FINANCIAL LITERACY AND FINANCIAL INCLUSION AS COMPONENTS OF BANKING SYSTEM DEVELOPMENT MANAGEMENT: FOREIGN EXPERIENCE

Abstract

In modern conditions characterized by global instability, constant cyber threats, frequent financial and economic crises, both at the level of individual countries and the global economic system, which together leads to distrust of financial institutions, the leading countries of the world are increasingly resorting to a strategic approach in shaping the policy of financial literacy of the population. This area is becoming particularly relevant in the context of ensuring financial inclusion as an important tool for attracting citizens to the banking system and the financial market as a whole. As a result of a comparative analysis of the strategies of Germany, Ireland and Austria, it was found that the key factors for the effective implementation of financial policy are: a multi-level institutional management structure, interdepartmental coordination, the availability of targeted funding, systematic monitoring of results and digitalization of educational processes. Identified challenges related to uneven access to financial education among certain categories of the population, in particular young people, the elderly and migrants. Proved that the introduction of a multi-level coordination management model focused on partnership between the public and public sectors can ensure an increase in the level of financial awareness of the population, strengthen financial inclusion and the stability of the banking system.