PERSONAL FINANCIAL CONSULTING: GLOBAL EXPERIENCE AND PROSPECTS OF DEVELOPMENT IN UKRAINE

Abstract

Purpose. The purpose of this article is to study the current state of development of the personal financial consulting system in Ukraine, identify its main problems, and determine ways and measures for its improvement and development. Design/methodology/approach. In this study, an analysis of the current state of development of the financial consulting system in Ukraine was carried out. Its main shortcomings were analyzed and based on the study of foreign experience and the possibilities of its implementation in Ukraine, the main recommendations and proposals in this area were developed. Methods of scientific knowledge, analysis and synthesis of information were used to solve these problems Findings. The development of access to Ukrainian citizens to modern financial instruments requires appropriate knowledge and skills. Their absence can only lead to financial losses deterioration. The level of financial knowledge of Ukrainians remains quite low. In view of this, the article summarizes the global experience of raising the level of financial knowledge of the population and justifies the need to develop the profession of personal financial advisor and proposes a set of measures for this. The ways to this are: create and develop educational programs that will train personal financial consultants at Ukrainian universities; inclusion of this profession in the list requiring mandatory certification; creation of a transparent, responsible and professional system of financial consultants. Practical implications. Based on the results of the research, the article highlights the direction of development of the financial consulting system in Ukraine. First, it is necessary to create and develop educational programs that will train financial consultants in Ukrainian universities. Currently, such programs do not exist. In our opinion, this is a good opportunity for universities to create new and interesting educational programs, at least at the master’s level. Secondly, the profession of a financial consultant in many countries of the world is a profession with increased responsibility. If the client loses part or all of his savings due to the bad advice of a consultant, it can become a real human tragedy. Therefore, in our opinion, it makes sense to include this profession in the list that requires mandatory certification. Such certification should be carried out by selected institutions of higher education. The basis for applying for a certificate must be the availability of financial education, the relevant training must be conducted and the certification exam must be passed, based on the results of which the corresponding certificate can be issued. The National Bank of Ukraine should play an active role in the development of the financial consulting system. The financial literacy programs he implements are not able to cover the entire population, and most people do not want or are unable to learn specifically to manage their finances. Instead, the creation of a transparent, responsible, and professional system of financial consultants can certainly improve the situation in this area. Originality/value. In the article, based on the results of the analysis of the current state of development of financial consulting in Ukraine, its main shortcomings are highlighted and a series of measures to regulate the system itself and proposals for its further development are proposed.