Financial security of households: Economic and legal aspects of provision

The article aims to clarify certain provisions in the field of financial security of actors, focusing on the protection of the financial interests of individuals with less financial "freedom" compared to other groups of economic entities. The study of the financial security of households is covered in publications by both domestic and foreign scholars. The former examine this phenomenon through the lens of other categories, such as the security of financial system links, financial well-being, financial literacy, and poverty. The latter pay attention to threats to personal finances, including those stemming from the dynamic development of various social relations, and the key means of combating them – financial literacy. However, the financial interests of households are not static, and consequently, their financial security is subject to change due to the adjustment of personal priorities. Therefore, the goal of the research is to formulate a qualitatively new approach to ensuring the financial security of households, which summarizes the description of various levels of financial security for individuals, a system of indicators to assess the degree of protection of their financial interests, and support tools. The subject of the research is households, while the object is their financial situation. The study employs general scientific and specific scientific methods. The former include analysis, synthesis, induction, and deduction, through which the relationship between the definitions of "financial security," "financial interests," and "links of the financial system" is characterized. The latter includes statistical methods: description of absolute and relative statistical values, dynamic series, and ranking. These were used to assess the degree of protection of individuals' financial interests. As a result of the study, levels of individual financial security were distinguished: basic, optimal, and productive. An original system of indicators for assessing the financial security of households was developed, and the analysis of calculated values allowed for the formation of an understanding of the degree of protection of individuals' financial interests both in the Russian Federation as a whole and in a regional context. It was established that various factors, both internal characteristics of the individual and the state of the external environment, influence individuals' financial security. In this regard, proposals were formulated for changing the support mechanism for individuals to ensure reasonable protection of their financial interests and priorities. The set of recommendations presented will positively reflect on the financial condition not only of households but also of other links in the state's financial system – at both macro and micro levels.