Financial Behavior of Households in the Context of Their Resilient Development

Abstract

The relevance of the article is related to the need to study the financial behavior of households as one of the factors of ensuring their resilient development in conditions of instability and uncertainty. In the conditions of war, the country’s financial market and the behavior of the subjects of financial relations are the epicenter of the country’s macroeconomic stability, which depends on the resilience of households to risky situations and the quality of life. The specified interrelationship will strengthen under the condition of active prejudice against poverty and state support of the population, which found itself in difficult life circumstances as a result of the war. The purpose of the article is to study the influence of financial behavior and financial instruments on the resilience of the country’s households in conditions of socio-economic instability and uncertain development prospects. The novelty of the work consists in identifying the peculiarities of the financial behavior of households, caused by the growth of wartime risks against the background of real opportunities and trends of their resilient development. The research is based on the use of various data sources and the application of a number of scientific methods (analysis, synthesis, comparison, generalization, selective observations). Modern financial behavior of households combines elements of various models — consumer, savings, investment, credit, insurance, charity, the relationships between which are transformed depending on the action of external and internal factors. In the conditions of war, the motives for forming one or another model of financial behavior of households change, in the choice of which they can be guided by the interests of preserving the status quo or increasing financial assets. The advantages of the saving behavior model of households as the most acceptable for resistance to wartime risks and threats and the transformation of labor income of the population into development investment resources are determined. Unlike most European countries, Ukraine is dominated by channels of unorganized savings of the population due to a low level of trust in banking structures, uncertainty in the future, and efforts to prevent the emergence of new financial risks. The transition to organized forms of savings of the population will ensure the resilience of economic development against the background of the stability of the financial and credit system of the state, trust in it by consumers of financial services. In this context, a sufficient level of profitability of financial instruments and financial literacy of the population are necessary. For its spread, it is necessary to achieve a sufficiently high level of income, rational consumption and possession of effective financial instruments against the background of trust in financial institutions.