Assessment and ways to improve the level of financial literacy of small businesses

The article is devoted to the study of a significant indicator of sustainable balanced development of the economy of the Russian Federation - the level of financial literacy of micro and small businesses. The authors clarified the concept of financial literacy in this study. The general Index of financial literacy of Russian entrepreneurs was analyzed, reflecting their ability to manage their personal and company finances intelligently, including an assessment of three private indices: the index “Financial Knowledge”, the index “Financial Behavior” and the index “Financial Attitudes”. The authors have identified trends which characterize the current state of the level of financial literacy of owners and co-owners of micro and small businesses. Institutional conditions are proposed that contribute to improving the level of financial literacy of Russian entrepreneurs with an emphasis on identifying risks when using various financial services and instruments.