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

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

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50206 - Finance

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2022

Kód důvěrnosti údajů

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

Název statě ve sborníku

Business Trends 2022: Conference Proceedings

ISBN

978-80-261-1126-9

ISSN

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e-ISSN

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Počet stran výsledku

13

Strana od-do

249-261

Název nakladatele

Západočeská univerzita

Místo vydání

Plzeň

Místo konání akce

Plzeň

Datum konání akce

10. 11. 2022

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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