THE LITERACY TEST WAS PROPOSED TO BE MADE MANDATORY WHEN RECEIVING THE FIRST LOAN

The State Duma proposed to make a mandatory financial literacy test for citizens applying for a loan for the first time. The author of the initiative is Alexander Demin, deputy head of the New People party.

According to TASS, the corresponding proposal was sent by the State Duma deputy to the head of the Central Bank, Elvira Nabiullina.

According to Demin, the literacy test should include information about the actual amount of overpayments and the situation in the economy. In addition, it should contain data on the real risks of bankruptcy of a citizen.

The deputy from the New People faction notes that the mandatory introduction of a financial literacy test when receiving the first loan should help reduce the number of impulsively taken loans. Also, such an innovation will help reduce the risks of falling into a debt trap.