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Sustainability Literacy and Financial Literacy of Young People in the Baltic States

Author

Listed:
  • Dainora Gedvilaitė

    (Faculty of Economics, Vilniaus Kolegija/University of Applied Sciences, LT-01141 Vilnius, Lithuania)

  • Tadas Gudaitis

    (Business School, Vilnius University, LT-10225 Vilnius, Lithuania)

  • Giedrė Lapinskienė

    (Faculty of Economics, Vilniaus Kolegija/University of Applied Sciences, LT-01141 Vilnius, Lithuania)

  • Justinas Brazaitis

    (Business School, Vilnius University, LT-10225 Vilnius, Lithuania)

  • Jurgis Žižys

    (Business School, Vilnius University, LT-10225 Vilnius, Lithuania)

  • Askoldas Podviezko

    (Faculty of Public Governance and Business, University of Mykolas Romeris, LT-08303 Vilnius, Lithuania
    Academic Department of Social Sciences, European Humanitarian University, LT-01126 Vilnius, Lithuania)

Abstract

The stream of scientific articles on sustainability, financial literacy, and sustainability literacy shows their importance in the transformation process. New financial instruments with sustainable or green features have been introduced in the financial market. As a result, financial literacy is becoming more complex and the need for sustainability literacy is also increasing. Financial literacy now includes not only the knowledges, attitudes, and behavior of financial well-being but also positive impacts on environmental and social development. This article presupposes financial literacy and sustainability literacy are key instruments for the sustainable development of society. The aim of this article is to analyze the scientific literature on sustainability literacy and financial literacy and investigate the level of sustainability literacy and financial literacy among young people aged 15–30 years in the Baltic states. A systematic review of the literature was carried out followed by a survey, which revealed some differences between Estonia and Latvia and Lithuania in terms of sustainability and financial literacy levels.

Suggested Citation

  • Dainora Gedvilaitė & Tadas Gudaitis & Giedrė Lapinskienė & Justinas Brazaitis & Jurgis Žižys & Askoldas Podviezko, 2022. "Sustainability Literacy and Financial Literacy of Young People in the Baltic States," Sustainability, MDPI, vol. 14(21), pages 1-15, October.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:21:p:14013-:d:955422
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    References listed on IDEAS

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    1. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    2. Ester Muñoz-Céspedes & Raquel Ibar-Alonso & Sara de Lorenzo Ros, 2021. "Financial Literacy and Sustainable Consumer Behavior," Sustainability, MDPI, vol. 13(16), pages 1-21, August.
    3. Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy and retirement planning in the United States," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 509-525, October.
    4. Kawamura, Tetsuya & Mori, Tomoharu & Motonishi, Taizo & Ogawa, Kazuhito, 2021. "Is Financial Literacy Dangerous? Financial Literacy, Behavioral Factors, and Financial Choices of Households," Journal of the Japanese and International Economies, Elsevier, vol. 60(C).
    5. Chandra Sekhar & Reeta Raina, 2021. "Towards more sustainable future: assessment of sustainability literacy among the future managers in India," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(11), pages 15830-15856, November.
    6. Moreno-Herrero, Dolores & Salas-Velasco, Manuel & Sánchez-Campillo, José, 2018. "Factors that influence the level of financial literacy among young people: The role of parental engagement and students' experiences with money matters," Children and Youth Services Review, Elsevier, vol. 95(C), pages 334-351.
    7. 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).
    8. Mitchell, Olivia S. & Lusardi, Annamaria (ed.), 2011. "Financial Literacy: Implications for Retirement Security and the Financial Marketplace," OUP Catalogue, Oxford University Press, number 9780199696819.
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