Financial potential of regional population in the Volgograd region: nature and assessment

Abstract

A human is the goal, the tool the incentive and the resource of territorial development in socially oriented systems. The regional differentiation is quite strong, due to a large size of the country and an uneven distribution of population in agglomerations. As an indicator of the role and the contribution of public finances to the regional economy we can take the potential of the finances of the population. The understanding of the financial potential of a region's population is given by the authors within the frameworks of a general approach to the content and the nature of the population finances as a modern school of domestic financial science. The article proposes to analyze the place and the role of the participation of the region's finances in consumer relations, taxation system and entrepreneurship in the financial sector. The goal of the research is to develop an algorithm for the assessment of various types of financial potential of regional population. The authors reveal the additional nature of financial potential of region's population, highlighting its types (consumer, taxation, budgetary, entrepreneurial, investment and saving potentials), and offer specific ways to measure and evaluate them. However it is impossible to calculate the general level of financial potential of the population simply arithmetically due to the interdependence and mobility of its elements (in particular, of business, investment and savings potentials). The authors consistently calculate consumer, tax, budget, savings' and investment potentials using as the example the population finances of the Volgograd region. The obtained results allowed defining precisely the main stages of activation of potential incorporated in the population finances of the Volgograd region. A three stage algorithm based on the results of research is suggested for use. This article is a continuation of the authors' research in the field of population's finance. The authors' results allow expanding the understanding of the role of population finances in the economy of the region and the country and their balanced assessment and activation contribute to the use of previously unused financial resources in the development of the regional economy. A further development of the topic is seen by the authors in the development of assessment methods of the potential of regional population finances.

Digital Technologies In Financial Relations Of Population In Russia

“…Studying digital technology application in financial relations of the population has some limitations due to the young age and underdevelopment of the household finance science itself (Campbell, 2006;Mytareva, Grigoryeva, & Arkannikov, 2019) as well as ambiguousness of understanding and measuring digital economy and technologies, absence of comparable statistics on the structure and dynamics of financial transactions in Russia in all segments (banks, insurance companies, pension funds, stock market, discretionary management and others), and those carried out with digital technologies.…”