Impact of education on the financial literacy: a case of Slovakia

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dc.contributor.authorTóth, Marián
dc.contributor.authorLančarič, Drahoslav
dc.contributor.authorSavov, Radovan
dc.date.accessioned2015-11-05T08:47:23Z
dc.date.available2015-11-05T08:47:23Z
dc.date.issued2015
dc.description.abstract-translatedThe Financial crisis in 2008 increased the focus of financial intermediaries and also national authorities for financial education and financial literacy of households. Bank association in Slovakia started to measure and increase the financial literacy of population and government implemented the National standard of financial literacy into the curriculum of grammar schools and high schools. This paper examines the level of financial literacy of students in Slovakia and the influence of determinants education level and education focus. We performed a questionnaire with 10 questions on a sample of 608 students from two Faculties of Slovak University of Agriculture. The questions were linked to 4 areas: interest, risk management, financial market and personal finance. To measure the level of financial literacy we use Index of financial literacy IFIG). Using Index of financial literacy and Mann-Whitney U test techniques we find that education level and education focus are relevant determinants of financial literacy level. Students with bachelor degree have better results when compared to high school students. The success rate measured by the IFIG of bachelor students was 0,658 and the success rate of high school students was 0,577. We also found differences based on the education focus. We compared two groups: students with economic focus of education with students with non-economic focus of education. Based on our results we can conclude that economic focus of education increases the level of financial literacy. The success rate of students with economic focus of education was significantly higher (0,674) compared to the students with non-economic focus of education (0,553).en
dc.format7 s.cs
dc.format.mimetypeapplication/pdf
dc.identifier.citationTrendy v podnikání = Business trends : vědecký časopis Fakulty ekonomické ZČU v Plzni. 2015, č. 2, s. 21-27.cs
dc.identifier.issn1805-0603
dc.identifier.urihttp://www.fek.zcu.cz/tvp/doc/2015-2.pdf
dc.identifier.urihttp://hdl.handle.net/11025/16753
dc.language.isoenen
dc.publisherZápadočeská univerzita v Plznics
dc.relation.ispartofseriesTrendy v podnikánícs
dc.rights© Západočeská univerzita v Plznics
dc.rights.accessopenAccessen
dc.subjectfinanční gramotnostcs
dc.subjectindex finanční gramotnostics
dc.subjectdeterminantycs
dc.subjectvzdělávánícs
dc.subject.translatedfinancial literacyen
dc.subject.translatedindex of financial literacyen
dc.subject.translateddeterminantsen
dc.subject.translatededucationen
dc.titleImpact of education on the financial literacy: a case of Slovakiaen
dc.typečlánekcs
dc.typearticleen
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen

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Číslo 2 (2015)
Číslo 2 (2015)