The conference on improving financial literacy will be held in Moscow
The Conference "Empowering Consumers of Financial Products and Services through Improved Financial Literacy and Effective Consumer Protection Systems" organized under Russia's G20 Presidency with the support of the World Bank and the Organization for Economic Cooperation and Development (OECD) will be held on June 13-14, 2013 in Moscow.
The meeting will be attended by Russian G20 Sherpa, Chief of the Presidential Experts' Directorate Ksenia Yudaeva, Deputy Finance Minister of the Russian Federation Sergei Storchak, OECD Sherpa to the G20 Gabriela Ramos, Head of the Federal Service for Supervision of Consumer Rights Protection and Human Welfare of Russia Gennady Onishchenko and World Bank's Country Director for Russia Michal Rutkowski.
The development of a modern market economy requires broad public participation in long-term pension, insurance and mortgage schemes. The expansion and efficient use of savings provide for a higher level of economic and social stability, and create a basis for fiscal sustainability and macroeconomic balance.
On the other hand, active financial behavior of the population requires a high enough level of knowledge. The global crisis revealed additional risks associated with insufficient level of financial literacy and aggravated problems of consumer protection in financial services.
It became apparent that the improvement of financial literacy and development of effective consumer protection mechanisms are key directions for improving the opportunity for financial consumers to extend fair access to financial services and developing sustainable and effective financial schemes.
The two-day Conference will explore international experience in the creation and development of a systemic approach to these problems.
The focus of the Conference will be on Russia's input in the development of the international program in financial literacy and financial education, methods used to assess the effectiveness of efforts in different countries and experience of involving young people in financial literacy programs.
The conference will be held in the Conference Hall of The Ritz-Carlton Hotel Moscow at 3, Tverskaya St.