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.

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 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.

Implementation of Inclusive Finance in Empowering Micro, Small and Medium Enterprises (UMKM) at Micro Waqf Banks

2021 ◽  
Vol 5 (1) ◽  
pp. 82
Author(s):  
Rahma Jaziyatul Chikmiyah
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Qualitative Method ◽  
Small And Medium Enterprises ◽  
Financial Inclusion ◽  
National Strategy ◽  
Classic Problem ◽  
The Government ◽  
Medium Enterprises ◽  
The Impact

<p><em>This study aimed to analyze the impact of the implementation of financial inclusion at Al-Fithrah Micro Waqf Bank regarding the empowerment of Empowering Micro, Small and Medium Enterprises (MSME). Even though MSME sectors have become a central foundation for the economy, the capital limitation is still considered a classic problem. It influences the government to release National Strategy Financial Inclusion to provide financial services that all levels of society can access. The indicators inclusive financial consists of access, usage and quality to realize empowerment through financing and assistance. This research used a descriptive qualitative method, and data were collected through interviews, observations, and documentation. The results showed that the financial inclusion component had been implemented but still has many potentials to be maximized. The components of access and usage have been appropriately implemented in terms of physical aspects and prices that are easily accessible to customers. These two components have an impact on increasing customer Islamic financial literacy. In the quality component, product variations are expected to fulfill the different business needs of customers. Meanwhile, financing has not significantly impacted fulfilling the welfare component’s capital needs  because the nominal value is too small. Furthermore, business assistance has a more significant impact on improving the business and spiritual aspects</em><em> of clients</em><em>.</em></p><p align="left"> </p><p>Penelitian ini bertujuan untuk menganalisis dampak penerapan keuangan inklusif pada Bank Wakaf Mikro Al-Fithrah terhadap pemberdayaan UMKM di sekitarnya. Meskipun sektor UMKM telah menjadi fondasi yang cukup sentral bagi perekonomian, keterbatasan permodalan masih menjadi masalah klasik UMKM. Hal ini mendorong pemerintah untuk mengeluarkan Strategi Nasional Keuangan Inklusif yang bertujuan untuk memberikan layanan keuangan yang dapat diakses seluruh lapisan masyarakat. Indikator keuangan inklusif yang terdiri dari akses, penggunaan dan kualitas diterapkan untuk mewujudkan pemberdayaan UMKM melalui pembiayaan dan pendampingan. Penelitian ini menggunakan metode deskriptif kualitatif melalui pengumpulan data wawancara, observasi, dan dokumentasi. Hasil penelitian menunjukkan bahwa komponen keuangan inklusif telah diimplementasikan namun masih berpotensi untuk dimaksimalkan. Komponen akses dan penggunaan sudah terlaksana dengan baik dilihat dari segi fisik dan harga yang mudah dijangkau nasabah. Kedua komponen tersebut berdampak pada peningkatan literasi keuangan syariah nasabah. Pada komponen kualitas, variasi produk diharapkan dapat memenuhi kebutuhan modal nasabah yang berbeda. Sedangkan untuk komponen kesejahteraan, pembiayaan belum memberikan pengaruh signifikan untuk memenuhi kebutuhan permodalan karena nilai nominal yang terlalu kecil. Selain itu, program pendampingan usaha (HALMI) memiliki dampak yang lebih signifikan terhadap peningkatan usaha dan spiritual pelanggan.</p>

scholarly journals Methodological tools for the integral assessment of financial availability in the context of digitalization of financial markets

2020 ◽  
pp. 15-34
Author(s):  
Л. К. Васюкова ◽  
А. Е. Литвиненко
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Financial Market ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Inclusion ◽  
Market Potential ◽  
The Russian Federation ◽  
Integral Assessment ◽  
Physical Accessibility

