In modern conditions of economic development, personal finance is of great importance for the financial system. They influence the volume of resources of the state budget system, the capacity of the domestic market, and the dynamics of the investment process. Analysis of the state of personal finances serves as the basis for determining the standard of living in the country. However, despite the great importance of personal finance in the state economy, scientific interest in this area arose relatively recently. As a result, the patterns and factors of their formation, the relationship of personal finance with other parts of the financial system, as well as their impact on macroeconomic processes have not been fully studied.

The purpose of this article is to identify factors and features of the formation of personal finance in Russia and their manifestations.

Personal finance is a system for the formation and use of monetary income of individuals in accordance with their decisions. There are 2 types of solutions: using income for consumption and using income for accumulation.

The main sources of information about the personal finances of the population are the system of national accounts, the balance of income and expenses of the population, data from statistical studies of personal finances conducted by state statistical bodies.

The structure of personal finances is influenced by internal and external factors.

1. Internal factors - the amount of total monetary income of the household, the degree to which the needs of the household are met through subsistence farming, the level of organization of the household budget, the level of material and spiritual needs of household members.

2. External factors - the level of retail prices for goods and services consumed by the household, the amount of government subsidies, the amount of taxes and other obligatory household payments, the level of development of consumer credit in the national economy.

Features of the formation of personal finance in Russia are associated with the transitional nature of the Russian economy. The Russian economic system is characterized by such features as uncertainty of property relations, poor development of the institutional foundations of the economy and financial market, as well as incomplete structural restructuring.

In Russia, the following features of the formation of personal finances are observed:

1. Decrease in the share of income from business activities and property.

Let's consider the dynamics of the share of income from business activities and property in the overall structure of income of the population over the past 5 years.

Rice.

During this period, there was a decrease in the share of income from business activities and property, while in the period from 2000 to 2008 there was no stable trend in this indicator. This is due to the influence of the economic crisis of 2008-2009. and macroeconomic instability in the transition economy in Russia.

2. A lower share of wages for employees in Russia's GDP by income than in developed countries.

The share of labor income in GDP in Russia is significantly lower than in developed countries, which reduces the capacity of the domestic market and restrains the growth of personal income, consumption and savings.

3. Dependence of the formation of personal finances on the conditions of the world energy market, expert and raw material orientation of the macroeconomy.

Oil and gas revenues are a regular source of income for corporate finance and government finance. For example, in 2012, the share of oil and gas revenues in the structure of revenues of the actually executed federal budget was 46%, and in 2013 - 50.1%. Corporate finance and public finance closely interact with personal finance, as a result of which changes in income from oil and gas exports cause changes in the structure of personal finance.

4. Strong differentiation of incomes of the population.

In Russia, there are significant differences between the incomes of different groups of the population, as well as an excess of the growth rate of income of the part of the population with high incomes over the growth rate of income of the middle and poor segments of the population.

5. High share of foreign currency in income, expenses and savings of the population.

This feature was clearly manifested in 2014, when the volume of funds placed by the population on deposits of Russian banks increased by 0.4%, while the volume of funds placed in rubles fell by 2.2%. The volume of household funds in bank accounts in foreign currency reached a record high of $94.8 billion (the previous maximum value was observed in 2009 and amounted to $67.6 billion), which is 20.4% of the total volume of funds placed by individuals persons in Russian banks.

6. A significant volume of capital export from the country, the formation of a significant part of the personal savings of Russian residents abroad, deep differentiation of wages.

7. Preservation of a large number of low-performing enterprises.

In the 1st half of 2014, the share of unprofitable enterprises was 32.4%, which is 0.1% more than in the same period in 2013. Unprofitable enterprises have a demand for low-skilled labor and pay wages to employees at the subsistence level. The income of employees of these enterprises goes almost entirely to current consumption and increases its share in the overall structure of household expenses.

8. High concentration of hidden income - gray wages (unofficial wages not taken into account for taxation, which are issued in envelopes, in the form of insurance premiums through insurance companies, etc.) and business income.

