Myslieť na svoju finančnú budúcnosť
Think of your financial future

Author(s): Lenka Valuš, Viera Bačová
Subject(s): Psychology, Organizational Psychology, Socio-Economic Research
Published by: Masarykova univerzita nakladatelství
Keywords: consideration of future consequences; financial competence; financial knowledge;
Summary/Abstract: Objective. Financial competence of an individual is not only about financial knowledge, but also about attitudes and beliefs. We regard consideration of future consequences of own financial behavior (CFC-F) as the key variable in personal finance management. That is why we focused our research on the predictors of this tendency. Method. 50 financial professionals and 50 non-professionals with equal representation of men and women in each group, average age 37, with university (72%) and secondary education (28%), participated in the study. The questionnaire was administered with subscales of knowledge, attitudes, beliefs and consideration of future consequences in the personal finance domain. Results. Linear regression analysis has shown that important positive predictors for CFC-F are professional experience, positive attitudes towards personal finance management, and debt rejection. Financial literacy, surprisingly, predicted CFC-F negatively. Conclusions. Research results point to the importance of attitudes towards personal finance and suggest that financial knowledge may not contribute to considering the consequences of financial behavior. Findings can be useful in drawing up financial education programs. Limitations. Study limits include a small sample of participants and online administration of questionnaires.

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