Гармоничное направление развития финансового рынка – это такое направление, при котором финансовая доступность способствует экономическому росту. Приоритетность развития доступности финансовых услуг в Российской Федерации была определена президентом ещё в 2007 г. и подтвердилась в 2010 г., когда Россия приняла на себя обязательства, задекларированные «Сеульским консенсусом Группы 20 в области развития для обеспечения всеобщего роста», которые касались развития инфраструктуры, роста доступности финансовых услуг. Развитие финансового рынка неразрывно связано с мерами по формированию инфраструктуры предоставления финансовых услуг, повышению финансовой грамотности граждан и предпринимателей, формированию устойчивого платёжеспособного спроса на финансовые услуги, эффективной защиты прав потребителей и т.д. Особое значение в вопросе доступности финансовых услуг занимает механизм её оценки. В статье предлагается методический инструментарий интегральной оценки доступности финансовых услуг. Авторы предлагают рассматривать финансовую доступность как многомерный динамический объект, потенциал которого рассчитывается по комплексу показателей, характеризующих разные компоненты финансовой доступности с учётом особенностей развития финансового рынка страны или региона, в том числе уровня цифровизации региональных финансовых рынков. Авторами представлены результаты проверки гипотезы о наличии взаимосвязи между финансовой доступностью и таким макроэкономическим показателем, как экономический рост. Ключевые слова: финансовая доступность, интегральный показатель, востребованность финансовых услуг, цифровизация финансового рынка, потенциал, компоненты финансовой доступности, потребитель финансовых услуг; физическая доступность, методический инструментарий. A harmonious direction for the development of the financial market is a direction in which financial inclusion contributes to economic growth. The priority of de-veloping the financial services accessibility in the Russian Federation was determined by the President back in 2007 and was confirmed in 2010, when Russia assumed the commitments declared by the "Seoul Consensus of the Group of 20 in the field of development for universal growth", which related to the development of infrastructure and availability of financial services. Development of the financial market is inextricably linked with the measures to form the infrastructure for the provision of financial services, increase in the financial literacy of citizens and entrepreneurs, creation of a stable solvent demand for financial services, effective consumer protection, etc. The mechanism of its assessment is of particular importance in the issue of the availability of financial services. The article proposes a methodological toolkit for the integral assessment of the availability of financial services. The authors suggest considering financial accessibility as a mul-tidimensional dynamic object, the potential of which is calculated by using a set of indicators characterizing different components of financial accessibility, taking into account the peculiarities of development of the financial market in a country or a region, including the level of digitalization of regional financial markets. The authors present the results of testing the hypothesis that there is a relationship between financial affordability and a macroeconomic indicator such as as economic growth. Key words: financial availability, integral indicator, demand for financial services, digitalization of the financial market, potential, components of financial inclusion, consumer of financial services; physical accessibility, methodological tools.

scholarly journals MEASURING FINANCIAL INCLUSION AND ITS DETERMINANTS AMONG THE SMALLHOLDER FARMERS IN ZIMBABWE: AN EMPIRICAL STUDY

2020 ◽  
Vol 8 (3) ◽  
pp. 266-281
Author(s):  
David Mhlanga ◽  
◽  
Steven Henry Dunga ◽  
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Services ◽  
Smallholder Farmers ◽  
Education Level ◽  
Financial Inclusion ◽  
Farm Income ◽  
The Government ◽  
To Come

The study sought to assess the levels of financial inclusion among the smallholder farmers and to investigate its determinants among the same. The study employed a household measure to measure the level of financial inclusion and multiple regression to assess the determinants of financial inclusion. The results indicated that the level of financial inclusion among the smallholder farmers was low because the percentage of households who were actively participating in the formal financial system was below 27 per cent below 50 per cent. The investigation on the driving factors of financial inclusion indicated that off-farm income, education level, distance, financial literacy and age of the household were the significant variables in explaining the determinants of financial inclusion among the smallholder farmers in Manicaland Province of Zimbabwe. Therefore, the study discovered that it is important for the government of Zimbabwe and financial institutions to form partnerships to come up with policies that ensure that smallholder farmers are included in the formal financial market and these policies should motivate households to use the formal financial services. Also, the crafted should strive to remove all the barriers to financial inclusion among the smallholder farmers. For instance, looking at farmers, many farmers are finding it difficult to access loans due to lack of collateral security, so banks need to come up with services and products that are tailor-made for the smallholder farmers especially on credit, services that allow smallholder farmers to borrow.

scholarly journals Rethinking Digital Financial Inclusion: Evidence from Bangladesh

2021 ◽  
Author(s):  
Abdul Aziz ◽  
Umma Naima
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Social Dynamics ◽  
New Technologies ◽  
Financial Inclusion ◽  
Financial Infrastructure ◽  
New Perspective ◽  
Comprehensive Framework ◽  
Physical Access ◽  
The Impact

A growing body of literature is advancing the impact of financial inclusion and digital finance on marginalized populations. However, mainstream scholarship has not focused on understanding the potential drivers and challenges of digital approaches to financial inclusion. This study aims to investigate the mismatch between assumptions implicit in the financial inclusion discourse and ideas of access and use of digital technologies and seeks to move the discourse forward through a comprehensive framework for digital financial inclusion. Our study showed that the social dynamics of financial engagement with new technologies require a move beyond a simple individualistic adopter/non-adopter binary framework and ‘supply oriented’ financial infrastructure. We conclude that although digital services have eased and bridged the gap of physical access to financial services, such services have not been utilised due to lack of basic connectivity, financial literacy and social awareness. This article theoretically contributes to digital financial services adoption literature by offering a significant critical overview and a new perspective on both digital finance and financial inclusion mechanisms.

