The first Chairman of the Central Bank: in a crisis you need to start to save and stop buying TVs


MOSCOW, February 15. The population in the crisis should start to save to stop buying TVs. It will be more rational behavior, said at a press conference about financial literacy, the first Deputy Chairman of Bank of Russia Sergey Shvetsov.

“If there is economic downturn, people should respond rationally, and not buy on several TVs and several washing machines. It should be understood that tomorrow may lose their job, so the propensity to save here should prevail over the propensity to consume,” he said.

Shvetsov also noted that the level of financial literacy in Russia is lower than in developed and some developing countries. In particular, in China, in his words, in the stock market involved 100 million inhabitants, while in Russia – only 80 thousand.

“The basics of financial literacy will provide a basis of confidence in the future. And if the demand is met through investments in the stock market, people should enjoy including this tool,” – said the first Deputy head of the Central Bank.

In his view, the basic fundamentals of financial literacy over time should be made compulsory in secondary schools.