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(ProQuest: ... denotes formulae omitted.)IntroductionFinancial literacy (FL) and its regulatory options are currently the subject of numerous professional and scientific discussions. Financially illiterates cannot fully participate in today's economy as such. It is important to develop students' skills in FL and strengthen the commitment of policy makers while introducing this topic into educational processes. In this context not only the demand increases particularly, but also the need for reliable data about FL among people worldwide. Such data can subsequently improve financial education strategies and implementation of financial education not only in schools. As a result of the impact of the economic and financial crisis accompanied with the process of demographic aging in all the economies of the world the question of the public pension systems' instability and threats to their sustainability is growing in importance (Rey-Ares et al., 2016). The shape of European age pyramid is transforming in consequence of higher life expectancy and consistently low birth rates what leads to a much older population structure. This unfavorable development is apparent in many European countries as well as in the United States. Between 2001 and 2016 the median age in Europe increased by 4.3 years, it means a rise from 38.3 years to 42.6 years (Eurostat, 2017). According to demographic projections by the Eurostat (2016) Slovak citizens will be aging among the fastest of all EU countries, whereas the average age of Slovak population increases by 4.6 years (12.1%) over the period of 20072025. The aging index is likely to exceed the limit of 100 before 2025. This means that the population of the post-productive age will be higher than the number of people in the preproductive age for the first time in history. The ratio of the elderly population to the working age population in Slovakia will be more than tripled (Rizman & Harvan, 2015; Eurostat, 2016). Public expenditures being rather sensitive to the phenomenon of population aging will increase significantly by 2060 and will have a negative impact on the general government balance. Pensions and healthcare will be particularly responsible for expenditure growth. To meet the challenges of this ageing population, especially after the recent economic and financial crisis, standard ages for retirement have increased, and occupational pensions have become less generous. As a consequence, a substantial part of risks and responsibilities for adequate standards of living after retirement has been shifted from governments and employers onto individuals and/or private households (OECD, 2013; Oehler & Werner, 2008; Prast & Soest, 2016; Lusardi, 2015a; Lusardi, 2015b). In this context, the results of the research by Babiarz & Robb (2014) pointed to the fact that households with greater financial knowledge and skills are more likely to be able to have emergency funds. The odds of having emergency savings could also increase with higher level of financial literacy. The research suggests the strong connectivity of FL with the accumulation of emergency savings which is a determining component of households' financial stability.1.Literature reviewIn many foreign studies approaches that prefer rationality and pragmatic point of views in relation to FL are dominate. Consequently, higher financial knowledge helps individuals to monitor an optimal consumption and balanced portfolio of household with relation to finances (Romitiy & Rossiz, 2014). They also lead to higher probability of savings' creation and correct financial planning for pension (Fernandez-Lopez et al., 2010; Hung et al., 2009). Relatively few EU adults save for old age and even those who save often have weak financial literacy (McGraw Hill Financial, 2015). The savings of individuals, especially students, must be adequate enough to cover longer retirement periods due to higher life expectancies (Lusardi, 2015a). …

The State of Students’ Financial Literacy in Selected Slovak universities and its Relationship with Active Pension Savings