Financial inclusion as an instrument of accessibility to financial services for EU households

Abstract

Introduction. Taking into account the European integration intentions of Ukraine, the investigation of the experience of the European Union (EU) countries in the direction of ensuring financial inclusion of the population, especially the young people from whom the socio-economic development of these countries will depend in the future, is relevant. The purpose of the article is to study the experience of the EU countries in the direction of increasing the level of financial inclusion as a key tool for the accessibility to the financial services of the population and justifying the possibilities of its application in Ukraine. Results. The development of financial inclusion in the EU countries and the possibility of applying the best European experience in Ukraine taking into account the directions of its European integration are explored in the article. The essence of the financial inclusion is investigated and its main components are defined. Based on the analysis of financial literacy and financial inclusion indices, there have been drawn the conclusions regarding the problems and prospects for the development of financial inclusion in the EU and Ukraine. Conclusion. In order to develop the financial inclusion, it is necessary to create the appropriate conditions for public access to financial, digital, information infrastructure; provide reliable protection against cyber attacks through the development of the cyber insurance market; develop public-private partnership in the financial sphere and establish appropriate strategies at the state and local levels.

Modern State and Post-War Prospects of Financial Inclusion in Ukraine Considering the Eu Experience

“…According to Ukrainian scholars, financial inclusion is based on such components as the availability of financial services, understanding the consumers' needs, creating conditions for increasing public confidence in the financial system and the financial market as one of its priority areas, the development of financial technologies and the possibility of their use by the population living in places where there is no financial, digital, and information infrastructure (Parubets et al, 2022).…”