Students of the Educational and Research Institute of Finance, Economics, Management and Law of the National University “Yuri Kondratyuk Poltava Polytechnic” under the leadership of Doctor of Economics, Professor of the Department of Finance, Banking and Taxation Svitlana Yehorycheva held a meeting of the scientific club to discuss the traditions of savings, the history of the World Savings Day, which is celebrated on the last day of October. On the same day, a thematic scientific discussion was conducted with the participation of practitioners and stakeholders within the framework of the section meetings of the III International Scientific and Practical Conference “Financial Market Development in Ukraine: Threats, Issues and Prospects”.
World Savings Day was first held in October 1924 in Milan, where representatives of savings banks gathered for the first international specialized congress and proposed to celebrate this day every year to promote the idea of savings. In 1989, the UN officially declared October 31 the World Savings Day.
The theme of the meeting “Saving money should not be spent (traditions of saving from noble maidens to the present)” is in tune with this year's theme of World Savings Day (thrift, savings) – “Understanding the importance of savings”.
Stakeholders of the educational and professional program “Finance, Banking and Insurance” – Director of Poltava Branch №5 of JSC “Alfa-Bank” Maryna Turchenko and Independent Director of the Supervisory Board of JSC “Poltava Bank” Kostiantyn Shcherbakov actively joined the constructive dialogue and shared useful practical cases as well as told about the main mechanisms of financial services in Ukraine.
Svitlana Yehorycheva, moderator of the event, Doctor of Economics, Professor of the Department of Finance, Banking and Taxation, acquainted the audience with the history of Savings Day, the aim of celebrating this holiday in European countries: “Nowadays, frugality is often perceived by Europeans as a moral quality, which testifies to the careful attitude of people to material and spiritual goods, it is an understanding of the sufficiency of the necessary and the excess of luxury. It is important to understand that thrift is not avarice, it is smart financial management that leads to the implementation of dreams and independence!”
Maryna Turchenko, Director of Poltava Branch №5 of JSC “Alfa-Bank”, told about types of investments in government bonds and foreign securities, as well as explained the mechanisms for providing a new bank service “Retail Bond”. And the Independent Director of the Supervisory Board of JSC “Poltava Bank” Kostiantyn Shcherbakov drew the attention of student youth to the range of deposit products and various payment cards offered by Poltava Bank. Stakeholders of the educational and professional program “Finance, Banking and Insurance”, implemented at the Department of Finance, Banking and Taxation, stressed the important role of bank employees in improving the financial literacy of the population of Ukraine. After all, the above factors will fully contribute to increasing investment activity and economic development of the whole country. Students actively participated in the discussion of savings problems, asked topical questions and received qualified comprehensive answers from banking professionals.
The participants of the students’ scientific club also presented thorough scientific researches, which analyzed the current state of savings in Ukraine and the role of financial literacy of the population in forming the frugal behavior. In particular, Yuliia Perehinets, a student of the 301-EF group, in her report “Historical Traditions of Savings in Ukraine and the World” stressed that savings traditions had been created over the centuries, formed as natural needs of mankind and then were coordinated by governments and financial institutions. The speaker traced the history of forming the tradition of savings and diligence of Ukrainians since the days of Kyivan Rus.
302-EF student Viktoriia Zubok in the speech “Thrift is not stinginess, feel the difference!” convincingly proved that in fact thrift has nothing to do with avarice, greed. This is an extremely positive trait of a person that allows one to succeed in all spheres of life, to achieve one’s goals, and to develop as individuals.
The next speaker, 302-EF student Tetiana Andriiets, told about the current situation with savings in Ukraine. According to the results of the research, the dominant form of Ukrainians’ savings, unfortunately, is unorganized savings in cash, while a quarter of the population does not make them at all. The predominant purpose of savings is savings “for a rainy day”, rather than on life plans or financial independence.
302-EF student Yuliia Ivashchenko in the report “The role of financial literacy in the formation of frugal behavior” outlined the directions of economical spending of family budgets and identified priority goals for improving financial literacy of the population, including young people in Ukraine. And the student of group 301-EF Dariia Kolinchuk (“Modern investment opportunities for individuals in Ukraine”) identified and explained the features of available to residents of Ukraine ways to increase their savings, highlighting those that have appeared only recently – investing in government bonds and in foreign securities.
Scientific and pedagogical workers of the Department of Finance, Banking and Taxation of the National University “Yuri Kondratyuk Poltava Polytechnic” systematically conduct professional and educational activities, involving highly qualified professionals in finance and banking in a constructive dialogue with students.
Previously, students learned how to effectively plan costs and save up money, as well as considered current trends in credit unions on the example of the first in Poltava “Mutual Aid Fund”.
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