In this paper, we used data collected for the study on the financial behavior of Russia’s urban population (of 18-65 y. o.) that was carried out by the Levada Center for Sberbank (2012), as well as data from the Global Financial Inclusion study released by the World Bank (2011) and studies of Eurobarometer on retail financial services (2003, 2011). Financial inclusion of different groups is an important indicator of the development of a financial system. It gives an indication of whether Russia belongs to the countries with a “cash under the mattress” financial system or to the countries with inclusive financial systems (where a greater involvement of people in the financial system increases their financial opportunities, reduces social inequality and creates more favorable conditions for economic growth). The level of financial inclusion in Russia, especially regarding institutional forms, is below the European average (in terms of banking, savings, credits). Russia is closer to the CIS countries (e.g. to Kazakhstan or Ukraine) and currently tends to a high cash usage system rather than to an inclusive financial system. The pattern of Russian financial behavior is influenced to a great extent by the lack of trust in financial institutions. Public awareness of the financial system and the availability of financial information in Russia are general and restricted, showing a mindset of an observer rather than a participator. Consumer and information demands of the Russians are abstract and far away from practice. Even the most educated and advanced groups involved in the financial activity are yet not able to articulate their needs clearly and rationally, considered from a practical standpoint.