Commenced in January 2007
Paper Count: 30455
Financial Literacy of Students of Finance: An Empirical Study from the Czech Republic
Authors: Barbora Chmelikova
Abstract:Financial literacy is a widely discussed topic on the national and international level by governments, organizations and academia. For this reason, this study analyses financial knowledge, financial behavior, and financial attitudes of students of finance. The aim of the paper is to determine whether the financial literacy of university students studying finance differs from the level of financial literacy in selected OECD countries. The research was conducted at Masaryk University in the Czech Republic. The empirical study comprises questions related to several aspects of financial literacy, such as financial knowledge, personal finance behavior, or decisionmaking. The results indicate that improvement in financial literacy of university students is still required, even though their major is finance related.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1110427Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1534
 S. Ajzerle, M. Brimble, and B. Freudenberg, “Is Financial Capability Related to the Effective Use of Debt in Australia?,” Australasian Accounting Business & Finance Journal, vol. 7, Issue 3, pp.107-128, 2013.
 A. Atkinson, and F. Messy, Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD Publishing, Paris, 2012.
 J. R. Behrman, O. Mitchell, C. K. Soo and D. Bravo, “How Financial Literacy Affects Household Wealth Accumulation,” The American Economic Review, vol. 102, Issue 3, pp.300-304, 2012.
 T. Bucher-Koenen, A. Lusardi, R. Alessie, and M. van Rooij, "How Financially Literate Are Women? An Overview and New Insights," NBER Working Papers, pp. 3-33, 2014.
 C. Bumcrot, J. Lin, and A. Lusardi, "The Geography of Financial Literacy," Numeracy: Advancing Education in Quantitative Literacy, vol. 6: Issue 2, pp.1-26, 2013.
 B. Chmelíková and M. Svoboda, “Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law,” Proc. 12th International Scientific Conference European Financial Systems, Brno: Masaryk University, 2015. pp. 66-72.
 Competition&Markets Authority UK, Problem Debt Report, 2014.
 G.L. Clark, “Roepke Lecture in Economic Geography--Financial Literacy in Context,” Economic Geography, vol. 90 Issue 1, pp.1-23, 2014.
 Czech Ministry of Finance, National Strategy for Financial Education, 2010.
 A. Grifoni, and F. Messy, “Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices”, OECD Working Papers on Finance, Insurance and Private Pensions, No. 16, OECD Publishing, Paris, 2012.
 A. Hung, J. Yoong, and E. Brown, “Empowering Women Through Financial Awareness and Education”, OECD Working Papers on Finance, Insurance and Private Pensions, No. 14, OECD Publishing, Paris, 2012.
 E. Kempson, V. Perotti, K. Scott, Measuring Financial Capability: A New Instrument and Results from Low- and Middle-Income Countries, World Bank, 2013.
 A. Luksander, D. Béres, K. Huzdik, E. Németh, “Analysis of the Factors that Influence the Financial Literacy of Young People Studying in Higher Education,” Public Finance Quarterly (0031-496X), vol. 59, Issue 2, pp. 220-241, 2014.
 A. Lusardi, and O. Mitchell, “The economic importance of financial literacy: Theory and evidence,” Journal of Economic Literature, vol. 52, Issue 1, pp.5-44, 2014.
 A. O’Connell, Financial Literacy in New Zealand, Prepared for the Capital Market Development Taskforce, 2009.
 OECD, Advancing national strategies for financial education, OECD Publishing, Paris, 2013.
 OECD, “Analysis Guide OECD/INFE 2011 Financial Literacy Survey,“ unpublished
 OECD, “Five-Decades-Financial-Modernisation,” OECD Journal: Financial Market Trends, vol. 2011, Issue 1, OECD Publishing, Paris, 2014.
 OECD, Improving Financial Literacy: Analysis of Issues and Policies, OECD Publishing, Paris, 2005.
 OECD, “Household debt”, in OECD Factbook 2014: Economic, Environmental and Social Statistics, OECD Publishing, Paris, 2014.
 OECD/INFE, Toolkit for Measuring Financial Literacy and Financial Inclusion, OECD Publishing, Paris, 2015.
 OECD/INFE, Toolkit to Measure Financial Literacy and Financial Inclusion: Guidance, Core Questionnaire And Supplementary Questions, OECD Publishing, Paris, 2013.
 A. Özdemir, F. Temizel, H. Sönmez and F. Er, “Financial Literacy of University Students: A Case Study for Anadolu University, Turkey,” International Journal of Management Economic, vol. 11, Issue 24, pp. 97-110, 2015.
 U. Singh, “Financial Literacy and Financial Stability are two aspects of Efficient Economy,” Journal of Finance, Accounting & Management, vol. 5, Issue 2, pp.59-76, 2014.
 B.A. Tannahill, “The Role of Financial Literacy in Retirement Decision Making,” Journal of Financial Service Professionals, vol. 66, Issue 2, pp.32-35, 2012.
 V. Vyvyan, L. Blue and M. Brimble, “Factors that Influence Financial Capability and Effectiveness: Exploring Financial Counsellors' Perspectives,” Australasian Accounting Business, vol. 8 Issue 4, pp. 3- 21, 2014.
 World Bank, A Toolkit for the Evaluation of Financial Capability Programs in Low- and Middle-Income Countries, 2013.
 World Bank, Financial Capability Surveys Around the World, 2013.
 World Bank, The Global FINDEX Database, 2014.
 J. Xiao, S. Ahn, J. Serido and S. Shim, “Earlier financial literacy and later financial behaviour of college students,” International Journal of Consumer Studies, vol. 38, Issue 6, pp.593-601, 2014.
 L. Xu, B. Zia, “Financial literacy around the world: An Overview of the Evidence with Practical Suggestions for the Way Forward,” World Bank Policy Research Working Paper, No. 6107, 2012.