Development of Financial Culture among Young People: Challenges and Trends

The article is devoted to the study of the current state, features and trends in the financial culture development among young people. The authors show the essence and content of the concept of "financial culture" as part of the cultural code of a modern person. They present the financial literacy index and financial literacy rates among Russian people. It is shown that the residents of our country have an increased level of theoretical knowledge and “financially competent” attitudes about finances, income and expenses, savings and investments; while "subsiding" the skills of managing personal and family budgets in practical application. The results of a survey of ESSUTM students (8 people aged 18-19; 11 people — aged 19-20; 25 people aged under 20) show that students are well versed in the organization and functioning of the financial market, insurance and investments, cyber fraud and cybersecurity. At the same time students have a lack of practical skills in optimizing personal finances. The challenges and trends of the modern period in the development of financial culture as part of the cultural code of a modern person were revealed.