The Effectiveness of the Mechanism for Attracting Household Savings in the Investment Strategy of the Ukrainian Economy

Dmytro Riabtsev; Volodymyr Shevchuk; Dmytro Pulcha; Olena Slavkova; Maria Vakulich

doi:10.32479/ijefi.20470

Authors

Dmytro Riabtsev Department of Personnel Management, Labor Economics and Economic Theory, Poltava University of Economics and Trade, Poltava, Ukraine
Volodymyr Shevchuk Interregional Academy of Personnel Management, Kyiv, Ukraine,
Dmytro Pulcha Public Management and Administration Department, Sumy National Agrarian University, Sumy, Ukraine; & HEI “University of Future Transformation,” Chernihiv, Ukraine,
Olena Slavkova Public Management and Administration Department, Sumy National Agrarian University, Sumy, Ukraine
Maria Vakulich Department of Real Estate Development, Finance, Accounting and Marketing, Faculty of Economics, Educational and Scientific Institute “Prydniprovsk State Academy of Civil Engineering and Architecture,” Ukrainian State University of Science and Technologies, Dnipro, Ukraine

DOI:

https://doi.org/10.32479/ijefi.20470

Keywords:

Investment Resources, Savings, Family Finances, Household Income, Deposits, Financial Literacy, Transformation of Savings into Investments

Abstract

The aim of the study is to assess the impact of traditional macroeconomic factors and non-traditional factors on the effectiveness of the mechanism for attracting household savings. The study employed correlation analysis, regression analysis using the ordinary least squares (OLS), and building of a multivariate econometric model. Analysis of variance (ANOVA) was also used to test the statistical significance of variables. The data were obtained from official sources and expanded with additional indicators. The results showed that the model has high explanatory power. Traditional factors, such as inflation and the hryvnia (UAH) to US dollar exchange rate, have the greatest impact on the volume of deposits. Non-traditional factors also demonstrated significance. Attracting household savings largely depends on the combination of macroeconomic stability and the introduction of innovative financial instruments. It is recommended to develop financial literacy, digital deposit platforms, and expand state incentive programmes to increase the efficiency of the savings attraction mechanism. The obtained results provide new tools for developing economic policy. The results of the study enable integrating mechanisms for attracting household savings into the overall investment strategy of the Ukrainian economy, increasing its adaptability to modern challenges.