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Financial Literacy and Financial Well-Being: The Case of Eastern, Central, and Northern Europe

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F22%3A43923070" target="_blank" >RIV/62156489:43110/22:43923070 - isvavai.cz</a>

  • Result on the web

    <a href="https://drive.google.com/drive/folders/1YiIEeOEM17gb7_igFpaJ7200YxY8_WQe" target="_blank" >https://drive.google.com/drive/folders/1YiIEeOEM17gb7_igFpaJ7200YxY8_WQe</a>

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    Financial Literacy and Financial Well-Being: The Case of Eastern, Central, and Northern Europe

  • Original language description

    Nowadays, financial literacy is an integral part of education in many countries because of its positive influence on financial inclusion, and financial well-being of households is supposed. In this study, attention is focused on finding out which components of financial literacy (knowledge, behaviour, and attitude) determine the financial well-being of individuals to a greater extent, as well as the link between subjective and objective financial well-being and financial literacy. The Global Findex Database of the World Bank correlation and regression analysis was used inline with the principal components method to process data samples for Ukraine, Georgia, Czechia, Hungary, Croatia, Poland, Austria, Lithuania, and Estonia from OECD/INFE. Cross-country differences indicate that the more economically developed a country is, the higher its financial literacy level can be observed. Also, countries with lower financial literacy levels have more significant growth potential, with Poland and Ukraine as examples. The contribution of knowledge, behaviour, and attitude, in general, can be considered as uniform in terms of financial literacy index formation that corresponds to the index logic. It should be noted that in economically developed countries higher correlation dependency between financial literacy and knowledge and attitudes can be spotted than behaviour. At the same time, behaviour determines households&apos; financial well-being level. It was detected that subjective financial well-being and financial literacy level equally, by approximately 63%, are driven by savings and sound budgeting. The wartime experience of Ukraine shows that depositors&apos; behaviour can be quite different and depending on a set of factors, such as banking system development level, level of trust in the banking system, and financial literacy level.

  • Czech name

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

  • OECD FORD branch

    50206 - Finance

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2022

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    Business Trends 2022: Conference Proceedings

  • ISBN

    978-80-261-1126-9

  • ISSN

  • e-ISSN

  • Number of pages

    13

  • Pages from-to

    249-261

  • Publisher name

    Západočeská univerzita

  • Place of publication

    Plzeň

  • Event location

    Plzeň

  • Event date

    Nov 10, 2022

  • Type of event by nationality

    EUR - Evropská akce

  • UT code for WoS article