Russian banks fear customers' financial literacy

More than 50% of the Russian people are convinced of their right to financial matters are not protected adequately.  Experts say that the banks fear the Russians - from a low financial literacy.

The vast majority of respondents (91%) said they do not know which organizations in Russia are engaged in consumer protection in financial services. This is evidenced by the results of nationwide survey of the National Agency for Financial Studies (NAFI). The study was conducted in June 2012, surveyed 1,600 people in 140 villages in 42 regions of Russia.

Thus, according to the NAFI, secure in the financial markets feel a little more than a third of Russians (38%). Of these, only 4% say that is fully protected. And the most optimistic - young people aged 18 to 24 years. It is noteworthy that one in ten could not determine how protected his rights as a consumer financial services.