Modern aspects of the development of financial inclusion in rural areas of the Russian Federation

Svetlana Podgorskaya,S Belousov,S Roshchupkin

doi:10.1051/e3sconf/202128501013

Abstract

The article considers financial inclusion as the most important means of achieving sustainable comprehensive economic growth. It is established that in the new model of sustainable development of rural areas, the financial involvement of households and small and medium-sized businesses is of particular importance. However, in Russia, among all segments of the population, the most excluded category from financial and economic interaction is precisely rural residents. The main reasons for this situation are digital inequality in the form of low availability of digital communications (Internet and mobile communications) for the rural population, the low level of digital and financial competencies of the villagers, and the low level of income of rural households. Despite the government’s policy to increase the financial accessibility of banking services and eliminate digital inequality, in regulatory and policy documents, references to rural areas are either indirect or absent. Today, there is a boom in the digitalization of financial services; the level of development of information technologies allows you to create more convenient, efficient and mobile products that do not require visits to bank branches and face-to-face consultations. At the same time, such digitalization can become a threat to the development of financial inclusion in rural areas. In this regard, are needed special programs to improve the financial and digital literacy of the rural population, as well as a system of accessible consulting support on lending issues.

Highlights

The world scientific community defines the concept of inclusive economic growth as a means of achieving sustainable development of modern civilization [1, 2]
It is empirically proven that income inequality in the present time negatively affects the opportunities for sustainable development and inclusive growth in the future, and the prospects for economic growth of a country are directly linked to an increase in the incomes of the poor and middle class
In the World Economic Forum's Inclusive Development Index (IDI) ranking, presented in January 2017 [6], Russia ranked 13th among 78 developing countries, and in the 2018 ranking it fell to 19th place, in terms of gross domestic product per capita, it ranked higher in the same group in 9th place [7]

Summary

Introduction

The world scientific community defines the concept of inclusive economic growth as a means of achieving sustainable development of modern civilization [1, 2]. It is empirically proven that income inequality in the present time negatively affects the opportunities for sustainable development and inclusive growth in the future, and the prospects for economic growth of a country are directly linked to an increase in the incomes of the poor and middle class. While an increase in the incomes of the middle class and the poor can lead to an increase in the GDP growth rate by 0.38% [3, 4, 5]. The President signed a Decree "On the National development Goals of the Russian Federation for the period up to 2030", in which the national targets are defined: the preservation of the population, the health and well-being of people; opportunities for self-realization and the development of talents; a comfortable and safe environment for life; decent, effective work and successful entrepreneurship; digital transformation

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Conclusion