Received:
2022-11-15 | Accepted:
2023-03-14 | Published:
2023-03-30
Title
Towards financial literacy: a case of Slovakia
Abstract
The level of financial literacy in the Slovak Republic has long been below the European Union average, which is confirmed by several surveys in recent years. In practice, this creates several problems. Almost a million Slovaks have at least one foreclosure, resulting from buying necessities on credit and then living in ever-increasing debt. Knowledge of finance and business among employees or budding entrepreneurs is also problematic. Conservative Slovaks also keep most of their money in products with zero interest and are afraid to invest and capitalize on their savings. The National Bank of Slovakia and the Slovak Bank Association have been calling for a change in school curricula for a long time because financially illiterate pupils eventually become poorly literate clients. The contribution's primary purpose was to analyze the state of financial education in secondary schools in the Slovak Republic, including a more effective design of the content and method of teaching financial literacy. More effective financial education could help reduce poverty in Slovakia and more effective financial and business literacy in society
Keywords
financial education, financial literacy, Slovakia
JEL classifications
A23
, C12
, G53
URI
http://jssidoi.org/jesi/article/1067
DOI
Pages
288-301
Funding
This research was funded by Cultural and Educational Grant Agency of the Slovak Republic: "Creation of digital didactic aids to the subject Civics Education for the needs of secondary education in distance form", Project registration number Project No. 009 TnUAD-4/2021
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
References
Adamko, J. (2018). Poistenie a poistný trh. Michal Vaško - Vydavateľstvo, ISBN 978-80-8198-027-5, 188 p.
Search via ReFindit
Alekam, J.M.E., Salleh, M.S.B.M., & Mokhtar, S.S.B. (2018). The Effect of Family, Peer, Behavior, Saving and Spending Behavior on Financial Literacy among Young Generations. International Journal of Organizational Leadership, 3, 309-323. https://doi.org/10.33844/ijol.2018.60258
Search via ReFindit
Burchi, A., Wlodarczyk, B., Szturo, M., & Martelli, D. (2021). Effects of Financial Literacy on Sustainable Entrepreneurship. Sustainability, 13(9), Article Number 5070 https://doi.org/10.3390/su13095070
Search via ReFindit
Čaplinska, A., & Danileviča, A. (2022). Financial literacy of secondary school leavers: a case of Latgale region in Latvia, Entrepreneurship and Sustainability Issues, 10(2), 544-556. https://doi.org/10.9770/jesi.2022.10.2(34)
Search via ReFindit
Chhatwani, M., & Mishra, S.K. (2021). Does financial literacy reduce financial fragility during COVID-19? The moderation effect of psychological, economic and social factors. International Journal of Bank Marketing, 39(7), 1114-1133. http://doi.org/10.1108/IJBM-11-2020-0536
Search via ReFindit
Chovancová, B. et al. (2021). Investovanie na finančných trhoch. Bratislava: Sprint 2, ISBN: 978-80-8971-053-1
Search via ReFindit
Clichici, D., & Moagar-Poladian, S. (2022). Financial Literacy, Economic Development and Financial Development: A Cross-Country Analysis. Romanian Journal of European Affairs, 22(1), 35-49.
Search via ReFindit
Dluhošová, D. et al. (2021). Finanční řízení a rozhodování podniku. Analýza, Investování, Oceňování, Riziko, Flexibilita, Interakce.Štvrté vydanie. Praha: Ekopres ISBN 978-80-878-6571-2, 262 p.
Search via ReFindit
Fekete, D. (2022). Finančná gramotnosť a deti. Financer.com. https://financer.com/sk/blog/financna-gramotnost-a-deti/
Search via ReFindit
Fujiki, H. (2021). Household financial services, financial literacy, and COVID-19 pandemic. Applied Economics Letters, 29(7), 615-618. http://doi.org/10.1080/13504851.2021.1878092
Search via ReFindit
Horáková, G., Páleš, M., & Slaninka, F. (2015). Teória rizika v pistení. Bratislava: Wolters Kluwer. ISBN 9788081682735, 424 p.
Search via ReFindit
INVEST in Slovakia. (2022). Finančná gramotnosť Slovákov je nízka. Ako ju zlepšiť? https://investinslovakia.eu/sk/financna-gramotnost-slovakov-je-nizka-ako-ju-zlepsit/
Search via ReFindit
ISCED 3A. (2010). Občianska náuka. (Vzdelávacia oblasť: Človek a spoločnosť). Štátny vzdelávací program. Štátny pedagogický ústav. Bratislava.
