Hanna Tereshchenko
https://orcid.org/0000-0002-9458-2843
Leonid Dolinskyi
https://orcid.org/0000-0001-6491-5507
THE ROLE OF FINANCIAL AND INVESTMENT LITERACY IN SHAPING AN EFFECTIVE NON-STATE PENSION SYSTEM
Full text (pdf)
Language: Ukrainian
Abstract. The article explores the current state and prospects for the development of the non-state pension provision (NSPP) system in Ukraine, taking into account the role of financial and investment literacy of citizens in building trust in long-term savings instruments. Emphasis is placed on the need to improve public awareness of the functioning of non-state pension funds (NSPFs), investment principles, and risk assessment, which are critically important for effective pension planning. A comparative analysis of financial literacy levels and population participation in NSPP systems in Ukraine and European countries is conducted. Key barriers are identified, and factors contributing to the low level of financial inclusion among Ukrainians are outlined. Particular attention is paid to educational initiatives as a key tool for overcoming public distrust toward NSPFs and encouraging responsible attitudes toward personal pension futures. The feasibility of systematically integrating financial education into the curricula of secondary and higher education institutions, as well as expanding programs for adults and professional market participants, is substantiated. The potential of alternative investment instruments for diversifying NSPF portfolios and the need to enhance the qualifications of asset managers are also analyzed, considering the increasing complexity of the financial services market. The study concludes that improving financial and investment literacy is a necessary precondition for the sustainable development of the NSPP system. A comprehensive approach involving education, communication policies, and regulatory frameworks will promote greater public trust in financial institutions, expand investment practices, enhance financial culture, and improve economic stability. The successful implementation of these measures is a critical component of the strategic development of Ukraine’s human capital amid demographic challenges and European integration processes.
Keywords: financial literacy, investment literacy, non-state pension provision, non-state pension funds, asset management, alternative investments, educational initiatives.
https://doi.org/10.32987/2617-8532-2025-1-85-98
Keywords: financial literacy, investment literacy, non-state pension provision, non-state pension funds, asset management, alternative investments, educational initiatives.
https://doi.org/10.32987/2617-8532-2025-1-85-98
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