Financial Literacy: Savings and Financial Planning
As part of the “Financial Literacy” initiative on the topic “Savings and Finance,” on February 20, 2026, an interview was organized by the Deputy Dean for Social and Educational Work of the Faculty of Philosophy and Political Science at Al-Farabi Kazakh National University, Beibit Boltekkyzy Ayazbayeva.
The interview featured Ilyas Ogarovich Kuliev, Deputy Dean for Social and Educational Work of the Higher School of Economics and Business, and Abay Zhanbyrbaevich Kukiev, Senior Lecturer of the Department of Finance and Accounting.
Interviewer: Toleugali Aliya Talgatkyzy, Faculty of Philosophy and Political Science.
What are financial savings and why are they important?
In the context of a modern market economy, financial savings are one of the key tools for ensuring an individual’s economic stability and social security. Financial savings can be defined as the conscious allocation of a portion of income away from current consumption toward future needs, unforeseen circumstances, or investment purposes.
From a scientific perspective, the savings rate is considered an indicator of a person’s financial stability. In economic theory, the balance between income and consumption is viewed as a guarantee of long-term well-being. Therefore, financial savings are not merely about storing money; they represent a mechanism for managing future risks and achieving economic independence.
The importance of financial savings includes: Creating an emergency fund for unexpected situations (illness, unemployment); Achieving major goals (education, housing, starting a business); Taking advantage of investment opportunities; Reducing dependence on debt; Developing financial discipline and responsibility.
What advice would you give for proper income planning?
First, the principle of budgeting — dividing income into three main categories: Essential expenses (food, transportation, tuition); Savings; Personal needs.
The widely used 50/30/20 rule (50% for needs, 30% for personal expenses, 20% for savings) can be adapted for students as well.
Second, setting financial goals — defining short-term and long-term objectives. Goals should be specific, measurable, and time-bound.
Third, the principle of “pay yourself first” — allocating a certain percentage of income to savings immediately upon receiving it.
Fourth, expense analysis and control — tracking monthly spending and reducing unnecessary consumption.
Fifth, improving financial literacy — gaining basic knowledge about banking products, deposits, investments, taxes, and inflation.
What financial mistakes do students most often make?
Impulsive spending — making emotional, unplanned purchases. Lack of savings — believing that saving is impossible with a low income. Debt dependence — uncontrolled use of credit cards and online loans. Absence of a financial plan — not knowing where monthly income is spent. Ignoring fraud risks — trusting financial pyramids or participating in dropper schemes.
Conclusion
In conclusion, financial savings reflect an individual’s level of economic culture. Developing financial discipline and planning skills during the student years lays the foundation for future economic independence and social stability. The culture of saving depends not only on the level of income but also on financial behavior and personal responsibility.
