The Financial Literacy Centre in Rostov-on-Don marked its first anniversary last month. The facility was set up by Center-invest Bank and the Southern Federal University in April 2014. In the past year it has improved the financial literacy of more than 5,000 Rostov residents.

Open to all, the centre provides free advice and training on personal finance for all groups of the population of southern Russia. It enables members of the general public to learn about the modern financial world and to acquire the skills to make informed financial decisions, with an understanding of the potential risks and gains.

All of the advice and consultations provided by the Centre are free of charge. The service has proved especially popular with students, entrepreneurs and pensioners.

“Together with the Southern Federal University we have managed to introduce a new form of partnership between business and education,” said Yuri Bogdanov, Chairman of the Executive Board of Center-invest Bank. “As a result, in the Centre’s first year, more than 3,500 Rostov residents received free advice on financial issues, and approximately 1,500 business people and employees of various companies attended free seminars. This success was thanks to a coordinated programme to train 200 volunteers to work at the Centre. The training was delivered by Center-invest Bank staff, the Southern Federal University, and partners of the Centre: Rostov Region Enterprise Agency, the company Your Consultant, and Don State Public Library.”

Experts from the bank regularly train students to work as volunteers at the Centre. The training covers the following key financial issues: personal financial management, business planning, sensible borrowing, online banking, taxation, and the safe use of bank cards. To mark its anniversary, the Centre’s best volunteers were presented with commemorative awards and gifts.

To train students, the Centre uses a virtual model of Center-invest Bank, with real examples of the documents and IT solutions used in banking. This makes it easier for the students to assimilate new information and to understand its practical application.

For entrepreneurs, the Centre provides training in using Center-invest Bank’s business online banking system. Entrepreneurs can also obtain advice on taxation, finance and bookkeeping from specialists with an in-depth knowledge of these issues.

On Tuesdays the Centre runs classes for pensioners. Members of the older generation can learn how to: pay their bills from the comfort of their home, choose a reliable bank, use their bank card to obtain their pension without having to queue, and make safe electronic payments. They can also ask any questions they might have about financial issues.