Financial literacy as a key factor for an individual’s social and economic well-being

Financial literacy is reviewed in the article as a factor influencing any individual’s well-being. Characteristics of a financially competent individual are defined. Behavioral mistakes impeding rational decision-making are outlined. Structures bearing the signs of financial pyramids are described as an example of their participants’ cognitive limitations. The importance of creating a common information area is stressed. This process is aimed at remedying negative consequences for all economic agents and preventing inefficient financial decisions when executing financial transactions. The major task of the process is to incorporate information about social and economic activity of institutions (state, business and non-governmental) and population in the common information area. Therefore, every economic agent will get prompt and trustworthy information. It will encourage an individual to make financially adequate decisions. The article also presents fundamental solutions for improving individuals’ well-being when raising their financial literacy

Impact of Financial Pyramids on Well-being of the Russian Society

The article considers the impact of financial pyramids on a man’s well-being in terms of the key domains: financial situation, social environment, education, employment, and health. The authors determinate the financial pyramid as a scheme of interaction of the organizer and participants. In a financial pyramid participants' contributions are not a source of investments and it is redistributed between them. It is important to understand that the participants of a financial pyramid are able to lose contributions. The major negative effects of financial pyramids on socio-economical and psychological wellbeing of a man and society in Russia were revealed. We detected their effect on: 1) a financial situation, i.e. financial losses of participants of financial pyramids; 2) man’s psycho-emotional state; 3) decision-making of various social groups, i.e. intensification of their cognitive distortions. An instrument of social and economic policies of Russia aimed at mitigating negative effects of financial pyramids was suggested and described. The instrument will enable to enhance confidence of population in financial institutions and their services

Factors Affecting Older People’s Financial Decisions And Their The Well-Being

In this article will be examined factors which impact on financial decisions of older people in later life. This topic raises important theoretical and empirical questions: How financial decisions of older people can influence on the welfare and overall well-being? What kind of financial behavior strategies adhere to the older people? Quantitative and qualitative evidence on financial perspectives shall be compared from Tomsk region and Russia. We also compared the data obtained during the sociological survey in the Tomsk region. The authors identify the results of the influence factors. For instance, uncertainty in the reliability of any kind of saving investment, low awareness of existing savings alternatives, and lack of habits of personal financial planning, the protection of the rights of Russian consumers in the financial services market, unfair practices of financial institutions. Сonsequently сlarity, completeness and accuracy of disclosed information for consumers are necessary conditions for effective and stable operation of the financial system. The authors identified contradictions in the evaluation of the main parameters of quality of life and financial security of older people, both from the state and from the standpoint of individuals were revealed. Therefore, the authors propose to improve the mechanism which reduces the negative impact of factors on financial decisions of older people in later life and influence on the well-being. To do this, the authors propose the instruments. It will affect the loyalty of older people to financial institutions

Factors Affecting Older People’s Financial Decisions And Their The Well-Being

In this article will be examined factors which impact on financial decisions of older people in later life. This topic raises important theoretical and empirical questions: How financial decisions of older people can influence on the welfare and overall well-being? What kind of financial behavior strategies adhere to the older people? Quantitative and qualitative evidence on financial perspectives shall be compared from Tomsk region and Russia. We also compared the data obtained during the sociological survey in the Tomsk region. The authors identify the results of the influence factors. For instance, uncertainty in the reliability of any kind of saving investment, low awareness of existing savings alternatives, and lack of habits of personal financial planning, the protection of the rights of Russian consumers in the financial services market, unfair practices of financial institutions. Сonsequently сlarity, completeness and accuracy of disclosed information for consumers are necessary conditions for effective and stable operation of the financial system. The authors identified contradictions in the evaluation of the main parameters of quality of life and financial security of older people, both from the state and from the standpoint of individuals were revealed. Therefore, the authors propose to improve the mechanism which reduces the negative impact of factors on financial decisions of older people in later life and influence on the well-being. To do this, the authors propose the instruments. It will affect the loyalty of older people to financial institutions

