ДОВІРА УКРАЇНЦІВ ДО БАНКІВСЬКОЇ СИСТЕМИ: КРОС-КУЛЬТУРНИЙ АНАЛІЗ

Abstract

According to the data presented in the article, the level of trust in the banking system in modern Ukraine is lower than in most countries, and is falling in recent years, according to data from both international and national studies. Trust in banks is considered as important for an efficient financial system, but little is known about what determines trust in banks. Only a few studies discuss this topic, so this article aims to fill the gap by providing a comparative cross-cultural analysis of the level, dynamics and determinants of trust in banks. Using data from the World Values Survey of Round 7, which covered 46 countries during the period 2017–2020, the author observes significant differences in trust in banks in different countries and tracks the impact of several socio-demographic indicators. The main conclusions are: women tend to trust banks more than men; confidence in banks tends to increase with income, but decreases with age and level of education. The Covid-19 pandemic has reminded us that well-functioning banks play an important role in economic growth, and stressed the importance of trust in banks by economic agents. Authorities are trying to maintain confidence in these difficult times through various measures to prevent the collapse of banks and protect financial stability. Trust in banks is important in difficult times. It promotes financial attraction and financial stability, and thus promotes economic stability and growth. Without trust, banks cannot attract depositors or find households willing to borrow money to finance their business and housing. In short, trust in banks is a fundamental component of economic efficiency. The proposed study has certain limitations associated with data collection. At first, we only have data for one point in time. Therefore, our results may be affected by the research period, and they may not inform about the evolution of confidence in banks. Secondly, even if the sample of countries includes developed and developing countries, it is not exhaustive of the 46 countries. Thirdly, because we use survey data, we can only rely on one issue of trust in banks. Therefore, it is impossible to check whether the results are valid with the help of alternative questions of trust in banks.