FINANCIAL LITERACY AND PROFESSIONAL DEVELOPMENT: KEY COMPONENTS OF THE HUMAN RESOURCE AND INTELLECTUAL POTENTIAL DEVELOPMENT STRATEGY IN HIGHER EDUCATION INSTITUTIONS

Abstract

The article is dedicated to the current issues of financial literacy formation and professional development as integral components of the human resource and intellectual potential development strategy in Ukraine. Two key categories of financial literacy are identified: professional financial literacy and personal financial literacy. The former is shaped by higher education institutions during the preparation of professionals in their respective fields of knowledge. The latter enables efficient resource management and the achievement of financial goals. It is noted that financial literacy encompasses knowledge and understanding of financial processes, skills in managing financial resources, and the ability to make informed financial decisions. The dynamics of the financial literacy index in Ukraine from 2018 to 2021 are examined. The overall financial literacy index of Ukraine stands at 12.3 points (or 58% of its maximum value) and demonstrates good progress, with a 6.0% increase in the span of less than 3 years, measured in points. It is stated that there is a direct correlation between the level of education, place of residence, and the level of financial literacy. The international experience of enhancing population financial literacy (Brazil, China) is considered, emphasizing the significant role of government authorities and banking institutions in this process. Specific components of the financial literacy and professional development strategy are identified. The importance of motivation in implementing the strategy for human resource and intellectual potential development in higher education institutions is emphasized. The benefits of fostering relationships with employers and stakeholders in the formulation of the development strategy are noted. It is asserted that only through a comprehensive and systematic approach can higher education institutions develop the potential of their students and employees, contributing to their success and growth in the modern world. Professional development of teachers should become a priority task for effective knowledge transmission and the development of financial literacy among their students. This can be achieved by ensuring access to continuous learning, organizing training and seminars on financial literacy, and facilitating the participation of teachers in international conferences and knowledge exchange projects.