The editor of PaySpace magazine and representative of Ukraine’s largest bank explains how to improve its financial literacy and why it is important.
According to a USAID survey, Ukrainians have a financial literacy rate of 55%, the lowest among the 30 OECD countries. As it turned out, the citizens of Ukraine are experiencing difficulties not only with defining the basic terms, but also with choosing the most profitable promotional offer (for example, 22% of Ukrainians made up for a TV set of 10 thousand UAH Preferred 10% discount instead of 1.5 thousand UAH discount). How to increase financial literacy and why it is important – read further in the article.
Why financial literacy is needed
Financial literacy not only allows you to properly manage your money, but also helps in avoiding fraud. Thus, financially savvy people are aware that no one (including bank employees) should be given their payment card details or transferred to other people (a waiter or cashier) to make payments. should go. In addition, financial literacy protects from participation in the financial pyramid, in particular, from exchanging funds for unsupported “gift certificates”.
Specialist with PrivatBank’s communications in PR and Kiev
Financial literacy also allows you to:
- Improve funds by choosing the right investment and banking products
- Spend money wisely, not for dubious shares and quick money schemes
- Cost reduction through budget planning
- Improving knowledge and skills in finance
A high level of financial literacy is particularly important in times of crisis, when cashless payments and online payments become relevant.
4 tips from a financial literacy expert
Alexander Ziltsov identified several effective ways to improve financial literacy.
Attendance in special classes and seminars
“Personal financial literacy courses are popular learning methods, and for quarantine and the need to stay home, online training and financial webinars are a great option. Do not forget about the study of literature. In the beginning it is worth taking books that work with personal finance or improving the financial literacy of beginners. “
Build healthy financial habits
“Analysis of your own budget, formation of clear financial goals, adherence to the strategy employed will help you improve literacy and achieve your goals more easily.”
Use the latest technology that the market provides
“At the same time, don’t forget about security, therefore, we strongly recommend that you use only proven channels to perform a particular function. Today, banking applications allow you to get almost any service in a few seconds, and for this you only need your own mobile phone. “
Immunization of Financial Literacy since childhood
“Today, many banks offer various financial products to parents for children. For example, PrivatBank business school programs and junior cards are used annually by thousands of Ukrainian children. Here, your child will learn to use banking services, as well as wise to use pocket money, which will be a good experience in future. “
Where to start to increase financial literacy
install app For budget planning, debt and debt management. for example Money lover And Spendee Allows you to track expenses, break them down into categories and create convenient and understandable programs, Daily Budget How much you can spend per day to save money, Monitoring of bills Will remind you to pay the bills, Goodbudget Will allow you to make a monthly budget and then analyze how well you follow it, Splittable The joint budget is suitable for those maintaining, and will allow the order to be restored to the total costs, credit control Keep a record of your debts and make a list of people who have taken loans from you.
Start using banking application and understand its functions. How to pay a communal apartment online, how to transfer money, apply for deposits, buy foreign currency without leaving a loan or your home – these and other functions are now available in many applications of Ukrainian banks.
Read articles from special publications: How to choose a deposit, how to choose a card for travel, how a prepaid card differs from a regular credit card, what will happen if you do not pay the loan in Ukraine, why oil has fallen in price – this And many other articles are available on the site Payspace magazine, Will make you not only financially intelligent, but also an intellectually developed person.
Take help of bots and channels in Telegram. Therefore, in Messenger you can find many useful services and sources of information, including:
- PotBot @PotTeleBot helps track group members’ shared costs. It matters how much is spent and who is owed.
- Splitty @splittybot allows you to manage shared expenses.
- WhereIsMyMoneyBot @WhereIsMyMoneyBot can show CSV or XLSX the cost, export data and figures directly in Telegram.
- DebtsTracker.io [RU] @DebtsTrackerRuBot reminds you of loans, upcoming and late payments, calculates interest on the loan and keeps a general record of the loan.
- Greenz Bot @GreenzBot monitors balance counts for each day, synchronizes data with Google spreadsheets, and monitors expenses, income and debts.
- Currency Exchange Ukraine @minfinbot refers to the currency rates in Ukraine.
- Bitcoin channel for beginners @ bcc4new about bitcoin and cryptocurrency, news, earning strategies, useful information.
- CryptoBot – cryptocurrency rate @cryptobitbot shows the price of Bitcoin and Ethereum as well as a graph of the Bitcoin exchange rate.
- The PaySpace magazine @payspacemagazine channel publishes information on the most current news of the day about online payments, traditional and alternative money, financial, banking and other technologies.
Use online learning, Be prepared for financial news and video life hack from reliable sources.
Subscribe to YouTube channel of National Bank of Ukraine
Subscribe to PaySpace magazine
Earlier, we wrote that PrivatBank launched an educational project “Banker to Own”, which will help customers learn how to access all banking services through the Privat24 application and Privat24 mobile bank without leaving home . To use the services of the service, you have to register by phone on the website https://ults.pb.ua and choose the course “Banker is your own.”
On April 30, the Ministry of Digital Affairs along with National Bank and PrivatBank will present a new educational series on digital money. The educational series will be freely available on the Dia platform. Tsifa Ovita Osvita.Dia.Gova. With its help, Ukrainians will be able to find out:
- How to use credit funds without paying interest?
- How to save a little money on deposits?
- How to pay utility bills, top up an account or transfer money in a card to another person without leaving your home?
- How to use Smartphone and Smart Watch instead of Wallet?
- Basic rules for using cards to avoid fraud
The free time can also be used to watch documentaries and enjoy movies about finance, exchanges and cryptocurrency.
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