scholarly journals Agent Banking And Poverty Reduction In Benue State, Nigeria

2020 ◽  
Vol 7 (5) ◽  
pp. 213-229
Author(s):  
David Terfa Akighir ◽  
T. Jacob Tyagher ◽  
Aaron Ateata
Keyword(s):  
Local Government ◽  
Rural Areas ◽  
Financial Literacy ◽  
Rural Population ◽  
Poverty Reduction ◽  
The State ◽  
Financial Inclusion ◽  
Economic Activities ◽  
Logit Regression Model ◽  
The Impact

The study investigated the impact of agent banking on poverty reduction in Benue State, Nigeria. The study is hinged on the agency theory, risk management theory, the regulatory dialectic theory and the basic needs theory. Focusing on the agent banking activities of the First bank PLC, the study used the Taro Yammene’s formula to select 199 agents for investigation. Questionnaire was used for data collection but only 185 copies of the questionnaire were retrieved for analysis. The study employed descriptive tools such as tables and percentages and paired t-test as well as Foster, Greer and Thornbecke (FGT) index. Also, a logit regression model was employed to ascertain whether or not agent bank has the probability of reducing poverty in Benue State. The study found that engaging in agent banking has the probability of reducing poverty in Benue State which is typically an agrarian state with high poverty incidence among highly unbanked population. Agent banking in this unbanked State where only 11 local government areas out of 23 local government areas have the presence of banks has the potential of increasing financial inclusion and enhancing financial literacy. With the presence of agent banking in the state, it will enhance business sustainability and facilitate financial transactions. These will increase economic activities and increase employments and reduce poverty. Given the potentials of agent banking for socio-economic development in the state, it is recommended that financial literacy awareness should be created so that rural population who have long lived unbanked to accept banking services via the agent banking. Also, banks operating in the state should leverage on the opportunity of agent banking to penetrate the rural population with a view to achieving financial inclusion in line with the CBN’s revived National Financial Inclusion Strategy (NFIS) which places implementation focus on women, rural areas, youth, Northern Nigeria and MSMEs to achieve 95% financial inclusion rate by 2024.

scholarly journals CRITERIA ASPECTS OF SOCIAL DIAGNOSTICS OF FINANCIAL CULTURE OF THE POPULATION OF THE RUSSIAN FEDERATION

2019 ◽  
pp. 136-143
Author(s):  
M.V. Kibakin
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
The State ◽  
Financial Behavior ◽  
Target Groups ◽  
Positive Attitudes ◽  
Personal Finances ◽  
Information And Communication ◽  
Legitimate Interests ◽  
Financial Issues

The article describes the problems of choosing the criteria for success of the system of improving financial literacy of various target groups of residents of Russia. The problems of increasing their relevance in solving the problems of diagnosing individual and group levels of financial literacy, determining its competence, motivational and activity components are shown. The analysis of existing approaches to the use of various indicators and characteristics of financial literacy as the basis of financially literate behavior, as well as an important component of financial culture, is made. The possibility of using the risk criteria of financial behavior of citizens with insufficient financial literacy is indicated. The views on the use of sufficient and necessary criteria for determining the state and dynamics of financial literacy of the population in accordance with the needs of the market, the possibilities of information and communication banking technologies for providing financial services, as well as ensuring the protection of the rights and legitimate interests of the consumers of these services and the prevention of unfair financial practices. The article provides ways to visualize indicators of financial literacy, socio-cultural factors of its determination in order to saturate the state and municipal authorities with management information for the implementation of powers in the financial and economic sphere. The author includes in the article proposals for improving the system of increasing knowledge, skills and competencies among the population on financial issues, creating positive attitudes to actively use the possibilities of the modern financial market to preserve and enhance personal finances, as well as to effectively conduct business.

scholarly journals Personal Finances in the Era of Modern Technological Solutions

2021 ◽  
Vol 1 (29) ◽  
pp. 155-174
Author(s):  
Anna Janina Warchewska ◽  
Alfred Janc ◽  
Rafał Iwański
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Financial Education ◽  
Personal Finance ◽  
Financial Industry ◽  
Financial Decisions ◽  
Finance Management ◽  
Self Confidence ◽  
The Impact

