Russians urged not to buy extra TVs, washing machines during recession

By Dmitry Rashnitsov  |  Feb. 15, 2016 at 1:30 PM
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MOSCOW, Feb. 15 (UPI) -- In a speech aimed to introduce new financial literacy programs to high school students, First Deputy Chairman of the Bank of Russia Sergei Shvetsov urged citizens not to buy extraneous appliances during economic recessions.

"If there is an economic downturn, people should respond rationally instead of buying several TVs and several washing machines," Shvetsov said on Monday.

Shvetsov added that he wants Russian citizens to understand the propensity to save money in case of a job loss should take precedence over consuming new goods that are luxuries and not requirements to survive.

In an effort to improve the financial literacy of the population, schools in Russia this year started lesson plans for ninth graders on credit, pensions and taxes.

"Just have small desire to plan your budget will have serious impact on consumer behavior and financial well-being of many families", Shvetsov said.

Russia was in an economic recession from 2014 until January due to shrinking oil prices and sanctions on Russia over it annexation of Crimea.

Russian officials said they believe the students will take the lessons they learn and help their parents in future financial decisions.

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