Marketing Research of Financial Literacy Factors and Sustainable Development of the Region

Abstract

In the modern world money and all issues connected with financial wellbeing take an extremely important place. The relevance of the research topic is explained by the fact that nowadays it is necessary the regular monitoring of the mood and needs of citizens and tracking the dynamic of demand for certain financial products, identifying errors and misunderstanding that citizens face when making financial decisions. The Georgian consumer is unique and his financial behaviour has an expressed national, cultural and geographical specificity. The financial culture, literacy and experience of our population are just starting to take shape. This research aims to deepen regional studies concerning various factors of financial literacy (financial skills, financial behaviour, values, style of money management, financial knowledge), in particular, to study the level of financial education of students and young people. In the article, we studied the influence of financial literacy factors on the financial behaviour of pupils and students, using the synthesis and analysis of various scientific approaches, questionnaires and statistic processing methods, concerning the research problem. A financial education center was established at Akaki Tsereteli State University for the first time in the region, based on the analyses and the data obtained as a result of marketing research. Based on the centre, various measures have already been implemented in terms of improving the financial literacy of students and pupils. The main goal of the centre for the future will be the promotion of the culture of financial education of students and pupils within the available resources. Keywords: financial knowledge, financial culture, financial behavior, financial skills, financial institutions, financial education, financial competence, values.