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- Title
THE SAVING CULTURE AND FINANCIAL GOALS OF POPULATION IN GEORGIA.
- Authors
Mixailovich, Vanishvili Merab; Nanuli, Kokashvili; Lali, Osadze
- Abstract
In the present scientific article, based on the latest literary sources and rich factual data, such important issues of financial education as the culture of population saving and financial goals are discussed. The research has established that interest-free loan from friends and bank loan prove to be the most widely-used loan sources by the Georgian respondents, with 42% of people borrowing interestfree from a friend, and 39% borrowing from a bank. In terms of popularly, bank loan is followed by pawnshop loan (18%), payday loan (12%), and MFI loan (11%). The research also revealed that 57% of the population has at least one financial goal, while 41% does not set financial goals at all. It is noteworthy that most of the population is concerned with meeting immediate, indispensable expenses and is not likely to set longterm or high-cost goals; the most widespread financial goals for the Georgian population are: covering current loan liabilities (28%), buying food (25%), and paying for utilities (24%). The data obtained through this research is highly useful for setting approximate baseline and benchmarks within the frames of the National Strategy for Financial Education, and for developing financial literacy programs.
- Subjects
GEORGIA; LITERACY programs; BANK loans; FINANCIAL literacy; PAYDAY loans; LITERARY sources; CULTURE; GROCERY shopping; GRAND strategy (Political science)
- Publication
European Science Review, 2021, Issue 9/10, p35
- ISSN
2310-5577
- Publication type
Article
- DOI
10.29013/ESR-21-9.10-35-40