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Financial Inclusion As A Factor In The Transformation Of Financial Markets In The Context Of Sustainable Development

Author

Listed:
  • Oleksii Petrivskyi

    (Kyiv National University of Technologies and Design, Ukraine)

  • Hanna Medvid

    (Kyiv National Economic University named after Vadym Hetman, Ukraine)

Abstract

The article discusses the concept of financial inclusion and its factors. The relationship between the level of financial awareness of the population and the level of its financial well-being was investigated. The priority directions of the strategy for the development of financial inclusion and financial intermediation, contributing to the achievement of sustainable development goals, are determined. Methodology. The percentage of non-cash transactions with payment cards in Ukraine was calculated, the dynamics of the number of holders of plastic cards was analyzed, and the financial literacy of Ukrainians was studied. Results. The results of the study showed that financial inclusion has a direct impact on economic development, as well as on the reduction of poverty and inequality and the achievement of the UN Sustainable Development Goals. Practical implications. Inclusive growth expands traditional models of economic growth by focusing on living standards and quality of life, environmental quality, social protection, financial literacy, access to financial services, and financial opportunities for citizens. Value/originality. The experience of developed countries in the context of financial literacy is compared and the directions of increasing the level of financial accessibility in Ukraine are proposed.

Suggested Citation

  • Oleksii Petrivskyi & Hanna Medvid, 2022. "Financial Inclusion As A Factor In The Transformation Of Financial Markets In The Context Of Sustainable Development," Three Seas Economic Journal, Publishing house "Baltija Publishing", vol. 3(1).
    • Handle: RePEc:bal:3seasj:2661-5150:2022:3:1:21
    DOI: 10.30525/2661-5150/2022-1-21
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    References listed on IDEAS

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    1. World Economic Forum, 2017. "The Inclusive Growth and Development Report 2017," Working Papers id:11638, eSocialSciences.
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    More about this item

    Keywords

    financial inclusion; financial services; financial literacy; cashless economy; sustainable development;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G52 - Financial Economics - - Household Finance - - - Insurance
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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