Financial Literacy Survey in the Slovak Republic

Work thumb

Views: 366

All Rights Reserved

Copyright © 2021, Common Ground Research Networks, All Rights Reserved

Abstract

The main aim of this article is to assess and compare the achieved level of financial literacy in a sample of the Slovakian population (students of Slovak Technological University in Bratislava). Two of the most important indicators in the European financial market are the level of protection of financial consumers and their financial literacy. Previous studies have found that consumer losses are most often due to incorrect manipulation within financial markets and low levels of financial literacy. Thus, it is important for the national strategies of countries across the EU to measure financial literacy. It can provide strong evidence of the problems faced by marginal groups with their difficulties, and can enable policy makers to identify priorities and set actionable goals to increase financial literacy. A chi-squared test was used to determine the relationship between various variables (gender, level of education, and comparison of results with those of previous surveys), the correctness of respondents’ answers to the questionnaire, and to identify the financial literacy level of university students without a specific economics background. The research results indicate that gender and educational level/degree (bachelors or masters) have no impact on the students’ level of financial literacy. By contrast, respondents in our survey performed better in terms of financial literacy than the respondents to the Slovak Banking Association’s survey.