Revisiting the optimal structure of household financial resources, taking into account the financial literacy of the population

Abstract

Subject. This article verifies the original hypothesis that the level of financial literacy of the population has an impact on the structure of household expenditures. Objectives. The article aims to test if there is a correlation between the level of financial literacy of the population of the Sverdlovsk Oblast and the structure of household expenditures, based on a subjective assessment of the optimality of their own financial resources by respondents. Methods. For the study, we used a sociological survey the methodology of which is adapted from the methods of the Central Bank of Russia and OECD countries for the conditions of the Sverdlovsk Oblast, and the Nash equilibrium concept. Results. The article substantiates the hypothesis that the level of financial literacy of the population has an impact on the optimal structure of household expenditures. It also proposes original principles and criteria for the optimal structure of household financial resources based on the cost structure. Conclusions. The article concludes that more financially literate people are more likely to plan their income and expenses and are able to assess the structure of their expenditures from an optimal perspective.