• Viacheslav Zaiats Institute for Demography and Life Quality Problems of the NAS of Ukraine



financial behavior, quality of life, resilience, household development, financial potential of the population


The relevance of the article is related to the need to study the financial behavior of households as one of the factors of ensuring their resilient development in conditions of instability and uncertainty. In the conditions of war, the country’s financial market and the behavior of the subjects of financial relations are the epicenter of the country’s macroeconomic stability, which depends on the resilience of households to risky situations and the quality of life. The specified interrelationship will strengthen under the condition of active prejudice against poverty and state support of the population, which found itself in difficult life circumstances as a result of the war. The purpose of the article is to study the influence of financial behavior and financial instruments on the resilience of the country’s households in conditions of socio-economic instability and uncertain development prospects. The novelty of the work consists in identifying the peculiarities of the financial behavior of households, caused by the growth of wartime risks against the background of real opportunities and trends of their resilient development. The research is based on the use of various data sources and the application of a number of scientific methods (analysis, synthesis, comparison, generalization, selective observations). Modern financial behavior of households combines elements of various models — consumer, savings, investment, credit, insurance, charity, the relationships between which are transformed depending on the action of external and internal factors. In the conditions of war, the motives for forming one or another model of financial behavior of households change, in the choice of which they can be guided by the interests of preserving the status quo or increasing financial assets. The advantages of the saving behavior model of households as the most acceptable for resistance to wartime risks and threats and the transformation of labor income of the population into development investment resources are determined. Unlike most European countries, Ukraine is dominated by channels of unorganized savings of the population due to a low level of trust in banking structures, uncertainty in the future, and efforts to prevent the emergence of new financial risks. The transition to organized forms of savings of the population will ensure the resilience of economic development against the background of the stability of the financial and credit system of the state, trust in it by consumers of financial services. In this context, a sufficient level of profitability of financial instruments and financial literacy of the population are necessary. For its spread, it is necessary to achieve a sufficiently high level of income, rational consumption and possession of effective financial instruments against the background of trust in financial institutions.


  1. Dudynets, L. A. (2019). Financial behavior of households and its determinants. Socioeconomic problems of the modern period of Ukraine, 2, 42—47. / UJRN/sepspu_2019_2_10. [in Ukrainian].
  2. Shkvarchuk, L. O. (2018). Financial potential of the country’s population: essence and assessment methodology. Market infrastructure, 19, 510—515. [in Ukrainian].
  3. Modigliani, Franco (2018). Life cycle, individual thrift and the wealth of nations. Sloan School of Management, Massachusetts Institute of Technology, Cambridge, MA. 150—171.
  4. Friedman, M., & Schwartz, A. (1963). Monetary History of the United States, 1867—1960. Princeton University Press. 860 p.
  5. Bereslavska, O. I., Shyshkov, S. YE., & Sheludko, N. M. (2022). Investment preferences of the population of Ukraine: reaction to martial law shocks. Ukrainian society, 4 (83). [in Ukrainian].
  6. Kizyma, T., Bulavynets, V., & Kizyma, A. (2022). Financial behavior of households in the context of the development of behavioral finance. Economic analysis, 32,(4), 152— 164. [in Ukrainian].
  7. Onyshko, S. V., & Dobryanska, N. B. (2023). Financial behavior of Ukrainian households in the conditions of military aggression and its influence on the formation of long-term trends of post-war development. State and regions, 1(127), 112—119. http:// [in Ukrainian].
  8. Kozlova, I. (2021). Investment behavior of households at the macro and meso levels. East European Scientific Journal, 1(65), 37—43. 6789/25508/1/%D0%9A%D0%BE%D0%B7%D0%BB%D0%BE%D0%B2%D0%B0_I%D 0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86i%D0%B9%D0%BD%D0 %B0_%D0%BF%D0%BE%D0%B2%D0%B5%D0%B4i%D0%BD%D0%BA%D0%B0_% D0%B4%D0%BE%D0%BC%D0%BE%D0%B3%D0%BE%D1%81%D0%BF%D0%BE% D0%B4%D0%B0%D1%80%D1%81%D1%82%D0%B2_%D0%BD%D0%B0_%D0%BC% D0%B0%D0%BA%D1%80%D0%BE-_.pdf [in Ukrainian].
  9. Financial literacy, financial inclusion and financial well-being in Ukraine in 2021 (2021). USAID. Welfare_2021.pdf [in Ukrainian].
  10. Pshik, B. I. (Eds.). (2020). Financial security of households in Ukraine: modern problems and mechanism of provision. Lviv. SPOLOM [in Ukrainian].
  11. Bulavynets, V. M. (2018). Peculiarities of saving behavior of households in Ukraine. Efficient economy. [in Ukrainian].
  12. Household deposits by types of currencies and repayment terms (2023). National Bank of Ukraine. [in Ukrainian].
  13. Results of credit unions’ activities and supervisory actions based on the results of analysis of reports submitted to the NBU (2022). National Bank of Ukraine. admin_uploads/article/Nonbanking_Sector_Review_2022-11.pdf?v=4 [in Ukrainian].
  14. Results of the development of the system of non-state pension provision (2022). National Securities and Stock Market Commission. uploads/2023/02/npf_3_kv-2022.pdf [in Ukrainian].
  15. Statistics of the financial sector (2023). National Bank of Ukraine. statistic/sector-financial [in Ukrainian].
  16. How the financial habits of Ukrainians changed during the war (2022). Economic truth. [in Ukrainian].
  17. Socio-economic well-being of citizens of Ukraine: results of the war year (2023). Razumkov sotsialnoe konomichne-samopochuttia-gromadian-ukrainy-pidsumky-roku-viiny-liutyiberezen-2023r [in Ukrainian].
  18. Loans during the war: how to borrow funds wisely (2023). UNIAN. https://www.unian. ua/economics/finance/krediti-v-ukrajini-2023-yak-pozichiti-koshti-z-rozumom12225132.html [in Ukrainian].
  19. Overview of the insurance market of Ukraine for the first half of 2022 (2022). National Bank of Ukraine. B%D 1%8F%D0%B4_%D1%81%D1%82%D0%B0%D0%BD_%D1%81%D1%82%D1%8 0%D0%B0%D1%85%D0%BE%D0%B2%D0%BE%D0%B3%D0%BE_%D1%80%D0%B8 %D0%BD%D0%BA%D1%83-%D0%BD%D0%B0%D0%B3%D0%BB%D1%8F%D0 %B4_pr_2022-09-23.pdf?v=4 [in Ukrainian].
  20. Expenditures and resources of Ukrainian households for 2017—2021 (according to the data of a sample survey of the living conditions of Ukrainian households) (2023). State Statistics Service of Ukraine. [in Ukrainian].
  21. Statistics on the sale and repayment of domestic state loan bonds (2023). National Bank of Ukraine. [in Ukrainian].
  22. Funding Victory: How Military Bond Investing Works (2023). Rubric. https://rubryka. com/article/vijskovi-obligatsiyi/ [in Ukrainian].
  23. About a special account for assistance to the defense forces (2023). National Bank of Ukraine. [in Ukrainian].
  24. The official fundraising platform of Ukraine (2023). UNITED24.
  25. “Come Back Alive” Foundation (2023).
  26. Serhiy Prytula Charitable Foundation (2023).
  27. Charity in times of war (2022). Zagoriy foundation. [in Ukrainian].

Author Biography

Viacheslav Zaiats, Institute for Demography and Life Quality Problems of the NAS of Ukraine

PhD in Economics, Senior Researcher



How to Cite