Russian high school students to study finance

Starting this fall, Russian high schools in five regions will take part in a pilot project launched by the Russian Finance Ministry to educate students about financial transactions. The authorities hope to make the subject required for all students across the country by 2018, said Anna Zelentsova, the coordinator of the project.

The idea behind the program is to help children understand how money works and encourage them to plan their finances as well as help plan the family budget.

Experts have applauded the initiative.

"The level of financial skills in our country is extremely low," said Stanislav Duzhinsky, an analyst at HKF bank.

According to polls from the National Agency for Financial Studies (NAFI), debit cards for salaries are the most popular bank services among Russians, who use them to withdraw cash from ATMs and make payments to maintenance service, the expert said.

Internet banking remains very unpopular in the country. Only 3 percent of respondents to the NAFI poll bank online.

The story is based on materials from Izvestia newspaper.

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