CONCLUSION
According to the study results, it can be concluded that for effective social
function implementation, the state has effective regulatory mechanisms and powerful
financial instruments. To date, there are a number of problems of social development
of Ukrainian society, generated both by objective and subjective factors. Significant
factor is inconsistency and inertia in the state financial policy implementation and its
lack of coordination with social policy. Despite minimum wage increase, individual
incomes of Ukrainian citizens remain low, which is particularly aggravated in
conditions of financial and economic instability. The problem of proper
implementation of public social function should be solved by transforming the state
financial policy and its separate components (fiscal policy, tax policy, investment
policy, monetary policy) in order to strengthen their social orientation, actively using
financial instruments to create conditions for increasing incomes of citizens,
streamlining of financial relations and financial flows in the field of social care and
social protection, retirement provision, investment in development of social
infrastructure and so on. The main direction of strengthening the financial policy social
orientation is full implementation of effectiveness and social justice principle in the
process of redistribution of national income.
The prospect of further research is to identify the main areas of financial policy
in context of deepening budgetary decentralization in Ukraine and delegating more
powers and responsibilities to local level in terms of implementing social development
financial policy.
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