Formation of financial literacy on the basis of a competent approach

Abstract

The authors substantiated the importance of financial literacy as the primary basis for the formation of the financial well-being of the population and the need to ensure a responsible attitude to the management of personal finances in modern conditions of economic development. The level of financial literacy, based on the methodology developed by the Organization for Economic Cooperation and Development, was analyzed, including in terms of different age groups. The importance of the formation of the competence «entrepreneurship and financial literacy» in the learning process, which involves initiative, readiness to take responsibility for one's own decisions, the ability to organize one's activities to achieve goals, awareness of the ethical values of effective cooperation, readiness to implement initiated ideas, making one's own decisions, is emphasized. The approaches to the definition of financial literacy by scientists, international and domestic organizations dealing with issues of financial literacy are highlighted. The main vectors of the formation of financial literacy in different age groups are distinguished based on a number of knowledge and skills inherent in each of them. The importance of focusing on school-age children and young people in the process of financial education is emphasized and key changes in approaches to teaching financial literacy and communications are established. It was noted that the issue of financial literacy runs through all curricula formed for general secondary education institutions. The need to ensure financial culture is substantiated and the characteristics of its individual types are given, including insurance, tax, credit, pension culture, savings, investment, and consumption culture. The consequences of increasing the financial literacy of the population for the development of the country's financial system are summarized.