In Russia, effective forms of control over household income and expenses have not yet been developed, which makes it possible to hide their income in order to reduce taxes paid and create more savings.

9. Strong differentiation of personal income between regions of the country.

As a result, high transaction costs arise and the complexity of redistribution financial processes arises.

Thus, many features of the formation of personal finance in Russia are associated with the transitional nature of the Russian economy, the export and raw material orientation of the Russian economy and macroeconomic instability. Overcoming the negative features of personal finance in the Russian Federation should be aimed at increasing the efficiency of their formation. The main criteria for such efficiency include: increasing the standard of living due to stable income growth, increasing the capacity of the domestic market, and increasing the importance of personal finances in the investment process.

An increase in the standard of living of the population is possible provided that the inflation rate decreases and real interest rates increase. The result of increasing the capacity of the domestic market will be a qualitative and quantitative increase in individual consumption, which will stimulate domestic producers. Increasing the importance of the role of personal finance in the investment process is a factor of economic stability and can help transform individual savings into an important source of future personal income.

Personal finance plays special role in the financial system and are characterized by a number of features that distinguish them from public (state and municipal) and corporate finance:

1) personal finance is primary in relation to public and corporate finance, since the decisions of individuals regarding the use of their monetary savings and human capital determine the pace of economic development and, accordingly, the conditions for the formation of public and corporate finance;

2) personal finance serves as the basis for the development and expansion of public and corporate finance, since the income of production factors - labor and capital, which form added value, are, respectively, fully and partially personal;

3) the formation of personal finance, in contrast to public and corporate finance, occurs at all stages of the distribution and redistribution of income;

4) personal finances directly determine the volume of effective demand in the economy;

5) in the sphere of formation of personal finances, there is a process of transformation of personal savings into investments;

6) personal finances are the main indicator of the well-being of the population.

Distribution and redistribution of national income is one of the most complex economic processes. The specificity of this process is due to the interweaving of its individual elements, the presence of several levels, and its cumulative nature.

First level This process is the distribution of national income between factors of production and the formation of business income (profit), wages and income from property. This level can be considered the main one. It develops primary financial relations - relations regarding the formation and use of primary income.

Second level– formation, with the help of tax and budget systems, of income of public sector workers (doctors, teachers, officials, military, etc.), as well as public investments. The resources that make up these investments subsequently flow to the private sector through government procurement and construction contracts.

Third level– territorial redistribution of financial resources in the form of creating budget funds to assist regions and municipalities. The funds from these funds are used to provide financial support to the constituent entities of the Federation and municipalities with low levels of budgetary security - the amount of income per capita. The result of redistribution in this case is the equalization of social payments and guarantees across regions of the country, and, consequently, the income of individuals.

Fourth level– redistribution of income between living and future generations. It occurs due to the uneven distribution of the tax burden over time. Excessive state and municipal borrowings carried out during the lifetime of one generation result in interest payments and correspondingly increased taxes paid by subsequent generations.

Fifth level– intertemporal redistribution of income within the life cycle (life) of a particular individual. It is associated with the unevenness of consumption at specific stages (phases) of the life cycle, as well as with the need to form savings for periods of disability in old age.

Sixth level– redistribution of income between two or three living generations of one family. It is carried out in the form of financial assistance from parents to children, their families and grandchildren, as well as assistance from children and grandchildren to parents and grandparents.

Seventh level- inheritances left by deceased relatives. However, as practice shows, this type of income concerns mainly individuals with high incomes.

Eighth level– change in the value of property and financial assets of individuals as a result of external influences. An example of such redistribution, or more precisely, allocation (location), is the construction of a highway or an airfield near a private house. It is clear that under these conditions the price of the house will decrease. On the contrary, the price of a hotel, restaurant or car parking will increase in such a “neighborhood”.

Ninth level– redistribution of income as a result of charitable activities of organizations and citizens. Such income plays a significant role for the poorest segments of the population who receive assistance in the form of clothing and food.

In practice, all of the above levels of national income redistribution are mutually intertwined and influence each other. Their separation is possible only for the purposes of theoretical analysis.

