Iryna Mushenyk, Ph.D. in Economic Sciences, Associate Professor, Dapartment of Mathematics, Computer Sciences and Academic Writing, Higher Educational Institution «Podillia State University», Kamianets-Podilskyi, Ukraine

ORCID ID: 0000-0003-4379-7358
e-mail: mushenik77@ukr.net

Sergiі Hrushetskyi, Ph.D. in Technical Sciences, Associate Professor of the Department of Agroengineering and System Engineering, Higher Educational Institution «Podillia State University», Kamianets-Podilskyi, Ukraine

ORCID ID: 0000-0002-0487-6152
e-mail: g.sergiy.1969@gmail.com

Ensuring Ukraine Financial Security During Wartime and in Conditions of Financial Inclusion

Abstract. Introduction. In the current conditions of economic and political crisis in Ukraine, the issues of ensuring financial security at various levels of the economic system come to the fore, from the finances of individual households to national finances. As the practice of developed countries shows, one of the main drivers of financial security is the implementation of the principles of financial inclusion. After all, financial inclusion, combined with confidence in the financial and credit system by the population and business, is the stimulus for directing savings to the investment sphere, reducing the shadowing of the economy, increasing financial stability of economic entities, and, consequently, increasing government revenue and financial security.

Purpose. The aim of the study is to improve the theoretical and methodological foundations and practical tools for identifying problems and effective ways to spread financial inclusion in Ukraine during the war.

Results. Theoretical approaches to defining the essence of the concept of financial inclusion are considered. The content of financial inclusion as universal access of the population to a wide range of financial services, the most common of which are banking services, is revealed. The quantitative characteristics of financial inclusion in Ukraine during the wartime are considered and the generally unsatisfactory level of financial awareness, financial inclusion and access of the population to basic financial services is noted. It is determined that financial inclusion, combined with confidence in the financial and credit system by individuals and businesses, is a stimulus for directing savings to investment, reducing the shadowing of the economy, increasing financial stability of economic entities, and, consequently, increasing level of government revenues and financial security. Theoretical and methodological principles of spreading financial inclusion as a driver of financial security of Ukraine are studied. Risks threatening financial stability and tools for their minimization in Ukraine are analyzed.

Conclusions. The research shows that the spread of financial inclusion in Ukraine today does not meet the requirements of the modern, economically developed world. Thus, the low level of financial inclusion does not allow the state to fully use the powerful resource of savings, promotes the development of the shadow sector, which ultimately reduces the level of financial security in general.

The high uncertainty caused by the war also makes it difficult to predict economic processes with reasonable probability. Therefore, the National Bank may temporarily refrain from publishing its own macroeconomic forecasts.

Keywords: war; financial stability; financial system; systemic risks; financial stability mechanism; financial inclusion; financial security; financial literacy; financial services.

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