Ukraine was on last 30th, ranked the financial literacy of the population. Our result coincides with the level of financial literacy of poles, which the survey the same procedure was carried out in 2016. But in three years, Poland ahead of Ukraine.
FINANSOVOGO participants of the market explained the low rate of objective reasons. According to the survey, this component of the index of financial literacy as “knowledge”, the Ukrainians at a very low level.
“Ukraine has low scores on financial knowledge – 4 points (out of 7), lower than the average in the neighbouring countries, – says Julia Round, the Deputy head of the USAID project “Transformation of the financial sector”. – We are about as Belarus, Thailand and much lower than Georgia or Poland”.
According to her, Ukrainians are well aware of what inflation is and how to calculate the interest on the loan. But regarding the cost of money in time – alas! – space bar.
For the second component of the index “relation to the spending and savings” – Ukraine scored 2.4 points out of 5. This suggests that the Ukrainians think more about the short term and more inclined to spend money than to save.
“Due to objective reasons, due to the fact that people are often forced to survive, their income does not cover expenses,” explains the causes of Revolution figure Yulia.
Much better than we have with the last component of the indicator “financial behavior”. Ukrainians were asked about whether they constitute a budget do ourselves financial goals.
“We showed really good Bal and 5.2 (9), – the speaker continued. Is higher than the average in neighbouring countries and only slightly lower than the average score for all other countries (5,4), who participated in the survey 2016”.
Thus, financial behavior we are better than the Czechs, Estonians, Georgians. A similar result was shown by the Netherlands. But if you look at the reasons that are behind the numbers and percentages, the picture is not very rosy.
So, more than 80% of Ukrainians (more than in other countries), carefully weighed the pros and cons before making a purchase. Considering that the Ukrainians half of the income is spent on food, then the remaining income is not particularly at first.
“To the question, “how you are making ends meet,” 58% said that in the last 12 months was such a situation that the income did not cover the costs,” says Round.
In such cases, the survey showed, the Ukrainians are “up” in the credits.
Young people disappointed
The study authors found a pattern: the higher the level of education and income – the higher the level of financial literacy. And the lowest level of financial literacy shown by young people.
“The formation of financial knowledge occurred outside of secondary education… And this is probably a minus. A significant part of our youth relevant knowledge is not received, the skills are formed,” – says the poll, Deputy education Minister Vadim Carangi.
Therefore, continued the official, Ukrainian school should promote graduate entrepreneurship and fingramotnosti, not by introducing additional courses, and in the context of basic items.
Education in Finance all segments of the population must deal with and market participants, bankers believe.
“Banks must pouchastvovat in educational programs and in their offices to advise on their products – said the Deputy Chairman of the management Board of FUIB Igor Kozhevin. – We have an extensive program of “people’s banker” covered by 7 million viewers, about 140 programs filmed… we Have a magazine, is available to explain all the principles of banking products, how to use them. Also last year we held 55 training activities in enterprises, educational institutions.”
Knowledge comes with experience. But not to us
They also found that the level of financial literacy is higher among those who have a Bank account. However, the level of confidence in banks low, only 12% of respondents keep savings in the Bank. And condemn ordinary citizens for it is not, says the head of the Council of the Independent Association of banks of Ukraine (NABU) Roman speck.
“With the introduction of electronic Declaration, it became clear that the richest people are not saving money in Bank accounts,” says speck.
However, there is no trust and non-Bank financial sector.
“Unfortunately, our sector is low and is not able to provide quality services on all fronts, said the head of the national Commission on securities and stock market (NKTSBFR) Timur Limp. – People offer predatory terms because of the pawn shops, some credit unions. Financial technologies allow us to circumvent many financial institutions and directly reach the pockets of people with no preservatives and responsibility”.
Meanwhile legislation to protect the rights of consumers is still waiting for his “finest hour”.
“After years of listening to the ritual of the mantra of the system of protection of rights of consumers of financial services – we have almost made no progress,” says Andrew olenchyk, Deputy Director-General of the Deposit guarantee Fund of individuals (fgvfl).
However, he continued, the time of implementation 49th European directives 2014, which will make the system more efficient, understandable for people.
What will change the situation?
If you consider that for nearly 30 years, the country practically did not develop non-banking financial sector, our performance according to the study, high enough said Aerial. Therefore, the reform of non-banking sector could increase the level of financial literacy.
“We have high potential, because we have incomplete pension reform… Also – healthcare reform and the introduction of health insurance… People will start to communicate on such topics as the value of money and risk assessment”, – says a member of the financial services Commission Alexander Zaletov.
In particular, a full-fledged pension reform will we instill a skill long-term planning than we have, according to the study, has not yet formed.
Overall, as noted by the authors of the study, Ukrainians are eager to increase their knowledge about rational use of money. And this is a positive sign because good financial habits is able to increase the level of well-being and quality of life, even at low level of income of Ukrainians.