National finances are formed as a result of the redistribution of income at the first four levels, and corporate finances at the first level. Personal finance covers relationships that develop at all nine levels of the redistribution system. The formation of financial assets of individuals is the ultimate goal of these processes.

Personal finance and the volume of effective demand in the economy. In the structure of personal finance, a current consumption fund (food, clothing, utilities), as well as a fund for the consumption of durable goods, are formed. Their total volume determines individual effective demand, which is one of the most important factors of sustainable economic development.

Personal finance and transformation of savings into investments. One of the important features of a developed economy is the degree to which income exceeds current consumption. In such an economy, individuals provide the bulk of investment through their savings.

The growth rate of financial assets created on the basis of wages, during certain periods of time, may exceed the growth rate of financial assets formed on the basis of business income and vice versa. This dynamics is largely determined by the share of savings in wages.

Inflation plays a big role in the process of transforming personal finances into investments. The depreciation of money predetermines the instability of the formation of savings and increases the differentiation of individual incomes.

The impact of inflation on savings and investment largely depends on the characteristics of the macroeconomic situation in a particular country and the methods of implementing stabilization policies. These circumstances ultimately determine the impact of inflation and measures to reduce it on the formation of personal finances.

Personal finance as an indicator of the well-being of the population. The well-being of the population is determined not only by the total volume of personal financial assets accumulated in the country, but also by the degree of differentiation of personal finances.

It is generally accepted in economic theory that a reduction in income inequality will have a positive impact on economic development. It is confirmed by the experience of a large number of countries.
Indeed, the low level of personal finances of wage earners and, accordingly, their insufficient consumption of goods and services predetermine the stagnation of national production. Individuals who receive low income from business activities are unable to invest in business development. On the contrary, with a relatively even distribution of income, opportunities arise both for increasing effective demand and for increasing investment in the national economy.

The equalization of individual incomes in both developed and developing countries is achieved through high rates of economic growth, increased investment, and reduced inflation.

11. Classification of costs for production and sales of products

12. Algorithm for the formation and use of the company’s financial results.

13. Profitability: concept, main indicators, their relationship and use in the process of company management

14. Public finance: concept, essence, composition, role in the economy

15. Federal budget: concept, structure, role in the economy

16. Classification of budget revenues. Features of the structure of revenues of the federal budget of the Russian Federation

17. Tax system and its structure. Trends in the development of the Russian tax system.

18. Direct taxes: advantages and disadvantages.

19. Indirect taxes: advantages and disadvantages.

20. The structure of expenditures of the federal budget of the Russian Federation and the influence of individual factors on it.

21. Regional finance: concept, composition, functions and significance in the economy. Income and expenses of regional budgets.

22.Municipal finances: concept, composition, role in the economy. Local budgets: features of the formation and use of their financial resources.

24. Functional directions of the state budget policy and problems of its implementation in Russia.

1. Budget policy should become a more effective tool for implementing government. Socio-economic policy.

5. Ensuring macroeconomic stability and fiscal sustainability.

8. The implementation of a new stage in the development of interbudgetary relations is required.

10. It is necessary to ensure transparency and openness of the budget and the budget process for society.

25. Fiscal federalism: essence and principles of implementation. Interbudgetary relations in the Russian Federation and problems of implementation.

26. Pension Fund of the Russian Federation: creation, functions performed, formation and use of fund funds. Problems of reforming the pension system in the Russian Federation.

27.Basic principles and concepts of financial management

28. Basic methods of refinancing receivables

29, Budgeting system in Russian companies. Types of budgets drawn up in the company.

30. Management of liquidity and solvency of companies.

31. The essence, goals and methods of financial planning.

32. Features of the organization of finance in small business structures.

33. Forms and methods of state price regulation.

34. Price structure and characteristics of individual components.

35. Pricing methods: concept, classification, advantages and disadvantages of individual methods.

36. Pricing strategies in a market economy.

37.Financial market infrastructure: concept and elements. Assessment of the financial market using indicators.

38. Commercial and consumer types of credit: common features and features. Development of consumer lending in the Russian Federation.

