NUDGING FOR BETTER FINANCIAL DECISION MAKING: APPLYING BEHAVIORAL INSIGHTS TO IMPROVE BUDGETING AND TAX MANAGEMENT IN UZBEKISTAN

Abstract

Financial decision making plays an important role in people’s lives, which shapes their economic well-being and contributes to overall stability and sustainable growth of a country. However, despite the availability of wide range of resources and information, most of the people often struggle to make better financial choices which leads them to rely on their emotions and behaviors. In recent years, in the field of finance, behavioral economics has emerged as a valuable framework understanding these challenges and help to overcome them.