scholarly journals Economic culture as a factor in the financial behavior of Russians: the role of archetypes and modern context

POPULATION ◽  
2021 ◽  
Vol 24 (2) ◽  
pp. 29-40
Author(s):  
Olga Aleksandrova
Keyword(s):  
Interpersonal Relationships ◽  
Financial Literacy ◽  
The State ◽  
Economic Life ◽  
Individual Responsibility ◽  
Financial Behavior ◽  
Modern World ◽  
Economic Culture ◽  
Patterns Of Behavior ◽  
The Impact

In Russia, as in many countries, the state is showing increased attention to the topic of financial literacy of the population, which is connected, on the one hand, with the expansion of the financial market inherent in the modern world economy, involving ordinary people in its orbit, and, on the other hand, with the curtail of the welfare state, and the reorientation of citizens to self-financing their needs for pensions, medical care, education, etc. In the process of such pushing up people to become investors, borrowers, participants of funded pension schemes, the specific character of the economic culture of the population is not taken into account, while many observed phenomena, such as low level of financial literacy and massive distrust of financial institutions, are due exactly to it. The article presents analysis of the cultural archetypes and patterns of behavior characteristic of the Russians that make up the economic culture; they were correlated with the models of behavior of the population of interest to the state; the impact on the existing economic culture of the current socio-economic context is considered. It is shown that the natural-climatic, geographic, geopolitical and religious factors have shaped Russians' specific attitude towards savings, their own and other people's property, planning horizons, contractual obligations, separation of common and individual responsibility, financial discipline, work ethics, state and commercial institutions, interpersonal relationships, etc., which is far from that sought by the state. Meanwhile, the problem is that it is the socio-economic policy pursued by the state, the events of the economic life of the past thirty years that act as the factors of reproduction and consolidation of the formed cultural archetypes and patterns of behavior, but not their productive transformation.

scholarly journals Di fronte alla crisi

2019 ◽  
Author(s):  
Laura Cerasi
Keyword(s):  
The State ◽  
Economic Life ◽  
Active Intervention ◽  
Economic Culture ◽  
Economic Depression ◽  
Under Construction ◽  
Liberal Individualism ◽  
The Impact

The impact of the 1929 economic depression affected on the debate on corporatism at its peak, when the corporatist framework was still under construction and Giuseppe Bottai was Minister of the Corporations. By tracing the discussions stimulated by some key figures in the economic culture of the time – Gino Arias, Agostino Lanzillo, Francesco Vito – this contribution aims to to outline how the dispute about the new corporative economy might disclose some interesting features: namely, through the asserted primacy of ethics over liberal individualism, it would acknowledge the need for an active intervention of the State in the economic life, virtually capable of outliving the Fascist period.

scholarly journals THE IMPACT OF GLOBALIZATION ON THE SHAPING OF UKRAINE'S FOREIGN ECONOMIC POLICY

2020 ◽  
pp. 130-141
Author(s):  
Uliya STAVSKA
Keyword(s):  
Economic Policy ◽  
World Economy ◽  
The State ◽  
Economic Life ◽  
Investment Model ◽  
Modern World ◽  
Foreign Economic Policy ◽  
Economic Relations ◽  
The World ◽  
The Impact

The article deals with the problems of realization and improvement of Ukraine's foreign economic policy in the conditions of globalization. The economic revival and self-determination of Ukraine, which are inextricably linked with its entry into the modern world economy, with the search for its place in the processes of globalization, are investigated. The global tendencies of formation of the modern market economy, which characterize a new type of economic systems of the XXI century, which develop on a market basis while regulating the economic life of society by the state and maintaining the social stability of society, are found out. The problems of Ukraine's integration into the world economy have been identified. It is determined that the modern national economy is not simply included in the system of world relations, but is its active equal subject. The country's global competitiveness index and its rating have been formed. The influence of globalization on the shaping of Ukraine's foreign economic policy is analyzed. It is proved that the choice of the model of development of the Ukrainian national-state economic system is caused not only by internal but also by external factors. Recommendations have been made to improve Ukraine's position on the world stage. The models of export-oriented or import-oriented production, which are determined by the goals of the foreign economic policy of the state, are considered. The examples of creation of production and investment model of economic relations at the enterprises of Ukraine are given. Proposals for improvement of Ukraine's foreign economic policy have been elaborated, aimed at creating favorable conditions for regulating economic relations, which provide competitive advantages and attracting foreign investments in the conditions of globalization. Approaches have been established that determine the priorities of the country's foreign economic policy making, the strategy and tactics of which are determined by the socio-economic features of a particular country's development.

