Comparison of Selected Aspects of Financial Literacy and their Differences in the Conditions of University Education in Slovakia
Comparison of Selected Aspects of Financial Literacy and their Differences in the Conditions of University Education in Slovakia

Author(s): Beata Gavurova, Eva HUCULOVA
Subject(s): Higher Education , Socio-Economic Research, Pedagogy
Published by: Masarykova univerzita nakladatelství
Keywords: financial literacy; financial habits; education; retirement planning;
Summary/Abstract: The inability to make qualified financial decisions has a very negative impact on peoples’ lives. From this point of view financial literacy represents a basic and inevitable skill that is important for human existence in the 21st century. In many countries, there is a trend towards decreasing state support of individual retirement income, in result of which individuals have to manage their financial resources by themselves in order to secure sustainable retirement and to retain their financial wellbeing standard in the future. Supporting the raise of financial literacy, in particular for young generation, could contribute to better knowledgeability and readiness for household and retirement planning. The authors focus on financial habits and financial behaviour of respondents and their skills in terms of financial literacy concept. This study is aimed at comparison of levels of financial literacy of chosen economic faculties in Slovakia, as well as comparison of levels of financial literacy between the first year undergraduates and those graduates who are in the final year of their studies. The authors statistically process primary data which were collected through a survey in 2015-2016. The data were obtained from economic faculties of three different universities in Slovakia. Correlative data dependence of selected variables and their intensity is analysed using Probit model. The research line is defined by a few hypotheses, and the main goal is to explain the impact of respondents’ financial literacy in terms of their sex, high school background and university study program on financial habits.

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