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Monday, September 25, 2017

UNIAN hosts press conference on Ukrainian finance survey

The Ukrainian news agency UNIAN hosted a press conference on a recently released finance survey on July 3.

The event brought together Valerii Prokhorenko, the deputy governor of the National Bank of Ukraine, Serhii Mamedov, the executive director of the Independent Association of Ukrainian Banks, and Gunnar Walzholz, the country director of KfW in Ukraine.

The press conference revealed survey results showing how Ukrainians manage finances. The survey was conducted by GfK in order to increase financial literacy among the Ukrainian population. The project was implemented by the Independent Association of Ukrainian Banks under the auspices of the National Bank of Ukraine.

"Undoubtedly, financial literacy of the public fosters sustainable development of the sound financial system. Public confidence in hryvnia has grown immensely: deposits in the national currency have grown by 12.8 percent year-to-date, whereas outstanding amounts of deposits in the foreign currency have declined by 1.3 percent over the same period," Prokhorenko said.

Ukraine has seen a rapid development of cashless payment, indicating that financial literacy is growing in the country.

"The Independent Association of Ukrainian Banks aims to increase financial literacy among the Ukrainian population. The survey results have showed that Ukrainians pay little attention to personal finance. For this reason, The Independent Association of Ukrainian Banks in cooperation with the National Bank of Ukraine has launched the project aimed at increasing financial literacy," Mamedov said.

The Action Plan for 2013 was designed to increase financial literacy and included summer courses at summer camps for children.

Survey results showed that 13.4 percent of Ukrainians acknowledge having a limited knowledge of money and savings and that 37.7 percent of respondents entrust these issues to members of the own family when it came to financial issues, 20.7 percent of respondents turn to colleagues and friends for help, 7.4 percent of respondents entrust financial issues to the employees of financial institutions, 23.5 percent respondents make independent decisions and do not need advice and 18.8 percent of respondents do not trust anyone.