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The article considers some relevant challenges for the state support of entrepreneurial promotion. It presents the findings of the comparative study of the Russian and US legislation and reporting. It shows the results of the analysis of registration and termination of business for self-employed entrepreneurs. Key challenges for the entrepreneurship development have been pointed out. A comprehensive competency-based approach for financial and economic literacy improvement has been suggested as a tool to promote entrepreneurship. It consists of the five interrelated levels of education – elementary (school), intermediate (vocational educational institution), higher (bachelor’s or master’s degree at university), auxiliary (vocational training and retraining programs), individual (consultations provided by tax authorities and financial organizations). In addition, the approach suggested includes simplification of legislation and reporting for small businesses. Keywords-financial and economic literacy, training, taxes, banks, insurance, promotion of entrepreneurship

Financial and Economic Literacy as a Tool to Promote Entrepreneurship in Russia