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Survey: Slovaks’ financial savvy only average

A survey published on November 5 indicates that the financial literacy of Slovaks is merely average, with only 56 percent of those polled answering a number of financial-knowledge questions correctly.

Conducted by the Slovak Banking Association in September and October, the survey further confirmed expectations that university-educated people were the most literate in financial matters, with 66 percent of this group answering the questions correctly.

"Above-average knowledge in this field was also found with respondents on maternity leave and at home," added SBA executive director Ladislav Unčovský. According to him, bank clients appear to be receiving all necessary information from banks, but don't view themselves as well-informed.

"The financial jargon is too complicated for them, and they can't assimilate the information well," said SBA president Regina Ovesny-Straka.

Unčovský perceives this as a lack of ability to analyse and process information as a result of a failure to understand basic financial terms. The solution would be a better financial education, he said.

Most of those polled said that they glean information from bank branches, acquaintances, or financial brokers. "It's interesting that a mere 40 percent are using the internet," said Ovesny-Straka. Also interesting is the survey's finding that as many as 65 percent of the respondents don't compare more than two options before purchasing financial services. TASR

Compiled by Zuzana Vilikovská from press reports
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