39. Mortgage and pawnshop loans: common features and differences, features of their development in the Russian Federation.

Characteristics of IR and lx(I)/lx(II)

40. State credit: essence and classification of varieties. The influence of government credit on the development of the country's economy.

The influence of government credit on the country's economy (see regulatory function).

41. International credit: essence and classification of varieties. The influence of international credit on the development of the country's economy.

42.Intermediary transactions: leasing, factoring, forfeiting. Characteristics of the organization of transactions and the degree of use in Russia.

43. Credit market, its segments and the formation of demand for them. Assessment of the state of the modern region in Russia. Definitions

44. The banking system of Russia, its modern structure. Features of non-bank credit organizations included in the banking system of the Russian Federation.

45. Organization of the process of regulation of the Russian banking system and prospects for its development.

46.Commercial banks: types, functions performed, features of the organization of their activities at the present stage.

47. Types of monetary policy. Features of the monetary policy of the Bank of Russia at the present stage.

48. Bank of Russia as a body of state supervision over the activities of commercial banks.

49. Active operations of banks: concept, types and their significance in the activities of the bank.

50. Russian insurance market: formation and development trends.

51. Insurance: concept, participants and industries.

53. Property insurance.

54. Features of health insurance.

55. Civil liability insurance for vehicle owners.

56. Structure and place of the securities market in the financial market. Indicators of the state of the securities market

57. Participants in the securities market and their characteristics.

III. Stock intermediaries

IV. Regulatory and control bodies.

3.Exchanges

4.Society

V. Organizations serving the market.

VI. Information, rating, consulting agencies

59.Stock exchange: tasks, functions and development trends. Stock exchanges in Russia.

60 Foreign exchange market: functions, participants and classification of types of foreign exchange market.

61. General characteristics of the company’s financial policy. The relationship between the financial policy of the company and the financial policy of the state

62. Investment policy of the company. Investment portfolio: concept, types, principles of formation, profitability, riskiness

63. The company’s credit policy, justification for the amount of discounts

64. Project financing. Methods for evaluating investment projects

1. Net present value (npv)

2. Rate of return on investment (internal rate of return, irr)

65. Concept and principles of the company's tax policy. Main directions of the company's tax policy

66. The concept of the company's pricing policy. Types of company pricing policy and technology for its formation

67. Financial risk management system: its main elements, their functions and relationships

68. Risk assessment due to capital structure. The first and second concepts of financial leverage. Essence and methods of calculation.

69. Financial risk: essence, types, classification and practice of insurance

70. Market risk: essence, classification, forms, methods of assessment and management

71. Interest rate risk: essence, classification, methods of assessment and management

72. Currency risk: essence, classification, methods of assessment and management

73. Credit risk: essence, classification, methods of assessment and management

74. Liquidity risks: essence and classification, methods of assessment and management

75. Operational risk: essence and classification. Methods for assessing operational risk and their essence. Operational risk management methods

76. Currency transactions. Organization of regulation of the foreign exchange market in Russia. Liberalization of foreign exchange markets at the present stage

77. Currency: concept and classification of types. Position of the national currency in the international market

78. Exchange rate of the ruble: dynamics and formation factors. Classification of exchange rates

79. Balance of payments

80.Issuing activity of the company.

81. International monetary system: concept, evolutionary development and current state

82.FSS of the Russian Federation: purpose, features of formation and use

83. Compulsory health insurance fund: purpose, features of formation and use

84. Organization of personal finance management

85. Minimum wage and living wage: economic significance, methods of formation and correlation of these indicators.

87. The price of a company’s capital: concept, determination method. Capital asset price model, weighted average cost of capital calculation

89. Management of the company's working capital. Operating and financial cycles.

90. Company bankruptcy. Methods of bankruptcy prevention and company recovery.

7. Personal finance: economic content and their role in the country’s financial system.

Dependence of personal finance on the state of the economy and life cycle.

Personal finance – a system for the formation and use of monetary income of individuals in accordance with their decisions. Individuals make decisions about using income for consumption and savings.

Structure Personal finance determines the sources of resources and the directions for their use.

