FINANCIAL LITERACY OF UNIVERSITY STUDENTS AND EFFECTS OF PRACTICAL EXPERIENCE
Josef Polák1*, Zuzana Kozubíková2, Aleš Kozubík3
1 Ph.D., The College of Regional Development and Banking Institute College - AMBIS, a.s., The Czech Republic, josefpolak@centrum.cz
2 Ph.D., Faculty of Management Science and Informatics, University of Zilina, Slovakia, zuko@frcatel.fri.uniza.sk
3 Ph.D., Faculty of Management Science and Informatics, University of Zilina, Slovakia, alesko@frcatel.fri.uniza.sk
*Corresponding author
Abstract
Financial literacy belongs to the key components of education for life in modern society, its importance increasing steadily. In this article, we present the results of comparative research on financial literacy undertaken among part-time and full-time university students. The aim of the paper is to compare the levels of their financial literacy, verifying the assumption that everyday practical experience of the former group has a positive effect. To obtain reliable data, the research was conducted in the form of a questionnaire survey administered simultaneously at universities in two central European countries, both running management study programmes. In the first part of the questionnaire, the respondents' personal, self-assessment and socio-demographic data were examined. The second part was devoted to the knowledge and skills associated with various facets of financial literacy, using the questions on the ability to apply the acquired knowledge in specific practical situations. We focused on compound interest, inflation effect on the time value of money, annuity policies, debt repayments and basics of investing. In order to confirm the hypothesis about the impact of day-to-day practical experience on the overall level of financial literacy, the collected data were processed employing methods of statistical analysis. Having identified differences in respondents’ average scores and their attitude to personal and self-assessment features, the present study has revealed some significant findings.
Keywords: financial literacy, financial management, self-assessment characteristics, personal characteristics, practical learning outcomes.
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