Financial literacy and financial well-being: the case of Eastern, Central, and Northern Europe

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dc.contributor.authorVersal, Nataliia
dc.contributor.authorBalytska, Mariia
dc.contributor.authorHonchar, Ihor
dc.contributor.authorErastov, Vasyl
dc.contributor.editorKresa, Zdeněk
dc.date.accessioned2023-10-28T18:24:04Z
dc.date.available2023-10-28T18:24:04Z
dc.date.issued2022
dc.description.abstract-translatedNowadays, financial literacy is an integral part of education in many countries because of its positive influence on financial inclusion, and financial well-being of households is supposed. In this study, attention is focused on finding out which components of financial literacy (knowledge, behaviour, and attitude) determine the financial well-being of individuals to a greater extent, as well as the link between subjective and objective financial well-being and financial literacy. The Global Findex Database of the World Bank correlation and regression analysis was used inline with the principal components method to process data samples for Ukraine, Georgia, Czechia, Hungary, Croatia, Poland, Austria, Lithuania, and Estonia from OECD/INFE. Cross-country differences indicate that the more economically developed a country is, the higher its financial literacy level can be observed. Also, countries with lower financial literacy levels have more significant growth potential, with Poland and Ukraine as examples. The contribution of knowledge, behaviour, and attitude, in general, can be considered as uniform in terms of financial literacy index formation that corresponds to the index logic. It should be noted that in economically developed countries higher correlation dependency between financial literacy and knowledge and attitudes can be spotted than behaviour. At the same time, behaviour determines households` financial well-being level. It was detected that subjective financial well-being and financial literacy level equally, by approximately 63%, are driven by savings and sound budgeting. The wartime experience of Ukraine shows that depositors' behaviour can be quite different and depending on a set of factors, such as banking system development level, level of trust in the banking system, and financial literacy level.en
dc.format13 s.cs
dc.format.mimetypeapplication/pdf
dc.identifier.citationKRESA, Zdeněk (ed.) Business Trends 2022, Plzeň 2022, p. 249-261.en
dc.identifier.isbn978-80-261-1126-9
dc.identifier.urihttp://hdl.handle.net/11025/54550
dc.language.isoenen
dc.publisherFaculty of Economics University of West Bohemiaen
dc.rights© Authors of papersen
dc.rights.accessopenAccessen
dc.subjectfinanční zdravícs
dc.subjectúsporycs
dc.subjectrozpočtovánícs
dc.subjectfinanční chovánícs
dc.subjectfinanční znalostics
dc.subjectfinanční postojcs
dc.subject.translatedfinancial healthen
dc.subject.translatedsavingsen
dc.subject.translatedsound budgetingen
dc.subject.translatedfinancial behaviouren
dc.subject.translatedfinancial knowledgeen
dc.subject.translatedfinancial atttudeen
dc.titleFinancial literacy and financial well-being: the case of Eastern, Central, and Northern Europeen
dc.typekonferenční příspěvekcs
dc.typeconferenceObjecten
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen

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