ITMCFM, in collaboration with the National Financial Research Agency, conducted a sociological survey in November-December 2022 to assess the financial security knowledge and skills among students studying at the universities of the International Network AML/CFT Institute.
More than 11 thousand young people from Russia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan participated in the survey.
The detailed survey findings can be found in the article below:
Young people in the CIS countries have a relatively high opinion of their own level of knowledge about how to protect themselves from fraud and other financial risks. The majority of young people have the right attitudes: they save money for unexpected expenses (62%) and want to know more about financial security (56%). At the same time, a sizable proportion (49%) believes in the existence of profitable, risk-free investments. These are the findings of the survey conducted by the National Financial Research Agency and the International Training and Methodology Centre for Financial Monitoring (ITMCFM) among young people in Russia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan to assess their knowledge and skills in financial security. More than 11 thousand people participated in the survey.
Self-assessment of financial security knowledge
More than half of young people in the CIS countries (56%) rate their own financial security knowledge as good, allowing them to avoid financial risks in daily life, avoid becoming a victim of fraud, and ensure the safety of their savings.
Young people in Kazakhstan (62%), Russia and Belarus (both 57%) are most confident in their knowledge. Young men are more likely than young women to believe their knowledge is adequate (66% vs. 50%).
43% of young people say that they have financial security knowledge, but it is not enough to avoid financial risks. Young respondents from Kyrgyzstan (64%) and Tajikistan (51%) are more likely to say this.
Confidence in one's knowledge of financial security issues rises with wealth: 71% of those who rated their family's financial situation as above average described their knowledge as adequate, while only 49% of those in lower-income families said the same.
Behavioral attitudes of young people
Many young people have the right attitudes about personal financial management. These attitudes include as follows:
- "I always try to have money for unexpected expenses, just in case" (62% of respondents).
- "I want to learn more and understand financial security better" (56%).
- "I don't use financial services that I don't fully understand" (45%).
- "I have long-term financial goals that I try to achieve" (45%).
At the same time, a large proportion of young people in the CIS countries has wrong attitudes and believes that there are many easy ways to multiply capital (73%), that financial instruments with higher returns do not always have higher risks (49%), or that online payments provide anonymity (45%).
A smaller proportion of respondents (16%) believes that they should not save money at their age, and that failure to repay a small loan will not affect the bank's work or the borrower's future life (9%).
Young people in Belarus and Kyrgyzstan have a higher proportion of those who want to learn more about financial security and a lower proportion of those who do not see a problem with non-repayment of loans. Young people in Tajikistan are more likely to believe that there is nothing wrong with non-repayment of loans and see cryptocurrency as a way to save money from inflation. Uzbekistan has a higher proportion of those who is not focused on saving money. Young Russians are less likely than others to have long-term financial goals, and they are less likely to agree that there are many simple ways to grow capital today.
Information that is of most interest
The top five financial security topics of interest to young CIS residents are as follows:
- Protection of human rights in the financial sector.
How not to get scammed? Where can you protect your rights as a consumer of financial services? This topic is of interest to 81% of young people.
- Personal information security in the financial sector.
How to avoid becoming a victim of fraud? How to recognize fraudulent schemes and offers? This topic is of interest to 78% of young people.
- Protection of personal biometric data.
- How secure is the encryption of digital devices using facial scans, fingerprints? How are biometrics used in video surveillance systems? This topic is of interest to 75% of young people.
- Financial security of organizations.
What measures are taken by companies to protect their financial and corporate information from cyber threats? This topic is of interest to 74% of young people.
- Social engineering, psychological techniques used by fraudsters.
How to recognize the techniques and tricks used by scammers under the guise of trustworthy people? This topic is of interest to 71% of young people.
To a lesser extent, young people are interested in credit scams (59%), pyramid schemes (57%), email and SMS newsletter scams, telegram bots scams, etc. (54%), Forex trading and scammers (41 %), and potential online casino threats (32%).
Personal budget, cash, non-cash money and counterfeiting (the share of those interested in this topic is higher among young people in Belarus and Kyrgyzstan), as well as national financial security (the highest interest in this topic is among young people in Kazakhstan, Uzbekistan, and Tajikistan) are the topics that are not among the most popular, but have a relatively high interest.
Information sources to improve financial literacy
Among a large number of financial security information sources, young people will primarily choose those that are integrated into their daily routines or that are closely linked to professional institutions for protection of rights.
Ratings of the most popular sources of information on financial literacy and security issues are as follows:
- excursions and internships in specialized organizations (47%),
- financial security education in schools and universities (44%),
- social networks (41%),
- Telegram channels (35%),
- thematic events (forums, exhibitions, workshops, master classes, and online conferences) (35%).
Young people are the least willing to receive financial security information through thematic email newsletters (59% said they are unlikely to be interested) or radio programs (64% will not be interested).
Oleg Ivanov, First Deputy General Director of the International Training and Methodology Centre for Financial Monitoring (ITMCFM):
"Today's young people are actively interested in financial issues and financial security and certainly have enough knowledge to protect themselves from some financial risks and fraud. According to the survey findings, young people in Russia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan are focused on improving their financial security knowledge, take seriously the issue of information security, are interested in social engineering, and learn how to recognize the psychological techniques used by fraudsters. At the same time, the most credible sources of such information for students are relevant organizations and university training programs that focus on financial security.
It is important to understand that financial security knowledge is required not only in private life, but also in the future choice of professional path. Such opportunities for students from the CIS countries are provided by the International Network AML/CFT Institute: training at its member universities will allow students to choose in-demand and promising work in the national anti-money laundering systems."
Source: NAFI Research Center
