Ukrainians understand financial services as much as the Bahrainis and Tanzanians. But every crisis is forcing the people of Ukraine to become wiser
In mid-November the rating agency Standard & Poor's and the Global Financial Literacy Research Center published a global report financial literacy in the world.
According to the report, the level of financial literacy in the world is quite low. Only one in three adults understand basic financial terms and concepts. According to analysts of Standard & Poor's, states are trying to solve the problem of financial illiteracy that make financial products more popular and accessible. But without basic financial knowledge of the most vulnerable categories of citizens it only leads to the growth of credit debt and insolvency. For example, in China from 2011 to 2015 the percentage of people owning credit cards, increased by half - to 16%. However, only half of the cardholders can make simple calculations related to the interest on the cards. In the US, the card has 60% of the population, but only 57% of them can answer all questions related to the rates.
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Financial literacy means the ability of an adult to understand how to "work" the money, ie the estimated their ability to earn money, invest or donate
Overall, 35% of men the world of financial literacy. Women - 30%. This ratio is observed in both developed and developing countries, excluding China and South Africa.
Thus, 55% of adult citizens of countries such as Canada, France, Germany, Italy, Japan and the US Financial Literacy. The BRICS countries (Brazil, Russia, India, China, South Africa), financial literacy is only 28% of adults.
The most financially savvy citizens living in Australia, Canada, Denmark, Finland. The lowest level of literacy CFOs - in South Asian countries: India, Pakistan, Bangladesh, Nepal.
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The level of financial literacy Ukraine adjoins primarily with African countries where credit cards are accepted only in major banks and supermarkets. The nearest neighbors of Ukraine - Tanzania, Zambia, Senegal.
In Ukraine, only 28% of adults could correctly answer more than three simple questions about finances. This self-knowledge in the financial sector of the adult population is 70%. "This is due to the fact that very few adults can really admit to myself that do not understand any questions", - says head of sustainable development, the head of the CSR Committee of Platinum Bank Elena Shcherbina.
This issue is relevant for the whole country. "People do not have the opportunity to acquire basic knowledge, for example, to manage a personal budget. And, unfortunately, can not instill in their children a proper understanding of what money, "- says Shcherbina.
At the same time, habits and financial literacy of children influences their destiny. "Scientists conducted an experiment and found that children who do not eat sweets all at once, and set aside" for later "in the lives of more than succeeded", - says head of financial markets research GfK Ukr Dmitry Yablonovsky. This is an element of financial literacy.
In the past two years, the level of knowledge of Ukrainians grew up. "This is due to the fact that the situation in the financial sector will force the population to acquire new knowledge in this sphere", - says head of sustainable development, the head of the CSR Committee of Platinum Bank Elena Shcherbina.
Each crisis has forced the Ukrainians becoming more financially educated. After the devaluation of 2008, all learned about the currency risk, and realized that to take the credit in the currency in which you do not get revenue, is very dangerous. "At the beginning of 2014, when problems arose with cashing money from ATMs Ukrainians immediately learned to pay with plastic cards in the networks," - says Yablonovsky. The current crisis should also push the Ukrainians to learn to make better informed and educated financial decisions.