The influence of social media on the formation of financially literate behavior of youth

The Internet in the modern world is an integral part of the formation of culture and educational potential of society. The relevance of studying its influence on the individual and social strata of society is determined by its structural and functional capabilities: in fact, it becomes an institution for socialization of new generations, also actively embedded into educational systems. However, in terms of science it is important to understand what influence the Internet has on the formation of basic values, cultural characteristics, attitudes among young people, particularly in the field of financial behavior, which will form the basis of their economic activities and their common future. In this connection, the purpose of this study is an attempt to substantiate the role and influence of social media on the formation of models of financially competent behavior of young people (using the example of Moscow as the leading financial center). The main research methods were content analysis of social media, in particular the social network Instagram (analysis of the content of bloggers positioning themselves as experts in the field of financial management), as well as a mass survey of young people (carried out as part of the initiated by author project of the Laboratory for Study of Behavioral Economics at ISESP FCTAS RAS under the title "Financial culture of the capital's youth") and in-depth structured interviews with experts in the field of financial market and financial behavior. The results of the study make it possible to suggest the existence of a serious influence on the formation of financial culture and financial behavior of young people of the ontent that is popular in social media, as well as the popularity of social networks themselves as a source for the «extraction» of information in the field of economics and finance. This should be taken into account when developing a policy regarding social media activities, in particular bloggers in the field of educational, consulting, commercial and other activities related to increasing financial literacy, culture and formation of various models of financial behavior of young people for the purpose of legal regulation of such activities, because the broadcast content directly shapes not only the way of thinking, but also influences the practical choices and daily activities of young people.