Understanding of the determinants of saving behavior of people is important for securing the financial stability of both the person, individually, and the country, at large. The commonly accepted viewpoint here is that a higher level of financial literacy (as brought by the relevant economic education via, in particular, smarter saving) leads to increasing of financial well-being. But, as we discuss in this paper by providing an appropriate conceptual theoretical framework, this relation has a more complicated nature: in some cases, financial literacy may have an adverse effect on people’s financial well-being. To secure the positive effect of financial literacy on financial well-being, specifically, via saving more actively, the appropriate programs should be introduced at the early stages of education (e.g., at school).

This study aims to appropriately assess the magnitude of influence of the fact of being financially literate on the fact of making savings. To this end, we use a representative sample (n = 1,243) of Russian high school students. In order to account for the endogenous nature of the influence of financial literacy on the willingness to make savings, we employ a copula-based bivariate probit-regression approach to identify the actual magnitude of this influence. To the best of our knowledge, we are the first to apply a copula-based modeling to this problem. As a result, for the considered cohort of Russian adolescents, we demonstrate that the studied magnitude is substantially greater when the endogeneity effect is appropriately controlled for. We also reveal and discuss the factors that impact the level of financial literacy and saving behavior of a Russian teenager. Relevant recommendations are provided for Russian financial authorities and institutions.

了解人们储蓄行为的决定因素对于确保个人和整个国家的金融稳定非常重要。这里普遍接受的观点是，更高水平的金融知识（通过相关经济教育带来的，特别是更聪明的储蓄）会导致财务状况的增加。但是，正如我们在本文中通过提供适当的概念理论框架所讨论的那样，这种关系具有更复杂的性质：在某些情况下，金融知识可能对人们的财务福祉产生不利影响。为了确保金融知识对金融福利的积极影响，特别是通过更积极的储蓄，应在教育的早期阶段（例如在学校）引入适当的计划。

本研究旨在适当评估财务知识对储蓄事实的影响程度。为此，我们使用了俄罗斯高中生的代表性样本 (n = 1,243)。为了解释金融知识对储蓄意愿影响的内生性，我们采用了基于 copula 的双变量概率回归方法来确定这种影响的实际大小。据我们所知，我们是第一个将基于 copula 的建模应用于这个问题的人。因此，对于所考虑的俄罗斯青少年队列，我们​​证明，当内生性效应得到适当控制时，研究的幅度要大得多。我们还揭示并讨论了影响俄罗斯青少年金融知识水平和储蓄行为的因素。为俄罗斯金融当局和机构提供相关建议。