Journal
УКР   ENG
Socio-Economic Problems
of the Modern Period of Ukraine
   



Dudynets Lidiya Anatoliyivna



Dudynets Lidiya Anatoliyivna

Ph.D. of Economics

Lecturer of the Department of finance, banking and insurance of the Lviv Institute of the University of Banking

Contacts: dudynets@meta.ua, lidaok@meta.ua

Webpages:



Coauthors



Verney Ol'ha Yevhenivna

Holub Hanna (Anna) Hryhorivna

Holub Roksolana Rostyslavivna



Publications



UDC 336.01:314.117.3; JEL G40, G41
Dudynets, L., Holub, H., & Holub, R. (2019). Finansova povedinka domohospodarstv ta yiyi determinanty [Financial behavior of households and its determinants]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-Economic Problems of the Modern Period of Ukraine]: Vol. 136 (2) (pp. 42-47). DOI: https://doi.org/10.36818/2071-4653-2019-2-8. [in Ukrainian].

Sources: 12


The economic meaning of the term «financial behavior» has been researched. In this study, financial behavior is considered as a special type of economic behavior that is related to the actions of the population in the financial services market, which involves the mobilization, redistribution and investment of the population’s monetary resources. The classification of financial behavior of the population is considered. It should be classified on the basis of such features as the activity in the financial services market, the type of the result of financial behavior, the source of financial resources, the form of implementation, the instruments used in the financial services markets, the degree of risk, the propensity to innovate, the type of property of financial resources. The factors influencing financial behavior of households are analyzed, and the following types are distinguished: political, demographic, cultural, social, psychological, economic. The features of financial behavior of the population in Ukraine in comparison with other countries are determined. It has been established that the level of penetration of financial services is significantly lower than the world standards: on average, one Ukrainian has only one bank card and one current account in the bank, and the intentions of the population to save and invest are passive in nature. It is established that the greatest determinant of financial behavior, inclusiveness and literacy in Ukraine is the age and property status of financial services consumers. The problems, the solution of which will facilitate the increase of financial behavior of domestic households and their involvement in the financial market of Ukraine, are outlined. The main issues are as follows: 1) The absence of financial traditions and positive practices in financial activity in Ukraine, which is due to past historical development of the state; 2) Insufficient development of the financial market in terms of working with a private investor and limited supply of financial services to such clients; 3) Absence of the Institute of financial advisers; 4) The scope of application of compensatory mechanisms in the financial market; 5) Lack of effective tax incentives for citizen investments; 6) Low level of public confidence in financial intermediaries; 7) Disadvantages of providing market participants with the necessary financial information; 8) Low level of financial literacy of the population. 
economic behavior; financial behavior, financial inclusiveness, financial literacy, financial service, consumer of financial services 



UDC 336.051; JEL G02, G21, G28
Dudynets, L., & Vernei, O. (2018). Finansova inklyuzyvnist' ta yiyi determinanty [Financial inclusion and its determinants]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-Economic Problems of the Modern Period of Ukraine]: Vol. 130 (2) (pp. 8-13). Retrieved from http://ird.gov.ua/sep/doi/sep2018.02.013. [in Ukrainian].

Sources: 15


As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key priority. According to the World Bank, more than 2.5 billion people in the world do not have access to quality financial services. For borrowing and insurance of their assets, they use informal methods. The objective of this paper is to examine the determinants of financial inclusion. The article explains the notion of financial inclusivity as an indicator of access to financial services. The authors of this study identified four components of financial inclusion, namely, 1) access, 2) quality, 3) usage and 4) welfare. We also analysed the factors that matter for financial inclusion. These factors are place of living, limited knowledge of financial services, level of incom, absence of legal identity, public confidence in financial institutions. This study also considers the existing approaches to assessment of financial inclusion. The most used is the World Bank methodology Global Financial Inclusion (Global Findex). The indicators are drawn from survey data collected by Gallup, covering about 150,000 adults in more than 140 economies and representing about 97 percent of the world’s population. A comparative research on access to financial services to population in Ukraine and other countries has been carried out. The results show that according to the Global Findex in Ukraine, there is a rather low level of financial inclusion of the population in the organized money market. In particular, almost all indicators of financial inclusion in Ukraine are lower than in the developed countries of the OECD, and in some places – from the average world values. The authors suggest priority measures to improve the accessibility of financial services and protection of consumers’ rights. This study examine the impact of digital finance for financial inclusion and financial system stability. Digital finance through Fintech providers has positive effects for financial inclusion in emerging and advanced economies, and the convenience that digital finance provides to individuals with low and variable income is often more valuable to them than the higher cost they will pay to obtain such services from conventional regulated banks. 
financial sector, financial services market; financial inclusiveness, financial inclusion, financial service, availability of financial services, financial technologies, digital financial inclusion 



Citations



Dudynets, L. A., & Verney, O. Ye. (2017). Zakhyst prav spozhyvachiv na rynku finansovykh posluh [Consumer protection in the area of financial services]. Hlobal’ni ta natsional’ni problemy ekonomiky – Global and national problems of economics, 16, 688-692. [in Ukrainian]. {sep2019.02.042.012}

Dudynets, L. A., & Verney, O. Ye. (2017). Zakhyst prav spozhyvachiv na rynku fi nansovykh posluh [Protection of consumer rights in the financial services market]. Hlobalni ta natsionalni problemy ekonomiky – Global and national problems of the economy, 16, 688–692. [in Ukrainian]. {sep2018.02.008.015}


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