Sources personal finance are

income from self-employment (wages, business income),

income from property (interest, dividends, rent).

payments under insurance contracts

social transfers (pensions, benefits),

inheritances, insurance payments, grants, tips.

Basic directions of use personal finances are:

formation of current consumption (expenses for purchasing food and clothing, paying for housing);

insurance premiums;

investments in real estate, business enterprises, securities, bank deposits; savings for purchasing durable goods;

purchase of foreign currency and jewelry.

Personal finance perform functions distribution and redistribution of national income, accumulation of monetary resources for the purposes of personal consumption and savings.

During the distribution of national income, personal, public and corporate finances are formed. They are represented by wages, personal entrepreneurial

income, corporate profits. During the redistribution, direct and indirect taxes and social insurance contributions are paid from them, which form the income of budgets of all levels and extra-budgetary funds - pension, medical, social insurance.

Personal finance is shaped and used under the influence of a large number of factors. Conventionally, they can be divided into two groups.

To the first include: (1) human capital, characterized by the level of education of an individual and his professional skills and determining current income; (2) macroeconomic policy, affecting both the dynamics of national income and the ratio of income in different sectors of the economy.

Second group Factors include inheritance, as well as the level of development of a particular country that has developed in the previous long-term period and, accordingly, the standard of living of its citizens.)

Personal finance plays special role in the financial system and are characterized by a number of crap, distinguishing them from public (state and municipal) and corporate finance:

primary in relation to public and corporate finance, since the decisions of individuals regarding the use of their monetary savings and human capital determine the pace of economic development and, accordingly, the conditions for the formation of public and corporate finance;

Personal finance serves base for the development and expansion of public and corporate finance, since the income of factors of production - labor and capital, which form added value, are, respectively, fully and partially personal;

-formation personal finance, unlike public and corporate finance, occurs at all stages of distribution and redistribution of income;

Personal finance directly determine the volume of effective demand in the economy;

In the sphere of formation of personal finances, a process is taking place transformation personal savings in investments;

Personal finance is main indicator of population well-being.

The formation and use of personal finances throughout the life cycle of an individual occurs under the influence of long-term (Kondratieff) and medium-term waves (cycles) of the economic situation.

(In accordance with the concept of N. D. Kondratiev, the basis of long-term economic development is the emergence of new, advanced technologies. Thus, the most significant long waves of the world market were formed as a result of the emergence of railway transport, automotive industry, aircraft construction, and computerization. Each of the waves associated with development these industries, provided incentives for a general structural restructuring of the entire economic system, including an increase in the scale of personal savings and

growth of individuals' well-being.)

There are three main options for combining the long-term economic cycle and the individual life cycle. These options predetermine the features of the formation and use of personal finance, which are manifested in each of these options.

1). The peak of the Kondratieff wave (a large cycle lasting up to 50-52 years) coincides with the moment an individual reaches the age of disability.

At the same time: The growth of nominal and real wages and the high interest rate predetermine the stability of personal income. The individual gets the opportunity to create savings that allow him to maintain an acceptable level of consumption, as well as leave an inheritance. With the considered option of coincidence of the upward phase of the big wave and the life cycle, the largest inheritances are formed. The wealth accumulated during life is not completely consumed by the individual himself and passes on to the next generation.

2).The period of an individual’s retirement falls on the upward phase of the Kondratieff wave.

In this case, the individual is unable to generate sufficient savings to maintain his consumption after retirement. This predetermines a significant reduction in its consumption in the post-retirement period. Nevertheless, own savings may be sufficient to maintain current consumption and will not require targeted government assistance. Individuals who retire in the middle of the Kondratieff wave will not be able to leave significant inheritances, since they will be forced to use their savings during their lifetime. However, good stock market conditions will be a factor supporting their well-being. They will be able to receive dividends and sell their assets at high prices.

3). The period of an individual's retirement coincides with the downward phase of the Kondratieff wave.

As the downward trend in real incomes develops and the interest rate falls, the possibilities for creating individual savings decrease. Under certain conditions, a reduction in current consumption may occur. The lack of personal savings predetermines a sharp decline in current consumption in the post-retirement period - the largest of all options under consideration.

