Proceedings of the International Scientific Conference "Competitive, Sustainable and Secure Development of the Regional Economy: Response to Global Challenges" (CSSDRE 2018)

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Financial literacy of the region's population and banking risks: a new approach to the analysis of the relationship

Authors
Ekaterina Sushko, Vasiliy Tarakanov
Corresponding Author
Ekaterina Sushko
Available Online May 2018.
DOI
10.2991/cssdre-18.2018.103How to use a DOI?
Keywords
financial literacy, factor analysis, classification of regions, competitiveness of regions, banking risks
Abstract

One of the current challenges of the modern economy is the growth of financial risks associated with the low level of financial literacy of the population. The article analyzes data on credit, savings and insurance behavior of residents in Russian regions. By using factor analysis there were identified the groups of regions that are potentially more attractive and at the same time riskier (in terms of financial organization development). Based on the given analysis the relationship between bank risks and the financial literacy level of the population was revealed, this made possible to demonstrate the importance of accounting for the population financial behavior when making financial and management decisions about developing a regional banking network and the need to improve financial interaction with the population as well. In this regard one of the tasks being faced by the regional government is to implement programs to change the financial literacy level of the population, which can increase the regional competitiveness and ensure the sustainable development of the regional economy.

Copyright
© 2018, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the International Scientific Conference "Competitive, Sustainable and Secure Development of the Regional Economy: Response to Global Challenges" (CSSDRE 2018)
Series
Advances in Economics, Business and Management Research
Publication Date
May 2018
ISBN
978-94-6252-514-6
ISSN
2352-5428
DOI
10.2991/cssdre-18.2018.103How to use a DOI?
Copyright
© 2018, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

risenwbib
TY  - CONF
AU  - Ekaterina Sushko
AU  - Vasiliy Tarakanov
PY  - 2018/05
DA  - 2018/05
TI  - Financial literacy of the region's population and banking risks: a new approach to the analysis of the relationship
BT  - Proceedings of the International Scientific Conference "Competitive, Sustainable and Secure Development of the Regional Economy: Response to Global Challenges" (CSSDRE 2018)
PB  - Atlantis Press
SP  - 500
EP  - 503
SN  - 2352-5428
UR  - https://doi.org/10.2991/cssdre-18.2018.103
DO  - 10.2991/cssdre-18.2018.103
ID  - Sushko2018/05
ER  -