Open AccessFinancial issues perceived by youth: preliminary survey for financial literacy evaluation in the Baltics
Author(s) -
Jeļena Titko,
Nataļja Lāce,
Tatjana Põlajeva
Publication year - 2015
Publication title -
oeconomia copernicana
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.59
H-Index - 13
eISSN - 2353-1827
pISSN - 2083-1277
DOI - 10.12775/oec.2015.004
Subject(s) - financial literacy , latvian , government (linguistics) , finance , perception , lithuanian , business , accounting , psychology , linguistics , philosophy , neuroscience
Financial literacy as a prerequisite of citizens’ financial well-being and, as a consequence, economic security is a hot topic not only in the academic environment, but also among the representatives of governmental and non-governmental organizations. One of the most important activities realized by the government in order to enhance citizens’ financial literacy level is the implementation of the National strategy. The first step of this process is an evaluation of a current situation, which, in turn, requires a proper measurement instrument. The current research was aimed at specifying the content and the structure of the instrument, as well as to reveal the differences in perception of financial matters by students from different countries. A set of 12 financial questions was developed to detect perceived importance and complexity of financial literacy components, as well as to get financial literacy self-assessment scores. The questions were disseminated among the Latvian, Lithuanian and Estonian students. The obtained results assisted to specify the content and wording of questions to be included into the financial literacy measurement instrument. Besides, revealed differences between students’ perception of financial questions allowed making conclusions about students’ self-confidence that has a great impact on financial literacy level.