CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

that Ukraine has a significant internal potential for investment in general and for crowdfunding in particular. Household savings play an important role in the country's economic cycle and are a powerful source of investment. Generalizing theoretical views, savings are a part of income that is accumulated over a certain period and used to meet needs in the future, in particular for investment purposes in order to generate additional income. Household savings are a significant investment source for the development of the state's economy. One of the central problems of the organization of monetary relations in Ukraine is the problem of the formation of savings, capitalization in the financial market, and transformation into investments. The lack of a stable economic situation, the lack of positive expectations among the population, and the high level of risks associated with investment do not allow us to talk about the relationship between the volume of savings and investment in the Ukrainian economy. The basis of household savings formation is the dynamics and structure of income. Income generation, that is the property of the household and constitutes an investment resource from the state side, occurs in several stages and each of them has its own character of distributive relations: at a stage of income formation, there is the primary distribution of income on a functional basis (salaries, interest, rent, profit). Thus, according to the World Bank, the share of household savings in Ukraine continues to increase, starting in 2013, and in 2018 it was 10.87% of GDP. This share is significantly less than in developed countries. For example, in Germany in 2018, this share was 28.54%, in Japan — 27%, in France — 22.4%. The record holder for the share of household savings in the GDP structure is China — 46.42% in 2018 (Fig 3.6). Overall, the average in Europe was 24% and 44% in East Asia. The record value of household savings in Ukraine in absolute terms was in 2008 — $39 million dollars. Ukrainians are more prone to current consumption, which is caused by the influence of various socio-economic factors, namely: low income, lack of confidence in maintaining the cost of savings over time, general distrust in banking institutions, etc. Analyzing the state of shadowing of the Ukrainian economy, it is important to note that after the crisis in 2008, the deposit holders massively demanded from banking institutions to return their money. According to experts and various calculations, the amount of money in 124