Saving and financial education: challenges and solutions
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Date
2024
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
The financial sector of Georgia has recently emerged as one of the leading sectors of the country. It has
a positive impact on the development of the country's economy, the creation of jobs and the strengthening
of social stability. Sustainable and stable development of the financial sphere requires a permanent increase
in savings, both at the individual and national level, which is not always possible. Inadequate level of financial
education among the population is considered to be one of the reasons for the low rate of savings in the
country. The development of appropriate policies in this area is necessary in order to effectively achieve the
set goals, which is manifested in the strengthening of the financial, including the capital market. The article
focuses on the issues of financial education, including the formation of a culture of saving and spending in
the population. It analyzes the current processes in the neighboring area of our country and some developed
countries in terms of the dynamics of savings and the total expenditure incurred by the state on education.
Description
1. data.worldbank.org/indicator/NY.GDS.TOTL.ZS?locations=GE
2. www.oecd-ilibrary.org/finance-and-investment/oecd-infe-2020-international-survey-of-adult-financialliteracy_
145f5607-en
3. www.oecd.org/en/publications/pisa-2018-results-volume-iv_48ebd1ba-en.html
4. nbg.gov.ge/en/media/news/financial-education-survey-of-micro-small-and-medium-entrepreneursthe-
results-are-in
5. Chutlashvili Avtandil. Consumption, savings and investment in the light of the COVID-19 pandemic.
https://rsglobal.pl/index.php/ijite/article/view/2278 (accessed 10.10.2024).
Keywords
Citation
IX International Scientific Conference: "Challenges of Globalization in Economics and Business", Proceedings , Tbilisi, 2024, pp. 399-405