Today's adolescents demonstrate higher indicators of knowledge and skills in the field of digital technologies than adults. However, parents believe that teenagers can make purchases on their own via the Internet only upon reaching the age of majority. This is evidenced by the results of the research special project "Children and Technologies" * carried out by the NAFI Analytical Center and the QIWI group in May-August 2018.
The adolescent digital literacy index is 73 p.p. out of 100 possible. The adult index (according to a similar measurement methodology) is 52 pp ** Nevertheless, parents believe that the safest age to start using financial products is 19 years.
Most teenagers already between the ages of 14 and 17 (82%) have pocket money, and half of teenagers use electronic money. Every second person has a personal e-wallet (49%), 42% use a bank card that is not linked to their parents' account. At the same time, 76% of those surveyed who do not have a personal card would like to get one.
Most teens (70% in the last 3 months) have made purchases from online stores or paid for something online. When shopping online, adolescents used their personal bank cards (36%) and personal e-wallets (35%) to pay with the same frequency.
The most popular items of spending among teenagers are spending on food and drinks (78%), saving for a specific purpose (52%) and spending on going to the cinema, parks, and other entertainment (52%). While spending on entertainment is on par with saving for the future, interest in saving among teens speaks to a more conscious approach to personal finance management and points to certain financial literacy skills.
Parents do not believe in the safety of online shopping. Thus, the majority of parents (84-87%) believe that it is unsafe for teenagers between the ages of 14 and 17 to use mobile and Internet banking, as well as electronic wallets. It is noteworthy that one in five (17%) found it difficult to name the exact age at which children can go online shopping. More than half of parents (57%) believe that online shopping is possible only after reaching the age of 18.
Today, the majority of Russians (61%) do not involve children in accounting for income and expenses, planning family budget. This suggests that in Russian families, work is still not being done to form the foundations of financial literacy. The digitalization of finance requires additional immersion and specialized knowledge on the part of children, as well as awareness, attention and control from parents.
Approaches to Improving Children's Financial Literacy
Financial literacy programs existing in the world can be divided according to several characteristics, depending on:
There is no one-size-fits-all financial literacy strategy, and there are initiatives to implement similar projects for children in many countries. Their main focus is the development of skills for understanding the essence of money and financial interactions by the population, the formation of the correct attitude to the distribution of money in the family, and their management.
In 2014, the World Bank's Global Financial Development Report proposed a system of basic requirements for financial products for children and adolescents. This system was designed to increase the availability of financial services for a young audience and should help to increase financial responsibility and consumer literacy.
The highlighted basic principles of creating friendly banking products for children and adolescents are based on requirements concerning access, control, a positive financial incentive to use financial products and services, security and the presence of an educational component in the tools offered to the target audience.
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