Search via ReFindit
Janáková, J., & Fabová, Ľ. (2017). Finančná gramotnosť slovenských vysokoškolákov. Journal of knowledge society, 2(5), ISSN 2336-2561.
Search via ReFindit
Kawamura, T., Mori, T., Motonishi, T., & Ogawa, K. (2021). Is financial literacy dangerous? Financial literacy, behavioral factors, and financial choices of households. Journal of the Japanese and International Economies, 60, Article Number 101131 https://doi.org/10.1016/j.jjie.2021.101131
Search via ReFindit
Kubak, M., Gavurova, B., Majcherova, N., & Nemec, J. (2021). Gender differences in rationality and financial literacy. Transformations in Business & Economics, Vol. 20, No 2A (53A), pp. 558-571.
Search via ReFindit
Lincényi, M. et. al. (2020). Návrh metodických listov pre učiteľov občianskej náuky na stredných školách v Slovenskej republike. Trenčianska Univerzita Alexandra Dubčeka v Trenčíne, ISBN 978-80-8075-914-8.
Search via ReFindit
Luo, W.Q., & Cheng, J.X. (2022). Transition to sustainable business models for green economic recovery: role of financial literacy, innovation and environmental sustainability. Economic Change and Restructuring Early Access JUN 2022 https://doi.org/10.1007/s10644-022-09408-1
Search via ReFindit
MF SR. (2022). Finančná gramotnosť a vzdelávanie. Implementácia finančnej gramotnosti. https://www.mfsr.sk/sk/financie/financny-trh/ochrana-financnych-spotrebitelov/financna-gramotnost-vzdelavanie/
Search via ReFindit
MŠVVaŠ SR. (2017). Národný štandard finančnej gramotnosti verzia 1.2. číslo 2017-1053/10961:12-10E0 s účinnosťou od 1. Septembra 2017. https://www.minedu.sk/data/att/11359.pdf
Search via ReFindit
Nejedlý, T. (2019). Finančná gramotnosť je problem. Lubyová ponúka čudné riešenie. Týždenník Trend, https://www.trend.sk/trend-archiv/financna-gramotnost-je-problem-lubyova-ponuka-cudne-riesenie
Search via ReFindit
OECD Economic Surveys Slovak Republic. (2022). https://www.oecd.org/economy/surveys/Slovak-Republic-2022-OECD-economic-survey-overview.pdf
Search via ReFindit
OECD. PISA (2012). Financial literacy assessment framework. https://www.oecd.org/pisa/pisaproducts/46962580.pdf
Search via ReFindit
PARTNERS Foundation. (2021). Finančná gramotnosť v kocke. Učebná pomôcka pre stredoškolákov. https://www.nadaciapartners.sk/storage/app/media/financna-gramotnost-v-kocke-2021.pdf
Search via ReFindit
Pearson, B., & Korankye, T. (2022). The association between financial literacy confidence and financial satisfaction. Review of Behavioral Finance, Early Access SEP 2022 https://doi.org/10.1108/RBF-03-2022-0090
Search via ReFindit
SBA. (2007). Finančná gramotnosť na Slovensku – 2007. https://www.viacakopeniaze.sk/files/vapucebnica/finacnagramotnost-prieskum-2007.pdf
Search via ReFindit
SBA. (2022). Vznik a zánik malých a stredných podnikov na Slovensku v roku 2021. https://monitoringmsp.sk/wp-content/uploads/2022/10/Vznik-a-z%C3%A1nik-mal%C3%BDch-a-stredn%C3%BDch-podnikov-na-Slovensku-v-roku-2021-1.pdf
Search via ReFindit
Táncošová, J., Hudáková, M., & Švecová, S. (2015). Ekonómia. Druhé vydanie. Bratislava: Wolters Kluwer, ISBN 978-80-8168-294-0, 348 p.
Search via ReFindit
Wiagustini, N.L.P., Ramantha, I.W., & Putra. (2023). Financial literacy and financial behavior encouraging business sustainability by mediation of financial performance. Quality-Access to Success, 24(192), 226-234. https://doi.org/10.47750/QAS/24.192.27
Search via ReFindit
Zhu, A.Y.F. (2021). Financial literacy types and financial behaviors among adolescents: role of financial education. Journal of Financial Counseling and Planning, 32(2), 217-230. https://doi.org/10.1891/JFCP-19-00051
Search via ReFindit
RSS 1.0
