THE FINANCIAL LITERACY OF THE POPULATION AS THE FACTOR OF SOCIAL DEVELOPMENT
THE FINANCIAL LITERACY OF THE POPULATION AS THE FACTOR OF SOCIAL DEVELOPMENT

Summary/Abstract: The given work is dedicated to researching financial literacy from the point of view of social awareness of the younger generation. All categories of citizens need to obtain financial education. A worthy level of financial education allows grown up persons to organize effective management of personal finances, optimize the ratio of savings to consumption, plan future retirement benefits, objectively assess possible risks and make reasonable decisions when investing their own capital. The financial education allows the younger generation to understand the value of money, it serves as the basis for acquiring the basics of budget planning and savings, in general terms, allows to understand the essence of the financial market and the products offered on it. Financial literacy is a complex of knowledge, skills, abilities and attitudes in the financial field and personal socio-psychological characteristics, the formation of which determines the ability and degree of a person’s readiness for successfully fulfilling a variety of socio-economic roles, such as householder, investor, borrower, taxpayer, etc. Financial literacy makes it possible to determine at what level the student’s financial relations with society are, moreover, it is an integral part of the student’s social competence. Knowledge, skills, and attitudes in the financial field constitute the cognitive, active and motivational and value elements of financial literacy

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