scholarly journals PLANNING OF PERSONAL FINANCE IN A CRISIS PERIOD

2021 ◽  
Vol 71 (3) ◽  
Author(s):  
Iryna Borysova
Keyword(s):  
Financial Market ◽  
Financial Literacy ◽  
Financial Services ◽  
State Level ◽  
Personal Finance ◽  
The State ◽  
Financial Inclusion ◽  
Modern World ◽  
Personal Finances ◽  
The Impact

In this publication we provide tips to help strengthen personal finances in a crisis situations. It should be noted that as part of state programs aimed at increasing financial literacy, it is especially important to monitor the literacy and quality control of financial activity of the population in terms of combating various forms of financial fraud targeting people’s savings. Improving financial literacy of the population is one of the main ways to improve the management of personal finances, which does not require significant costs. We analyzed the research of both foreign and domestic scientists on these matters. Household financial planning should begin with the planning and compilation of a personal budget or a family budget. Optimization of personal expenses after their detailed analysis is rationalization. Rationalization of personal expenses should be carried out on the basis of research of current and perspective needs of the individual to define the unnecessary expenses and search for the ways to save purchasing certain groups of goods or services. Helping to control and eliminate emotional purchases, thereby minimizing the impact of inflation on own costs. Low financial literacy of consumers of retail financial services, the presence of asymmetric information in the relationship between providers and consumers of the services in the financial market create favorable conditions for various abuses and financial crimes. The concept of financial inclusion is considered, which in our opinion is a driver of economic growth and an important factor of social equality in the modern world. Central banks and other financial market regulators, international organizations, and other market players have emphasized the importance of financial inclusion in recent decades. We have selected a list of basic tips from financial advisors on managing and planning personal finances. In Ukraine, more than a third of the population remains outside the financial system. This indicates their separation from the economy of the state and society as a whole, lower level of efficiency of money management and financial security. The vocation of financial scientists is to bring to the public the basics of financial awareness and help solve many issues that arise, both in personal finance and at the state level.

Economic Culture of the East: China

2014 ◽  
pp. 150-160
Author(s):  
G. Lopatkin
Keyword(s):  
Economic Model ◽  
New Age ◽  
The State ◽  
Economic Life ◽  
East China ◽  
Chinese Model ◽  
Economic Culture

The article discusses the features of China’s economic culture. The author traces the genesis of the economic model of the Chinese civilization and determine its potential as an alternative to the Western one. Among the characteristic properties of the Chinese model for much of the New Age one can note technological and organizational backwardness due to the restrictions imposed on the economic life of the state-bureaucratic model of the economy. The author comes to the conclusion that the Chinese model cannot act as an alternative to the Western one.

DEVELOPMENT OF ELECTRONIC PAYMENT SYSTEMS IN A PANDEMIC: ANALYSIS OF THE STATE AND FIRECASTING THE CONSEQUENCES

2021 ◽  
Vol 1 (5) ◽  
pp. 112-117
Author(s):  
V. V. TADTAEVA ◽  
◽  
B. E. BAGAEV ◽  
A. A. BESAEVA ◽  
A. E. KALMANOVA ◽  
...  
Keyword(s):  
The State ◽  
Economic Life ◽  
Modern World ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Money

Money is an integral part of the economic life of society. Payments are made both in cash and in non-cash form. During the COVID-19 epidemic, the use of electronic payment systems became the most profitable. The article examines the role of electronic money in the modern world in the context of a pandemic. Is given a rating of e-payment systems in Russia for 9 months. 2020.

scholarly journals An Empirical Analysis of the Impact of Agency Banking on Financial Inclusion in Benue State, Nigeria: Implications for Economic Activities

2022 ◽  
Vol 14 (2) ◽  
pp. 75
Author(s):  
David Terfa Akighir ◽  
Tyagher Margaret ◽  
Jacob Terungwa Tyagher ◽  
Tordue Emmanuel Kpoghul
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Structural Equation ◽  
Structural Equation Models ◽  
Survey Design ◽  
Secondary Data ◽  
The State ◽  
Financial Inclusion ◽  
Economic Activities ◽  
The Impact

