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Liburkina L. M.

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Financial Literacy as a Factor in the Development of Non-Governmental Pension Provision in Ukraine
Romanovska Y. A.

Romanovska, Yuliia A. (2025) “Financial Literacy as a Factor in the Development of Non-Governmental Pension Provision in Ukraine.” Business Inform 7:441–447.
https://doi.org/10.32983/2222-4459-2025-7-441-447

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 364.4:336.76(477)

Abstract:
The article is dedicated to examining the impact of citizens’ financial literacy levels on the development of non-governmental pension funds. By analyzing and systematizing the works of Ukrainian and international experts, a three-level structure of financial literacy was substantiated: cognitive, behavioral, and motivational-emotional components. It is highlighted that financial literacy in the context of pension protection determines citizens’ ability to demonstrate financial behavior in forming pension capital and participating in non-governmental pension provision. In the study, to assess the dynamics of the number of non-governmental pension funds and their administrators, as well as to reveal changes in the main performance indicators of NGPP, systemic and synergetic approaches were applied. The methodological instruments of the study include methods of analysis and synthesis, balance, graphical, induction and deduction, monographic, comparative, statistical, tabular, and content analysis. The study highlights the link between the level of financial literacy and behavior regarding pension savings, showing that a higher level of financial awareness promotes greater willingness to participate in the private pension system, increased long-term savings, and a more deliberate approach to planning one’s financial future. The influence of the components of financial literacy on readiness to participate in private pension provision has been identified, namely: the cognitive component forms the knowledge base about pension accumulation mechanisms; the behavioral component helps develop skills for planning and managing finances; the motivational-emotional component determines the level of interest, trust, and readiness for long-term investment in one’s own pension future. Prospects for further research involve a detailed analysis of the interrelation between the individual components of financial literacy and the actual behavior patterns of citizens regarding pension savings, particularly considering age, educational, social, and regional differences. It is also advisable to study the impact of digital financial services and information accessibility on the population’s willingness to engage with the non-governmental pension system, as well as to test educational and communication tools aimed at enhancing financial literacy in the long term.

Keywords: non-governmental pension fund, financial literacy, citizens, pension insurance, pension capital.

Fig.: 1. Tabl.: 3. Bibl.: 15.

Romanovska Yuliia A. – Doctor of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Vinnytsia Trade and Economic Institute of the State Trade and Economic University (87 Soborna Str., Vinnytsia, 21050, Ukraine)
Email: [email protected]

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