The essence and origins of increasing the role of financial literacy in the modern economy

The article examines the increasing importance of financial education in Russian society in the conditions of a qualitatively transforming Russian economy, in which events and phenomena significantly change the attitudes of society, knowledge, and understanding of familiar things and circumstances. It identifies three historical stages, which were identified as the origins of the elimination of financial illiteracy, then the emergence and increasing role of financial education, and, finally, the development of the population’s need to acquire competencies in the financial and digital spheres. The author believes that it was financial shocks that provoked state, financial, and educational structures to study international experience and implement a whole range of educational measures in the field of finance. The paper records the theoretical essence and significance of the concept of “financial literacy” corresponding to the second stage and the unfolding of “digital financial literacy” corresponding to the current stage of the economy under the conditions of digitalization. And if the financial education of Russians, as reflected by the indices of the level of financial enlightenment, is growing, then the digital format is difficult for certain categories of the population and scares away by the presence of many fraudulent schemes that bring losses to users. And in order to achieve an increased level of digital financial literacy, effective, innovative pedagogical technologies are recommended, reflecting the prospects and prestigious advantages for those who have mastered modern digital financial competencies.