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Towards financial literacy: a case of Slovakia

Author

Listed:
  • Judita Táncošová

    (Bratislava University of Economics and Management, Slovakia)

  • Marcel Lincényi

    (Bratislava University of Economics and Management, Slovakia)

  • Michal Fabuš

    (Bratislava University of Economics and Management, 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

Suggested Citation

  • Judita Táncošová & Marcel Lincényi & Michal Fabuš, 2023. "Towards financial literacy: a case of Slovakia," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 10(3), pages 288-301, March.
    • Handle: RePEc:ssi:jouesi:v:10:y:2023:i:3:p:288-301
    DOI: 10.9770/jesi.2023.10.3(19)
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    References listed on IDEAS

    as
    1. Hiroshi Fujiki, 2022. "Household financial services, financial literacy, and COVID-19 pandemic," Applied Economics Letters, Taylor & Francis Journals, vol. 29(7), pages 615-618, April.
    2. 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).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial education; financial literacy; Slovakia;
    All these keywords.

    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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