The coincidence of the retirement period with the downward phase of a large wave is the most unfavorable case for an individual. It is with this option that there will be intensive use of personal finance, i.e. the sale of personal financial assets previously accumulated by individuals to maintain the current level of consumption. In addition, in such a situation, government subsidies to the pension system may be required.

Along with large cycles (up to 50-55 years), the modern economy is characterized by medium term cyclical fluctuations (from 5 to 7 years). Medium-term cyclical fluctuations are an important factor in the formation of personal finances. They predetermine changes at specific phases of the medium-term cycle in the income of individuals received both from their own labor activity and from property.

The formation and use of personal finance is determined not only by the cyclical nature of the economic situation, but also the life cycle of the individual himself . During his life, an individual forms a fund of personal accumulation (savings) and consumption. The formation of such funds occurs at the expense of the personal current income of each individual and the total wealth accumulated by the individual.

An individual's consumption grows from the moment of his birth due to the redistribution of part of the family income in his favor and continues until he reaches middle age. It stabilizes in

aged from 40 to 60 years. At pre-retirement age, consumption gradually decreases. Its structure is changing. Consumption of food and clothing decreases, purchases of medicines increase.

An individual’s savings begin to form when he begins working (or earlier, due to gifts from relatives and inheritances.) It is assumed that savings grow at a constant rate, although in reality they are subject to fluctuations, reflecting changes in market conditions during the phases of the economic cycle. The formation of savings, as a rule, ends with the achievement of non-working age and retirement. However, during this period they can continue due to savings on consumption, as well as additional (in addition to pensions) income.

First regularity savings and accordingly formation of personal finances The formation of financial assets during working age and their reduction due to the gradual sale of an individual at retirement age should be considered.

The second pattern The formation of savings can be considered a certain ratio between the amount of financial assets accumulated during working age (A) and their amount realized after the individual retires (B). The ratio A ≥ B must be ensured between them. With the specified ratio, the individual is provided with financial assets for the entire post-retirement period of the life cycle.

The main directions of use of financial resources by the population: consumer spending, mandatory and voluntary payments.

Public finances, like finance in general, represent economic monetary relations in the formation and use of funds of funds in order to ensure the material and social conditions of life of members of society and their reproduction. Household finances and family finances are understood as household finances. A household is a special type of household run by one or more persons living together or sharing a common budget.

Cash expenses of the population are actual costs for the acquisition of material and spiritual values, including consumer expenses and expenses not directly related to consumption. Cash expenses play an important role in the reproduction of the labor force, ensuring the formation and development of the market for goods and services. The population is the main consumer of the social sphere.

The basis of citizens’ financial activities is the process of distributing citizens’ income into consumption funds, savings, tax payments, as well as self-insurance.

Consumption fund designed to meet the personal needs of the family.

Savings Fund will be used in the future for the acquisition of expensive assets (land, houses, vehicles), or as capital for making a profit (formation of initial capital for commercial activities, capitalization by investing in securities and bank deposits). The savings fund can be divided into real estate investment funds, durable goods, bank savings certificates, securities, and savings insurance.

Household cash expenses are classified:

1. by degree of regularity:– permanent – ​​regular – one-time.

2. according to the degree of need:– necessary (food, clothing, treatment) – desirable (education)

3. by purpose of use:– consumer, – mandatory (taxes, fees, duties, deductions) and voluntary (made on one’s own initiative to insurance organizations, non-state pension funds, charitable organizations) payments and contributions; – accumulations and savings.

Consumer spending account for 3/4 of all costs. This is due to the volume of cash income, the level of needs, the price level; climatic and living conditions. Belonging to a certain class obliges an individual to lead a lifestyle characteristic of that class. To ensure the ability to satisfy interests and needs, a certain level of monetary income is necessary.

The stability of consumption is ensured by the creation by citizens of funds of funds and their redistribution. The surplus is used for redistribution in unfavorable years, standard of living insurance, and property insurance. For the same purposes, cash savings are created in the form of bank deposits, investments in securities, antiques, and real estate.

