A city of financial literacy: the world of finance for children and adults
On the 11th of November the Russian capital hosted a family festival of finance for children and adults at the Congress Centre Technopolis Moscow. The festival was the culminating event of the 4th National Week of Savings initiated by the Russian Ministry of Finance and Rospotrebnadzor (the Russian Federal Service for Surveillance on Consumer Rights Protection and Human Wellbeing).
That day the festival was attended by 3,000 guests. The festival was organized in the form of a ‘City of Financial Literacy’ where the ‘Bank’ issued that day more than 100,000 ‘festics’ (the festival game currency) which served, among other functions, as start-up capital that the guests could increase by attending, for instance, various activity zones of the festival. One of the zones accommodated the ‘Museum’ represented by the ‘Money Museum’ and ‘Ingosstrakh Museum’ where the guests could look at the displays and learn about the history of money, money circulation and insurance business.
In the ‘University’ zone, adults discussed challenging issues with specialists in the fields of financial literacy and financial service consumer right protection: how to be prudent when you manage your finances, how to stay away from scams of financial swindlers, how to obtain a mortgage loan, how to be efficient in reducing the mortgage interest rate, how to make savings in order to buy expensive items and many other topics. ‘University’ lectures were given by Sergey Storchak, Deputy Minister of Finance, and Maria Kozhevnikova, actress and public figure, and others. They discussed the ways of improving financial literacy in a family and building a dialogue with children about money.
‘Every family has its own rules of dealing with financial issues. As a rule, we treat our children as grown-ups, regardless of their age, and have adult-to-adult conversations, including about money. Even a small kid should understand that every purchased item means spending that ought to be reasonable,’ says Maria Kozhevnikova.
The festival had more than 45 activity zones in total. There was a ‘Craft’ zone, where painting of plaster coin boxes and making of felt purses turned out to be the most interesting activity among the visitors. At the ‘City Fair’ children could sell the things they had made for festics, and then spend them on items made by others or on goods at the ‘Supermarket’: skill developing books, colouring books, game sets, construction kits and many other goods from the event partners.
Everybody visiting the ‘Consultancy Office’ could be advised on personal budget management and have their financial soundness assessed by an expert. The ‘Intellectual Club’ offered its participants a financial literacy game based on the rules of ‘What? Where? When?’. The participants were to answer various questions connected with money history, budget planning and so on.
There was a ‘Game’ zone available for cartoon and board game fans during the whole period of the festival. Mosigra company presented more than 15 types of games there. All day long the visitors could watch the best series of ‘Smeshariky’, an animation project of the Riki Group, created at Petersburg Computer Animation Studio.
‘This year we made a special announcement to the festival guests of a new and exclusive project ‘Alphabet of financial literacy with Smeshariky’, developed under the order of the Ministry of Finance of the Russian Federation. We are glad to support the festival as a company that has been on the Russian market for 15 years with major educational and entertainment animation projects,’ commented Anton Grishin, General Director of the Riki Group.
Home Credit Bank organized business games ‘Useful Money’ for children where the participants were divided into teams, the ‘families’, and each such family was to plan its budget.
The main stage offered to the guests over 30 prize contests and quiz games where participants were awarded more than 100 prizes. It was the same place where the best projects of the Ministry of Finance of Russia were presented and the partners of the National Week of Savings 2017 were awarded. Sergey Storchak and Andrey Bokarev, Director of the Department of International Financial Relations of the Ministry of Finance of Russia, were in charge of awarding the representatives of companies which were partners of the event.
‘At the end of September the Government of Russia approved a strategy for improving the financial literacy of the nation. Financial education of the young generation is a milestone of this document. And this festival is one of the most efficient ways to provide this education. Today the financial literacy issue was tackled on stage where children acted in a musical and participants of the rap contest received their awards. These are excellent and unusual approaches to financial education. It is vital to speak with the young generation using their language. Today we have succeeded,’ commented Sergey Storchak, Deputy Minister of Finance of Russia.
In the evening the participants enjoyed an educational performance named ‘The Magic Power of the Budget’ organized by Visa. In the final part of the festival Alexandra Davydova, singer and participant of the show ‘The Voice. Kids’, performed. Children were not the only ones dancing, their parents joined them as well.
‘The main dialogues that predetermine a kid’s personality are led inside the family, that is why the festival of finance was planned as a family event: both for children and adults. Moreover, it is pleasant to note that around 30-40% of the families participating this time were visitors of the previous festival. It signals that this communicational approach to financial literacy has proved to be efficient,’ remarked Vladimir Frolov, ideological expert of the family festival of finance and partner of R.I.M. Porter Novelli agency.
R.I.M. Porter Novelli agency has been organizing the family festival of finance since April 2017. The first family festival of finance ‘PRO Money’ was held on April 22, 2017 in Moscow, supported by the Ministry of Finance and the Ministry of Industry and Trade of the Russian Federation and attended by 2,000 people. The Festival area was arranged in the form of a ‘house’ with ‘rooms’ accommodating various activities closely associated with the topic of finances: 8 zones, more than 60 activities, 20 competitions.
Photos and videos of the event may be found on the official website http://familymoneyfest.ru/photo/ and in the Festival group https://www.facebook.com/Familymoneyfest/