Household Savings and Their Impact on the Ukrainian Economy

The aim of the article is to analyze household savings, their role in the development of the Ukrainian economy, identify the main problems in this area, and substantiate recommendations for enhancing their impact on economic growth and the financial stability of the country. The issue of the impact of household savings on the development of the Ukrainian economy is relevant given their significant potential as a source of investment resources. Economic instability, low levels of trust in financial institutions, limited investment opportunities, and insufficient financial literacy of the population restrict the role of savings in stimulating economic growth. Household savings in Ukraine constitute a small share of GDP and have a weak impact on budget revenues, indicating the imperfection of mechanisms for their mobilization and integration into the financial circulation. The study employs economic analysis methods, including the comparison of dynamic series, statistical methods for assessing the share of savings in macroeconomic indicators and budget revenues, as well as elasticity coefficients to evaluate the relationships between indicators. The analytical approach is based on the study of official statistics for the years 2019–2024. The study showed the volatility of the dynamics of active household savings, especially during periods of economic crises such as the COVID-19 pandemic and the ongoing war. The share of savings in GDP remained low, i. e. from 0.34% to 0.77%. The elasticity coefficient of savings demonstrated high volatility, indicating a weak integration of savings into economic processes. The revenues of the State budget from active savings increased in 2023–2024, but remain insignificant compared to the total budget revenues. Household savings in Ukraine have a limited impact on the economy due to economic instability, low trust in banks, and weak elasticity towards GDP. To improve the situation, it is necessary to ensure the stability of the financial system, develop financial products, introduce tax incentives, educational programs, and stimulate investments. Overall, it is necessary to create conditions for the integration of the population’s savings into the productive sector of the economy.