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The purpose of the article is to determine the link between investing in human capital and the formation of the creative economy. Given that human capital is considered both a factor in the socio‑economic development of countries and a prerequisite for the formation of the creative economy and consequently, for the modernization changes in today’s economy, there is a need to study the areas of investment in human capital. The study is based on an analysis of a number of indicators in Eastern Europe (Ukraine and Moldova) and Central Europe (Poland, the Czech Republic, Romania, Hungary, and Lithuania): total expenditure on education, the analysis of which made it possible to determine the level of education funding in each country; the average cost per pupil/student, which allowed us to identify trends in spending by funding organizations; the share of total expenditure on education in GDP, depending on the …