Twelve (12) out of the Twenty-three (23) local government areas (LGAs) in Benue State do not have the presence of banks over a long period of time. This situation has deprived the inhabitants of these LGAs of access to formal financial services until the advent of agency banking. This study therefore, investigates the impact of agency banking on financial inclusion and economic activities in Benue State focusing on the agency banking activities of First Bank Ltd. The study is anchored on the agency theory and it used a survey design. The study has utilized both primary and secondary data that were analyzed using descriptive statistical tools and structural equation models. Findings of the study have revealed that agency banking activities of First Bank Ltd have immensely enhanced financial inclusion and economic activities in Benue State. However, challenges such as shortages of cash, security problems, network failures, and lack of financial literacy are militating against the smooth operations of the agency banking in the State. On the basis of these findings, the study has recommended among others that, other banks operating in the State should be encouraged to venture into agency banking in the state so as to have a wider coverage of agency banking in the State. Also, government should provide security and partner with the private sector to provide national carrier communication network system to overcome the network failure challenge. Finally, banks should intensify efforts to educate the masses about the validity and potency of agency banking.

scholarly journals Credit Culture of Students as the Object of Sociological Analysis

2019 ◽  
pp. 75-90 ◽  
Author(s):  
Nadezhda Dulina ◽  
Dar'ja Moiseeva ◽  
Eugeniya Anufrieva ◽  
Vera Paramonova
Keyword(s):  
Financial Literacy ◽  
Point Of View ◽  
Financial Behavior ◽  
Full Time ◽  
Difficult Situation ◽  
Demographic Groups ◽  
Working Hypothesis ◽  
Sample Representation ◽  
The Impact ◽  
Credit Culture

Growth of volume in crediting to individuals in the Russian Federation during 2008-2018 and problems of debt maintenance have actualized the need of studying changes in the sphere of Russian crediting culture. The aim of the paper is to study credit attitude of modern student youth. At the first stage of the study the authors analyzed the correlation between key options: "credit culture", "credit attitude", "credit behavior", "financial culture", "financial attitude", "financial behavior". The investigators carried out the review of foreign and Russian research works aimed at studying the credit culture and credit behavior of students. They revealed features of foreign studies of credit culture / behavior, on this basis they conclude that this subject is poorly developed in Russia not only by individual socio-demographic groups, but also by the population generally. The working hypothesis of the research has been put forward: it is the change in the credit attitude of young people who do not have their own credit experience, which is the evidence of serious changes in the credit culture. At the second stage, the pilot study "Credit behavior of the population" (December 2017 -January 2018, Volgograd, accidental sampling (n = 404), the sample representation task was not set, the method of collecting information: on-line questioning) has been implemented. The results of the study let the authors to describe the credit culture of Volgograd Universities' students. The strong savings orientation among students has been defined. They are prone to saving money in a difficult situation and are ready to provide financial assistance, but they would not like to resort to it themselves in case of difficulties. Students realize the need of improving their level of financial literacy for building their own effective financial strategies. In the minds of students there is a necessity to correlate risk and result, but not all of them are ready to risk. Analysis of differences in the responses of full-time and extra-mural students has confirmed the working hypothesis. Credit attitude of students, in our point of view, testify the rootedness of the youth credit culture. The correlation between the results of estimating the impact of credit practice on credit culture and the modern scale of crediting to Russians makes it possible to hypothesize that there will be a strong transformation of the credit culture of Russians in the next 20 years. The authors plan to test this hypothesis in their further studies.

scholarly journals Financial Literacy Among German Students at Secondary Schools: Some Empirical Evidence from the State of Hesse

2019 ◽  
Vol 65 (4) ◽  
pp. 299-326
Author(s):  
Volker Brühl
Keyword(s):  
Secondary Schools ◽  
Empirical Evidence ◽  
Test Performance ◽  
Financial Literacy ◽  
Financial Education ◽  
The State ◽  
International Standards ◽  
Basic Knowledge ◽  
German School ◽  
The Impact

