№ 6/2020

Fìnansi Ukr. 2020 (6): 105–116https://doi.org/10.33763/finukr2020.06.105

FINANCIAL AND ECONOMIC REGULATION

ZAKHARCHENKO Natalia ¹

¹Odessa I. I. Mechnikov National University
OrcID ID : https://orcid.org/0000-0002-9895-531Х

Financial inclusion to enhance the well-being of the population and state economic growth

The global crisis of 2020 caused by the COVID-19 pandemic, which also affected Ukraine, has become an indicator of the level of financial literacy and public education. After all, more than half of Ukrainians received financial stress, as a result of mistakes made when managing their finances. This suggests that the majority of the population was not prepared for unforeseen circumstances, and the problems of accessibility and ability of consumers to use existing financial services and meet the challenges of high technology, financial awareness and culture have become an urgent need to find their solutions. The aim of the study is to justify the need to increase the level of financial inclusion for both financial market regulators and the state, financial service providers, and consumers themselves. The article identifies a number of factors that caused the current level of financial inclusion: distrust of financial services combined with a lack of financial literacy and a lack of financial culture; a lack of understanding of the Ukrainian need for life insurance as one of the most important tools for maintaining family capital in unforeseen cases; reluctance of traditional banks and private corporations to use new financial technologies; low level of understanding and accessibility of financial services by consumers; imperfection of legislative acts to protect consumer rights. Ways to solve these problems are considered: activation of targeted programs to improve financial literacy of the population within the framework of the Development Strategy of the financial sector of Ukraine until 2025; the need to develop skills of competent consumption, accumulation and investment, that consumers do not have , which leads to the loss of their family capital; creation of a national “FinСomplaint” mediation platform by the Ukrainian Association of Fintech and Innovation Companies (UAFIC) to work with complaints from consumers of financial services; creation of a transparent, competitive, stable and high-tech financial sector in Ukraine. Financial inclusion through mobilizing people’s savings and investing in economic development, attracting people to improve financial literacy helps increase incomes and reduce the vulnerability of financial crises.

Keywords:financial inclusion, financial literacy, financial culture, financial services, financial technologies, economic growth, mobilization of savings

JEL: E50, G20, G21

Zakharchenko N. . Financial inclusion to enhance the well-being of the population and state economic growth / N. Zakharchenko // Фінанси України. - 2020. - № 6. - C. 105-116.

Article original in Ukrainian (pp. 105 - 116)

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