyramid scheme’s organizers and unfair players of the financial services market and the government forced to participate in regulation of such conflicts. According to Dilyara Shakirova, Professor of Kazan Business School: “Today there are a lot of financial tools and for work with these tools the employees are involved on a voluntary basis, but the voluntariness requires competence”.
Financial structures are also interested in development of financial literacy, but good-faith structures, since involvement of available funds of citizens to the circulation, which means that people should come and use their products consciously, is of great importance to them. General Director of Investment Company “Elemte”, the stock market expert of the TatCenter.ru, Zakia Shafikova confirmed this thesis from the perspective of the skilled worker of financial operations market:
Zakia Shafikova:
- Back in 1995, when the first stock center was created, I realized that the people should be taught. First we addressed our proposals on arrangement of financial literacy association to the state agencies at the national level and then at the federal level. As the result, I and other participants of the financial services market understood that we could enlighten the people using our own resources. And so it happened: we invested heavily in the educational courses, and we continue to do so now, as the other financial companies and banks spend money on the educational activities. It is obvious for us: we are much more profitable to work with the most competent clients.
In the course of discussion, the statement was supported by all participants: while participants of the financial services market are engaged in improvement of financial literacy, everyone invests in such activities according to his capacity and willingness. At the same time, according to the Round table moderator, a Member of the RT Public Chamber, General director of CJSC “Time and Money” Yuri Alaev, the participants of the financial market which are engaged in the public enlightenment, primarily do it in terms of their business. “As long as everyone teach their own way, education is resulted in promotion of their own product“, - continued the Head of Money and Securities Department of Institute of Economics and Finance (KFU) Igor Kokh. “And general financial education should be provided by the state. It is impossible to solve this problem by efforts of private companies”, - stated the expert.
During the discussion, the Round table participants shared their suggestions on the following subjects: what is objectively to be done to improve the financial literacy? What steps are participants of the financial services market waiting from the state? What interaction method does Higher School suggest? and What role of financial enlightenment mass media is ready to play?
Source: tatcenter.ru