DEVELOPING WAYS TO INCREASE THE FINANCIAL LITERACY OF YOUTH

Abstract

The article is devoted to the topical issues of developing ways to increase the financial literacy of youth. The relevance of the topic is due to the challenges that young people face because of the variety of financial instruments and financial services presented on the market. It was found that financial literacy allows one to master key financial concepts and apply them when decision-making, generating income, making expenses and savings, and selecting appropriate financial instruments for investment and insurance. It was found that financially literate people are more protected from financial risks and emergencies. They are responsible for managing personal finances, able to increase their material well-being. The regulatory basis for increasing the level of financial literacy is the “National Strategy for the Development of Financial Literacy by 2030”. In this document, financial literacy is defined as one of the basic competencies that every person should have for a successful life. Ways to increase the level of financial literacy of young people through educational events, training, online courses, volunteer projects, and the use of educational content upon specific request, in particular through messengers. It was found that a low level of financial literacy makes young people vulnerable to financial fraud. Problems related to Internet security are highlighted. It was found that financial literacy increases the financial stability of young people and prevents the manifestation of negative financial consequences, as well as deepens financial knowledge, acquire new competencies, feel self-confidence; form financial goals; makes conscious decisions, and effectively use financial instruments; apply prudent behavior in the financial services market; avoid the risks of financial fraud. It was found that increasing the level of financial literacy includes a system of educational and awareness-raising activities: training, online courses, volunteer projects, and the use of educational content upon specific request, in particular through messengers, YouTube, and short videos on social networks, the purpose of which is to form personal finance management skills in everyday life.