Development of financial relations culture

Culture of financial relations is the synergy of human and spiritual values, which shall be the basis for business relations built on mutual respect of participants of financial relations and include abusing of possible advantages by any of participants of such relations and avoiding fulfilling the assumed obligations as such financial behavior will unavoidably lead to mutual losses of subjects of financial relationships.

Culture of financial relations provides for the determined search for optimum solutions in the process of realization of financial relations.

Culture of financial relations envisages that the basic condition for building efficient financial relations understands that a solution in any controversial situation shall be found without dishonoring either party.

Culture of financial relations can exist only in the society with the adequate level of values allowing to form and build financial relations. The higher is the level of mutual respect among participants of financial relations in the society, the better it will be for everybody.

Culture of financial relations is a much wider notion than the notion of “financial culture” and “financial literacy”. Instead, it includes both these notions. The humankind has financial relations from when the very first financial operations came to existence, such like goods exchange. Evolution of financial relations brought to light such notions as financial culture and financial literacy. Today we already are to speak about culture of financial relations. And to have a financially stable future we need to teach our children and youth financial literacy, give them understanding of financial culture and form culture of financial relations.

Culture of financial relations in any community depends on participants of financial relations: state, institutions providing financial products and services and consumers of such products and services.

The state is obliged to provide proper conditions required for formation  of culture of financial relations between participants of financial relations (institutions providing financial products and services and consumers of such products and services).

Financial institutions shall offer consumers honest and transparent conditions of providing their financial products and services yet at the stage of familiarizing with their terms and conditions (before legally confirmed beginning of financial relations), avert them on all and any negative consequences in case of braking the assumed obligations by consumers, and fulfill bona fide own obligations towards consumers.

Consumers, in their turn, shall be responsible for the assumed obligations and understand own liability for decisions made.

Only good-faith discharge of the assumed obligations by all the participants of  financial relations will give the possibility to introduce into daily life such notion as  “Culture of financial relations” and reach financial stability.