Subject Only a few decades ago, the analysis of macroeconomic phenomena ignored psychological variables. Current research in this area rests on aligning the importance of economic, socio-demographic and personal characteristics of individuals from the standpoint of their impact on financial behavior. Identifying the determinants of the behavior and their role definition are the most controversial issues. Objectives The purpose of the study is to specify the key determinants of financial behavior of the public, including the place of financial literacy. Methods The study employs methods of analysis and synthesis, and comparative analysis. Results A critical review of domestic and foreign studies of factors affecting the financial behavior of the population demonstrated that this behavior is influenced by personal (level of financial literacy, socio-demographic characteristics) and external determinants (financial and infrastructural capacity, territorial features). The analysis of opinion survey data and my calculations showed that financial literacy has a greater influence on the strategy of savings and credit decisions in the household as compared to the size of income of citizens, which is traditionally seen as a key determinant of financial behavior of the population. Conclusions The article presents a unique system of factors determining the financial behavior of the population. Key conclusions are focused on developing the theoretical tenets of the analysis of financial behavior of population and may be used in research and teaching activities when studying the household finance.
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