In the context of digitalization of the economy and prospects of transition to Industry 5.0, the development of talented individuals capable of implementing progressive tasks of business and the state is of particular relevance. The strategic goals of the state in this direction are the early identification of talented youth generation and the development of measures for their comprehensive support. The purpose of this study is to develop methodological tools for digital monitoring of government funding of talent development based on quantifiable indicators of school Olympiad (academic competition) winners and young researchers’ growth. The tools are based on the use of a system of indicators reflecting the funding of government programs and national projects in the field of education by functional content, and have been tested using the example of Russian regions. The data base is the information from the financial statements of the constituent entities of the Russian Federation and state statistics. In this study, the methods of mathematical statistics, economic, system and cluster analysis have been the ways of information processing. The results obtained make it possible to form clusters of regions by the levels of financing and talent development. Digitalization of the state budgetary management process contributes to the successful integration of the proposed tools with digital platforms already existing (for instance, “Electronic Budget”) or being developed for rapid response to changes in indicators.