Publication details

Financial Literacy: Study of the Financial Literacy Level



Year of publication 2017
Type Article in Proceedings
Conference Proceedings of the 14th International Scientific conference European Financial Systems 2017, Part 2
MU Faculty or unit

Faculty of Economics and Administration

Field Economy
Keywords financial literacy; financial education; subjective assessment; comparison
Description Financial literacy is usually interpreted as a set of knowledge which is necessary to have for being able to make proper and correct decisions concerning personal investments, debts and other ones related to personal finance. Such type of education has become an important part of every educational system, since its importance has increased within previous years. As a consequence of this, financial literacy needs to be measured and regularly tested. The goal of the study is to measure if there is a difference between objective level of financial literacy and between subjective self-assessment. The study focuses on differences among various age groups. The results of the study help to target further proposal for formal and informal education system amendments. The study is based on data collected through an electronic questionnaire. As for methods, the study is based on comparison of average values across various groups of respondents, therefore, t-test is employed. Consequently, the study also includes various descriptive statistics.
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