FINANCIAL ADVICE AND ITS IMPACT ON THE GROWTH OF THE PUBLIC WELFARE OF THE POPULATION

Abstract

Introduction. Ensuring the well-being of the population involves increasing their financial literacy, financial security, strengthening the stability of the country’s financial system and the competitiveness of the domestic economy, the formation of long-term investment demand, formation and development of the financial market in Ukraine. During the period of economic instability in Ukraine, the problem of protecting the rights of consumers of financial services, including low public awareness, lack of a code of conduct for financial institutions and insufficient capacity of supervisory authorities to monitor the situation in the current situation. In these conditions, there are urgent issues to ensure the functioning of the institute of financial advisers, who on a paid or free basis will provide services to citizens to improve their financial education, choose the optimal package of services in the financial market, develop skills to manage their own financial resources. The purpose of the article is to analyze the impact of financial advice on increasing the welfare of the population by determining the level of financial literacy of citizens and the use of tools for government incentives and promote the development of financial advice in Ukraine. Results. An analysis of the level of financial literacy of the population in Ukraine and concluded that the use of financial advice for individuals is particularly relevant for Ukraine given that a significant proportion of the population has not only superficial knowledge of financial market principles and opportunities to use financial products and services, but also distrusts financial institutions. As a result, one of the main problems of low public confidence is the lack of sufficient information about financial institutions. It is, first of all, about informing the population about the full cost of financial products, the size of the commission for the provision of services, the rules of its collection. Conclusions. Proposals for the formation of the National Strategy for Improving the Level of Financial Literacy of Citizens with Active Use of Financial Advisory Services, which can be carried out in two directions: public financial consulting for the population by ensuring increasing the level of financial literacy of citizens free of charge in various forms; private independent financial consulting on a paid basis focused on the provision of services for the formation of individual financial plans to achieve financial goals in the future.