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One of the most important elements of the financial system is personal finance.

Note. Personal finance is financial flows associated with the receipt of income by individuals, the accumulation and use of this income.

Sources of personal finance are income from self-employment (salaries, business income), income from property (interest, dividends, rent). In addition, personal income is generated through social transfers (pensions, benefits), inheritances, insurance payments, grants, and tips.

The main areas of use of personal finance are: formation of current consumption (expenses for the purchase of food and clothing, payment for housing); insurance premiums; investments in real estate, own business, securities, bank deposits; savings for purchasing durable goods; purchase of foreign currency and jewelry.

In the process of its formation and use, personal finance is in close interaction with state, municipal and corporate finance. Their relationships take the form of cash flows (Fig. 2.1):

From corporate cash funds to the sphere of personal finance (in the form of wages, income from business activities and property);

From the sphere of personal finance to the public sector (in the form of direct and indirect taxes);

From the public sector to the sphere of personal finance (in the form of wages of employees of budgetary organizations, pensions and benefits);

Within the sphere of personal finance, in particular in the formation of income of persons engaged in self-employed activities and persons of liberal professions.

Personal finance in the distribution and redistribution of national income

Personal finance plays a big role in the functioning of the national economy. The level of income of individuals and what part of this income they save for savings and what part they use for immediate consumption determine the overall level of effective demand in the economy. For example, if they are not confident in their future, they begin to save more for a rainy day and spend less. Because of this, companies may sell less clothing, furniture or cars, their income decreases, and therefore economic growth as a whole slows down.

Savings of the population play an equally important role in the country's economy. If these savings are not a wad of banknotes hidden under a pillow, but a deposit in a bank, then as a result of the population's savings, the total financial resources of the country increase. Enterprises can obtain a loan from banks to purchase new, more advanced equipment, build new factories and factories. As a result, the country's production capacity increases, enterprises can produce more competitive products, which leads to accelerated economic growth. Countries where people spend less and save more tend to have higher rates of economic growth.

Inflation plays a big role in the process of transforming personal finances into investments. The depreciation of money predetermines the instability of the formation of savings and increases the differentiation of individual incomes. It causes increased wealth inequality, since it primarily leads to the depreciation of wages, pensions and benefits. Their recipients are less able to use measures to protect their financial assets against inflation. In addition, they have limited ability to influence the indexation of their income.

The impact of inflation on savings and investment largely depends on the characteristics of the macroeconomic situation in a particular country and the methods of conducting economic policy. These circumstances ultimately determine the impact of inflation and measures to reduce it on the formation of personal finances.

Personal finance as an indicator of the well-being of the population. The well-being of the population is determined not only by the total volume of personal financial assets accumulated in the country, but also by the degree of differentiation of personal finances.

It is generally accepted in economic theory that a reduction in income inequality will have a positive impact on economic development. It is confirmed by the experience of a large number of countries.

Indeed, let us imagine a situation where income inequality in society increases, i.e. Instead of individuals with average incomes, many poor people and a small number of rich people appear. Obviously, the poor are forced to limit their spending on food, clothing, medicine and spend less than they spent before. At the same time, the rich are unlikely to spend significantly more, even if their income is thousands of times higher than the income of the poor - a person cannot eat a hundred loaves of bread a day or put on a hundred suits. As a result, overall demand for goods decreases, leading to slower economic growth. Of course, the rich have a demand for luxury goods, but the production of luxury goods can hardly serve as the engine of the economy. Bread is always needed, the fashion for oysters comes and goes. Another negative consequence of income inequality is that individuals with low incomes cannot spend enough on education and health care. As a result, the quality of the workforce decreases.

The equalization of individual incomes in both developed and developing countries is achieved through high rates of economic growth, increased investment, and reduced inflation.

An important role in overcoming income inequality is played by targeted programs for professional retraining of representatives of undemanded professions, support for small and medium-sized businesses, giving individuals with low incomes a chance to start life over. Financial support is also used for regions lagging behind in their development and the creation of new industries in such regions.