Psychological foundations of decision-making in the field of financial activity

Abstract

The article examines the psychological foundations of decision-making in the field of financial activity. It was concluded that the psychological foundations of the formation of financial self-control are based on personal perception of the situation with the planning and distribution of finances. One's own awareness of the process of the need to organize financial control for oneself as such is more effective than other borrowed strategies. Having come to the conclusion that it is necessary to control their financial income and expenses, a person can create a system for himself that will allow him to form his own budget, make financial decisions in a timely and competent manner, as well as develop his own financial behavior strategy that makes it possible to build a progressively developing system of expenses and financial income. Financial self-discipline strategies are used spontaneously and often. However, when it comes to the effectiveness of these strategies to achieve financial goals, the personal strategies that people have already used outperformed the strategies suggested to them in the study.

Debt management literacy among credit cards users

“…The majority of the informants established that credit cards incredibly helps the users to ensure their job done. Thus, 'awareness' and 'work activity' are crucial subthemes and a positive causal to credit card users' debt literacy (Komarnytska et al, 2021;Gnevanov et al, 2021). Users are forced to adapt to credit card conditions and advantages that can ease their financial burden.…”