Selected aspects of financial literacy of seniors in Slovakia
Selected aspects of financial literacy of seniors in Slovakia

Author(s): Jaroslav Korečko, Ján Vravec
Subject(s): Adult Education, Socio-Economic Research
Published by: Masarykova univerzita nakladatelství
Keywords: Financial literacy of seniors; financial education; seniors;
Summary/Abstract: The article analyses selected aspects of financial literacy of seniors in Slovakia. Financial literacy is a system of knowledge, skills and experience for effective management of personal financial resources and assets. The nature of financial literacy is to efficiently ensure adequate financial resources and effective asset management. Financial literacy is not a definitive state, but it must evolve and improve over time, and it also applies to a higher age. Knowledge, skills and experience are often conditioned by variable aspects such as age, education, personality, general outlook, culture or intuition. Pensioners with a low level of financial literacy, without basic financial knowledge and skills, cannot make good financial decisions and manage crisis financial situations. As a result of the low level of financial literacy are serious financial and property problems of many senior citizens, which are causing serious problems and crisis phenomena in the economy and across society.

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