Abstract Since the financial crisis financial literacy has attracted growing interest among researchers and policy makers, as there is international empirical evidence that financial literacy is poor among both adults and students. In Germany we have almost no empirical evidence on financial literacy, especially in the case of students attending secondary schools, as financial education has not featured on German school curricula to date. Besides, Germany has not yet participated in the optional financial literacy module of PISA, which was offered for the first time in 2012. However, a lack of private pension provisioning, in spite of demographic change, and low stock ownership among German households indicate a deficit in financial knowledge and skills in this country as well. In this paper we investigate financial literacy among students aged 14 to 16 attending a secondary school in the state of Hesse. The foundation is a test designed according to international standards. The statistical analysis of the test reveals substantial deficits in key areas of financial literacy. Particular deficits could be identified in the fields of basic knowledge of financial matters and, to an even greater degree, in more advanced concepts such as risk diversification. Applying interest calculations to financial matters turned out to be problematic for many students. Furthermore, the paper analyses the impact of gender and type of school on the overall test score as well as test performance in specific tasks. The findings suggest that financial matters should be covered in some form at secondary schools. In light of the potentially far-reaching consequences of financial illiteracy for financial wellbeing, German participation in future PISA financial literacy tests seems highly advisable to gain a deeper understanding of the preliminary findings presented in this paper.

scholarly journals Factors Affecting Financial Literacy and Financial Behaviour of Investors in Pakistan

2020 ◽  
Vol 1 (3) ◽  
pp. 80-90
Author(s):  
Muhammad Junaid Khan ◽  
Dr. Faheem Aslam ◽  
Syed Nisar-Ul-Mulk
Keyword(s):  
Cognitive Ability ◽  
Financial Literacy ◽  
Self Efficacy ◽  
Structural Equation ◽  
Research Study ◽  
Positive Impact ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Financial Socialization ◽  
The Impact

The main purpose of our study is to find out the impact of financial socialization, cognitive ability, and self-efficacy on financial literacy and financial behavior of investors in Pakistan. This study has used a non-probability convenience-based sampling technique for collecting the data. A total of 429 individual investors were analyzed with the help of structural equation modeling (SEM) through Smart PLS. The results of our research study suggested that the participation of female investors as compare to male investors is very low. The main results of the study showed that cognitive ability and self-efficacy have a significantly positive impact on financial literacy, but an insignificant impact of these two variables on financial behavior was found. Findings also suggested that the influence of financial socialization on financial literacy is insignificant, while financial behavior is positively influenced by financial socialization and financial literacy. In mediating analysis cognitive ability and self-efficacy have positively affected financial behavior, while financial socialization has an insignificant effect on financial behavior through financial literacy. This research study provides important implications for researchers and other policymakers. Policymakers can formulate policies regarding trainings to improve the financial literacy of investors. Researcher can further investigate these variables for other segments of the society.

Features of financial and legal regulation of public relations in the context of mitigating economic consequences in the fight against the COVID-19 pandemic

2021 ◽  
pp. 670-677
Author(s):  
Anna V. Savina
Keyword(s):  
Public Relations ◽  
Small Businesses ◽  
Legal Regulation ◽  
The State ◽  
Economic Consequences ◽  
Modern World ◽  
Special Role ◽  
Role Of The State ◽  
Starting Point ◽  
The Impact

The relevance of this study is due to the fact that in the modern world, including Russian, law and order, a special mechanism of “anti-crisis regulation” is being transformed, which in the context of a pandemic has be-come heterogeneous, with a permanent convergence of the norms of private and public law. Proceeding from the fact that anti-crisis regulation is pre-dominantly part of the state policy in a particular area, it is proposed to un-derstand that the epidemiological crisis itself is the starting point for other crisis phenomena (financial, demographic and other crises), the prevention or reduction of the impact of which is the most important task of any state. We consider the relevant aspects of crisis management. We analyze the catego-ries of countercyclical and pro-cyclical regulation, investigated the issues of fiscal policy. We pay attention to behavioral economics and the role of the state in its functioning. We note that the directions of spending budget funds in one way or another depend on the behavioral economy, which is not al-ways manageable. We provide an analysis of the concept of “choice architecture” in the aspect of a “push” decision-making mechanism, in which a special role is assigned to the state. We emphasize the growing importance of financial programs to support small businesses or citizens wishing to become individual entrepreneurs, self-employed.

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