Financial Literacy as a Driver for Responsible Energy Consumption

The article examines the linkages between the interrelation of financial literacy of the population in questions of household use of the electric power and energy efficiency. This relationship is illustrated by the example of different countries grouped by the standard of living of the population. To classify countries that fall into the sample, the happiness index was used. The analysis was carried out for such indicators as GDP per unit of consumed electricity, consumption of renewable electricity and electricity consumption (kWh per capita), and financial literacy of the population in points. It is noted that a higher correlation between energy consumption and financial literacy is observed in countries with a higher standard of living. The author gives recommendations on the basis of the revealed regularities for a comprehensive impact on the level of household energy saving by including the information on the possibility of reducing household expenditure by the way of saving energy in the financial literacy programs.