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Components of Financial Literacy of Young People

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  • Hornyák Andrea

    (King Sigismund University Budapest, Hungary)

Abstract

The financial crisis has drawn attention to the importance of the population’s financial literacy. I am investigating assessment methodologies to evaluate financial literacy both from the point of view of macroeconomics and microeconomics in my study. I am of the opinion that the elaboration of the financial competency model based on international database is the solution that can lead to the determination of conditions of financial awareness by collectively investigating financial education, core competencies, and the psychological role of money. I surveyed the financial knowledgeability of Hungarian high school students with the help of field research after assessing the OECD and PISA findings. I received very different results of knowledge, behaviour, and attitudes by school type, gender, age-group, and family background, which might support the assessment of financial literacy indicators, the evaluation of results, and international comparisons.

Suggested Citation

  • Hornyák Andrea, 2018. "Components of Financial Literacy of Young People," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 6(1), pages 5-19.
    • Handle: RePEc:vrs:auseab:v:6:y:2018:i:1:p:5-19:n:1001
    DOI: 10.1515/auseb-2018-0001
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    Keywords

    young generation; financial competency model;

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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