• Box 2: Financial Literacy Survey in Russia
  • Source: World Bank, Russian Federation: Diagnostic Review of Consumer Protection in Financial Services, 2009
  • Of the consumers who do not save, nine percent gave the reason as "lack of trust in financial institutions."
  • Only 11 percent of households have insurance policies, whereas 21 percent of consumers consider that they need life insurance policies, but do not buy them because they "do not believe that the insurance companies will pay the claims in case of their death."
  • Russian consumers also have little confidence that problems with financial transactions can be easily and fairly solved.
    • Three quarters (77 percent) give a 50:50 chance (or worse) that disputes with financial institutions "will be resolved quickly and justly."

2010 - WorldBank - Consumer Protection and Financial Literacy Lessons from Nine Country Studies, by Susan L. Rutledge - 53p