This paper aimed to analyze the findings of studying financial literacy among various age groups of Lipetsk and Yelets citizens. We found out that сity dwellers demonstrate the level of financial literacy allowing them to be versed in the main financial goods and services. In process of studying we confirmed the thesis about the dominance of the conservative model of financial behavior among
people of the region, where the greatest conservatism is shown by representatives of the older age group. The application of the methodological ideas of economic sociology by P. Bourdieu made it
possible to make an important part of the study not only the assessment of the current level of financial literacy, but also to strengthen the innovative potential of the study by addressing the practical side of applying the existing financial knowledge by the respondents. The monitoring revealed a number of practical situations that cause the greatest difficulties in understanding in different age groups. The most controversial question in the 14-17 age group dealt with the need for recording incomes and expenses while manage a family budget. The question related to the full cost of the loan payment and servicing caused considerable difficulties in the 18-54 age group. For the respondents elder 55 the most difficult question was related to the proper tools for generating pension capital. The second revealed tendency was the irregularity in the distribution of correct answers in favor of Lipetsk that is
associated with the higher level of financial culture, investment environment as well as educational and institutional support for financial literacy. The results of the study led to the conclusion that it is necessary to transform educational programs to improve financial literacy in the context of focusing on rural settlements and small towns, as well as to include a practical component in the application of financial knowledge.
Key words: financial literacy, economic consciousness, financial knowledge, financial behavior.