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Analyzing the determinants of financial literacy and financial condition of the population

Vol. 16, Iss. 12, DECEMBER 2018

Received: 31 October 2018

Received in revised form: 8 November 2018

Accepted: 16 November 2018

Available online: 14 December 2018


JEL Classification: D31, G02, J33

Pages: 2276–2291

Ustinova K.A. Vologda Research Center of Russian Academy of Sciences, Vologda, Russian Federation

Subject The article considers the aspects of financial literacy, like the practice of signing contracts, written records of income and expenses, income management. It addresses the degree of protection against poverty, a change in financial standing.
Objectives The aim is to analyze factors affecting the financial situation and financial literacy of the population.
Methods I apply the method of stepwise linear regression to assess the impact of socio-demographic parameters, interests, life values and mentality on financial situation of the population.
Results The paper demonstrates problems related to financial literacy, namely, the level of knowledge and skills in the field of finance, low focus on recording the income and expenses, use of funds mainly for current needs. It identifies groups of people by the nature of changes in living standards over the current year, and by the degree of protection against poverty. The paper also shows existing differences between the groups, which are related, for instance, to preferred earnings, the vision of the source of evolving problems.
Conclusions Financial standing depends on characteristics of work (availability and the number of subordinates), preferences regarding the workplace (focus on doing business, high income even in the absence of guarantees for the future), self-reliance when solving problems, connection of interests and financial position.

Keywords: financial literacy, financial situation, protection, poverty


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