Debt Literacy and Its Importance in the Czech Republic

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Debt Literacy and Its Importance in the Czech Republic

Popis výsledku v původním jazyce

This paper aims to show the importance of one part of financial literacy that causes most problems in the Czech Republic. According to the latest data, there is quite a lot of Czech overindebted – they borrowed too much money, lost jobs, found a very inconvenient loan, etc. Those people were not able to analyze their financial situation in the broad context of having a loan. As we know from the start of last big financial crisis risky loans (e.g., Mortgages) can cause a worldwide problem. In general people with lower levels of debt, literacy tends to transact in high-cost manners, incurring higher fees and using high-cost borrowing. Due to the New Consumer Credit Act from 2016, there was expected a change in the loan amounts and risk. It is too early to judge the impact of that act, but we can see a basic tendency that shows us people are still willing to go in debts. This makes debt literacy still very important as there are many overindebted people in the Czech Republic.

Název v anglickém jazyce

Debt Literacy and Its Importance in the Czech Republic

Popis výsledku anglicky

This paper aims to show the importance of one part of financial literacy that causes most problems in the Czech Republic. According to the latest data, there is quite a lot of Czech overindebted – they borrowed too much money, lost jobs, found a very inconvenient loan, etc. Those people were not able to analyze their financial situation in the broad context of having a loan. As we know from the start of last big financial crisis risky loans (e.g., Mortgages) can cause a worldwide problem. In general people with lower levels of debt, literacy tends to transact in high-cost manners, incurring higher fees and using high-cost borrowing. Due to the New Consumer Credit Act from 2016, there was expected a change in the loan amounts and risk. It is too early to judge the impact of that act, but we can see a basic tendency that shows us people are still willing to go in debts. This makes debt literacy still very important as there are many overindebted people in the Czech Republic.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50206 - Finance

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2018

Kód důvěrnosti údajů

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

Název statě ve sborníku

European Financial Systems 2018

ISBN

9788021089808

ISSN

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e-ISSN

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Počet stran výsledku

8

Strana od-do

86-93

Název nakladatele

Masaryk University

Místo vydání

Brno

Místo konání akce

Brno

Datum konání akce

1. 1. 2018

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000462948800010