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Determinants of Financial Literacy: Analysis of the Impact of Family and Socioeconomic Variables on Undergraduate Students in the Slovak Republic

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  • Patrik Böhm

    (Faculty of Operation and Economics of Transport and Communications, Department of Quantitative Methods and Economic Informatics, University of Zilina, 010 26 Zilina, Slovakia)

  • Gabriela Böhmová

    (Faculty of Operation and Economics of Transport and Communications, Department of Quantitative Methods and Economic Informatics, University of Zilina, 010 26 Zilina, Slovakia)

  • Jana Gazdíková

    (Faculty of Operation and Economics of Transport and Communications, Department of Quantitative Methods and Economic Informatics, University of Zilina, 010 26 Zilina, Slovakia)

  • Viktória Šimková

    (Faculty of Operation and Economics of Transport and Communications, Department of Quantitative Methods and Economic Informatics, University of Zilina, 010 26 Zilina, Slovakia)

Abstract

Technological progress and the development of electronic services make financial services one of the fastest-growing sectors. The role of the current education system is to ensure that all users of an ever-increasing variety of products and services understand them and are able to use them efficiently. However, in terms of gender, socioeconomic, and demographic factors, the existing system of financial literacy education exhibits considerable disparity. The main goal of this research was to identify which factors had the greatest impact on the level of financial literacy and to analyse the magnitude of that impact. The study involved 363 first-year undergraduate students at the University of Žilina, Slovakia, and consisted of two parts—a questionnaire and a test that evaluated the impact of five groups of factors on the level of financial literacy. The research results suggest that the student’s gender, father’s education, family’s financial background, and student’s part-time work experience were among the most important determinants of financial literacy. Identifying these factors can aid in the adjustment of financial literacy education to reduce identified inequalities.

Suggested Citation

  • Patrik Böhm & Gabriela Böhmová & Jana Gazdíková & Viktória Šimková, 2023. "Determinants of Financial Literacy: Analysis of the Impact of Family and Socioeconomic Variables on Undergraduate Students in the Slovak Republic," JRFM, MDPI, vol. 16(4), pages 1-20, April.
    • Handle: RePEc:gam:jjrfmx:v:16:y:2023:i:4:p:252-:d:1129691
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    References listed on IDEAS

    as
    1. Amagir, Aisa & Groot, Wim & van den Brink, Henriëtte Maassen & Wilschut, Arie, 2020. "Financial literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy, and behavior," International Review of Economics Education, Elsevier, vol. 34(C).
    2. Michael Gutter & Zeynep Copur, 2011. "Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 699-714, December.
    3. Popovich, Jacob J. & Loibl, Cäzilia & Zirkle, Christopher & Whittington, M. Susie, 2020. "Community college students’ response to a financial literacy intervention: An exploratory study," International Review of Economics Education, Elsevier, vol. 34(C).
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