The purpose of the article: the aim of the article is to present the essence of personal finance management using modern financial technologies. The paper seeks to answer the question of the impact financial literacy and the growth of the fintech solutions have on personal financial management. Methodology: the analysis leads to an answer to the question of which determinants have an impact on consumers' financial decisions and what remote tools the market offers. The paper hypothesizes that the intensification of educational activities tailored to each age group by institutions offering financial services may influence the greater use of modern tools in the process of personal finance management. Theoretical considerations are based on an in-depth query of literature on the subject. Research and financial experimentation in the field of financial knowledge and skills are presented. The secondary empirical material is used to analyze the development of the FinTech industry. Results: The effectiveness of financial education is observed only in specific financial behaviors. The financial industry is shaped by recipients, who instead of financial education, look e.g. financial coaching for a specific problem at different stages of their lives. Changes in population structure (aging population) and a large group of customers from disadvantaged groups (e. i. seniors, disabled people) require the development of new, matched strategies by banks and financial services providers. Too much self-confidence and a low level of consumer knowledge of cybersecurity is becoming a challenge for modern financial technologies.

scholarly journals МЕТОДИЧЕСКИЙ ИНСТРУМЕНТАРИЙ ИНТЕГРАЛЬНОЙ ОЦЕНКИ ФИНАНСОВОЙ ДОСТУПНОСТИ В УСЛОВИЯХ ЦИФРОВИЗАЦИИ ФИНАНСОВЫХ РЫНКОВ

2020 ◽  
Vol 57 (4) ◽  
pp. 15-34
Author(s):  
Keyword(s):  
Economic Growth ◽  
Financial Market ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Inclusion ◽  
Market Potential ◽  
The Russian Federation ◽  
Integral Assessment ◽  
Physical Accessibility ◽  
Macroeconomic Indicator

Гармоничное направление развития финансового рынка – это такое направление, при котором финансовая доступность способствует экономическому росту. Приоритетность развития доступности финансовых услуг в Российской Федерации была определена президентом ещё в 2007 г. и подтвердилась в 2010 г., когда Россия приняла на себя обязательства, задекларированные «Сеульским консенсусом Группы 20 в области развития для обеспечения всеобщего роста», которые касались развития инфраструктуры, роста доступности финансовых услуг. Развитие финансового рынка неразрывно связано с мерами по формированию инфраструктуры предоставления финансовых услуг, повышению финансовой грамотности граждан и предпринимателей, формированию устойчивого платёжеспособного спроса на финансовые услуги, эффективной защиты прав потребителей и т.д. Особое значение в вопросе доступности финансовых услуг занимает механизм её оценки. В статье предлагается методический инструментарий интегральной оценки доступности финансовых услуг. Авторы предлагают рассматривать финан совую доступность как многомерный динамический объект, потенциал которого рассчитывается по комплексу показателей, характеризующих разные компоненты финансовой доступности с учётом особенностей развития финансового рынка страны или региона, в том числе уровня цифровизации региональных финансовых рынков. Авторами представлены результаты проверки гипотезы о наличии взаимосвязи между финансовой доступностью и таким макроэкономическим показателем, как экономический рост. Ключевые слова: финансовая доступность, интегральный показатель, востребованность финансовых услуг, цифровизация финансового рынка, потенциал, компоненты финансовой доступности, потребитель финансовых услуг; физическая доступность, методический инструментарий. A harmonious direction for the development of the financial market is a direction in which financial inclusion contributes to economic growth. The priority of developing the financial services accessibility in the Russian Federation was determined by the President back in 2007 and was confirmed in 2010, when Russia assumed the commitments declared by the "Seoul Consensus of the Group of 20 in the field of development for universal growth", which related to the development of infrastructure and availability of financial services. Development of the financial market is inextricably linked with the measures to form the infrastructure for the provision of financial services, increase in the financial literacy of citizens and entrepreneurs, creation of a stable solvent demand for financial services, effective consumer protection, etc. The mechanism of its assessment is of particular importance in the issue of the availability of financial services. The article proposes a methodological toolkit for the integral assessment of the availability of financial services. The authors suggest considering financial accessibility as a multidimensional dynamic object, the potential of which is calculated by using a set of indicators characterizing different components of financial accessibility, taking into account the peculiarities of development of the financial market in a country or a region, including the level of digitalization of regional financial markets. The authors present the results of testing the hypothesis that there is a relationship between financial affordability and a macroeconomic indicator such as as economic growth. Key words: financial availability, integral indicator, demand for financial services, digitalization of the financial market, potential, components of financial inclusion, consumer of financial services; physical accessibility, methodological tools.

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