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Slovaks have low financial literacy

SLOVAKS say they are quite confident about their financial knowledge and ability to handle money but a recent survey found that their financial literacy is quite low. The results of a survey conducted by the ING financial group were that even though almost one-third of Slovaks believe they are knowledgeable about financial issues, only 12 percent actually had good or excellent financial skills, the SITA newswire wrote in late October.

SLOVAKS say they are quite confident about their financial knowledge and ability to handle money but a recent survey found that their financial literacy is quite low. The results of a survey conducted by the ING financial group were that even though almost one-third of Slovaks believe they are knowledgeable about financial issues, only 12 percent actually had good or excellent financial skills, the SITA newswire wrote in late October.

According to ING, with 88 percent of its citizens having either poor or only basic financial knowledge, Slovakia was in last place among the 12 countries in America, Europe and Asia where the survey was conducted in May 2011.

“We did not expect any breakthrough results in Slovakia but that we would end up in last place was a huge surprise for us,” Renata Mrázová, the director general of ING for insurance and pensions, said as quoted by SITA. “Even Mexicans were ahead of us.”

Slovaks had the biggest problem in answering questions about savings as only 37 percent of those surveyed were able to calculate the actual interest rate in the problem they were given. 42 percent of the respondents were able to answer questions on investments correctly and 48 percent passed the part of the survey dealing with loans and credit.

The Slovaks in the survey finished behind respondents from countries such as Mexico (19 percent with good or excellent financial skills) and the Czech Republic (21 percent). The Japanese were at the top of the list, with 44 percent having good or excellent financial skills.


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