Data of the All-Russian Survey of Consumer Finances for 2020 and 2022 are used to analyse the relationship between financial literacy and responsible financial behaviour indices. Responsible financial behaviour involves consumption smoothing, asset diversification, non-speculative investments and a low/moderate debt burden, acquisition of information for decision-making, the appropriate perception of macroeconomic trends, the absence of naive decisions and confidence about the future. The role of financial literacy is controlled by including educational indicators, financial experience, personal preferences (risk tolerance, planning horizon / future discounting, overconfidence, optimism) and a large number of standard control variables. The results show a positive relationship between financial literacy and overall responsible financial behaviour. Our analysis of the aggregate indicator’s components lead us to conclude that improved financial literacy at the individual level can help smooth out consumption (through diversification of savings) and, at the macroeconomic level, help development the economy and financial market instruments. In general, financial literacy fails to guarantee confidence in state pension initiatives and does not ensure a less risky investment profile or a lower debt burden.