DEVELOPMENT OF THE INSTITUTIONAL INFRASTRUCTURE OF THE SAVINGS SYSTEM OF UKRAINE
Abstract
The purpose of the article is to develop theoretical and practical recommendations for the formation and development of the savings system infrastructure in Ukraine. The methodology of the study is based on identifying the peculiarities of the development of the savings system of Ukraine and highlighting the main elements that influence this development, as well as on the principles of systematic and holistic approach to the study of phenomena. The research was based on the works of scholars devoted to the activities in the field of savings formation. The capabilities of the current financial system in Ukraine are not sufficient to ensure investment development. It is necessary to attract funds accumulated by the savings system. In the course of the study, based on the definition of the essence of institutional financial infrastructure, the author formulates a definition of the institutional infrastructure of the savings system. The article proposes methods for developing and improving the infrastructure of the savings system of Ukraine. The development of the stock market will make it attractive for private investors and increase the volume of organized savings. Improving the methods of state regulation and control over the activities of savings institutions will ensure their sustainable functioning in a competitive environment and the trust of savers. The development of new digital technologies, remote identification and remote financial services, and the introduction of promising mechanisms for attracting household savings will expand the savings system's ability to transform savings into investments. The level of financial literacy of the population affects the process of savings formation, so improving it is an important task for the state. Improving the infrastructure of the savings system should also take into account the reform of the pension system and the increased role of non-state pension funds. The proposed methods, if implemented in a comprehensive manner, will ensure an increase in the role of the savings system in increasing the growth rate of the country's economy.
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