Financial literacy as a determinant of economic behavior of the population: empirical analysis and development prospects

Financial literacy has emerged as a crucial determinant of economic behavior, impacting both individual well-being and broader economic stability. This study aims to investigate the relationship between financial literacy and economic behavior among the population, evaluate the effectiveness of financial education programs, identify regional and demographic disparities, and propose strategies for enhancing financial literacy. The research identifies a significant positive correlation between financial literacy and economic behavior. Individuals with higher financial literacy levels are more likely to engage in saving, make informed investment decisions, and manage debt effectively. Findings suggest that mandatory financial literacy courses in schools and universities significantly enhance financial understanding among young people. Additionally, the research highlights notable regional and demographic differences in financial literacy levels. The study concludes that enhancing financial literacy is crucial for fostering better economic behavior, reducing financial vulnerabilities, and promoting sustainable economic development. These strategies can help mitigate regional and demographic disparities and ensure long-term economic benefits.