Purchases and Wellbeing of Older and Younger Adults in Tomsk

The present study assesses the wellbeing potential of material and experiential purchases among a group of Tomsk consumers. Four hypotheses are tested. 1) "Consumer preferences differ by age, gender, income level, education" turns to be confirmed; 2) "Purchases of gifts make people more happy than buying for themselves" demonstrated not very stable and weak correlation; 3) "Money spent on material purchases are perceived as a better decision than spent on experience" shows not very strong and statistically not significant correlation. 4) "Experiential purchases lead to more happiness" had no evidence to be proved. Further research is needed to investigate the phenomena more accurately

Types of Digital Financial Pyramids: Results of Ideas’ Crowdsourcing

Взрывной рост доступности цифровых инструментов и инвестиционная безграмотность в сочетании с пандемийным локдауном и снижением доходности привычного пассивного инвестирования толкнули непрофессиональных инвесторов в объятия онлайн-мошенников. Издревле существовавшие финансовые пирамиды получили небывалые возможности и продемонстрировали взрывной рост, что обусловлено появлением у них дополнительных свойств. Целью представленного исследования является типологизация новых форм схем с признаками финансовых пирамид, организуемых через сеть Интернет. В исследовании был применен метод научного краудсорсинга (сбор информации об отобранных финансовых пирамидах из списка Банка России). Основной результат исследования – выявленные классификационные группы финансовых пирамид, активно мимикрирующих под легальные финансовые и нефинансовые институты. Результаты проведенного исследования были верифицированы в сообществе академических и практических экспертов в области изучения и противодействия финансовым пирамидам. Полученные выводы помогут в выявлении новых финансовых пирамид, осуществляющих свою деятельность в сети ИнтернетThe explosive growth in the availability of digital tools and investment illiteracy, combined with the pandemic lockdown and declining returns on habitual passive investing, have pushed non-professional investors into the arms of online scammers. The financial pyramids that have existed since ancient times have received unprecedented opportunities and have shown explosive growth, which is due to the appearance of their additional features. The purpose of our study is to typify new forms of schemes with signs of financial pyramids organized via the Internet. The study used the method of scientific crowdsourcing (collection of information about selected financial pyramids from the list of the Bank of Russia by a wide range of participants). The main result of the study is the new classification groups of financial pyramids that actively mimic legal financial and non-financial institutions. The results of the study were verified in the community of academic and practical experts in the field of studying and counteracting financial pyramids. The findings will help in identifying new financial pyramids operating in the Interne

Financial literacy as a key factor for an individual’s social and economic well-being

Financial literacy is reviewed in the article as a factor influencing any individual’s well-being. Characteristics of a financially competent individual are defined. Behavioral mistakes impeding rational decision-making are outlined. Structures bearing the signs of financial pyramids are described as an example of their participants’ cognitive limitations. The importance of creating a common information area is stressed. This process is aimed at remedying negative consequences for all economic agents and preventing inefficient financial decisions when executing financial transactions. The major task of the process is to incorporate information about social and economic activity of institutions (state, business and non-governmental) and population in the common information area. Therefore, every economic agent will get prompt and trustworthy information. It will encourage an individual to make financially adequate decisions. The article also presents fundamental solutions for improving individuals’ well-being when raising their financial literac

Resilience predictors for older adults in Tomsk region

In this article, we analyze the resilience of older adults and its probable predictors. Among predictors that affect the individual level of a person’s resilience in older age, we consider the participation in different types of activities and personal coping strategies to respond to challenges through the life-course. The article presents the results of a correlation analysis of resilience with the financial, consumer and labor behavior of older adults. We have revealed that the types of financial and consumer behavior, information and communication practices significantly differ for individuals with different resilience levels. Constructive coping with the new conditions and requirements for the well-being allows older adults to maintain a high level of resilience and participation in society. Older people, focused on mastering new skills for a successful life in a changing world, have high indicators of resilience, focus on self-confidence, energy, preventive overcoming of difficulties, have low rates of catastrophic situations