Development of financial literacy as a necessary condition for socio-cultural adaptation of international students

Financial literacy of foreign students is an important condition for their successful social and cultural adaptation. Universities should contribute to the transformation of foreign students into literate and active consumers of financial services by developing their skills in budget planning, savings plan creation, and financial opportunities usage in the country of study. These skills will allow foreign students to finance their study, to rent or buy a flat, to find a job. Unfortunately, insufficient attention is paid to the development of financial literacy of foreign students in Russian universities. The article presents the results of a sociological survey of foreign students of SUSU aimed to assess the level of their financial literacy. The results of the survey showed that the students had problems in managing personal finances and using financial opportunities in the country of study. Thus, the research aim is to identify the level of financial literacy of foreign students of the South Ural State University (SUSU) and offer a way for its improvement. The authors assessed the financial literacy of foreign students; revealed the demand for knowledge in the field of personal finance management; determined the sufficiency of training programs and forms of their implementation; offered a way to improve the financial literacy of foreign students. The authors developed a concept to increase the level of financial literacy of international students that is realized in the form of additional training integrated into the education process. The model offers various forms to improve students’ competence in effective management of personal finances. The originality of the study is in the design and testing of an integrated approach aimed at improving the financial literacy of foreign students that allows to increase the effectiveness of socio-cultural adaptation.