FOCUS SHORT

Financial literacy scrutinised

BANKS in Slovakia confirm that financial literacy among Slovaks is low. Based on the latest survey, which the IMAS company conducted for Slovenská Sporiteľňa (SLSP) last year, as many as 70 percent of respondents said that they consider financial education at schools to be insufficient and that they need to improve their knowledge in this field. About 43 percent of respondents aged 15-49 feel well informed about economic and financial topics, but in the category of people aged 50+, it is only 32 percent. Men tend to consider themselves better informed about financial matters than women.

BANKS in Slovakia confirm that financial literacy among Slovaks is low. Based on the latest survey, which the IMAS company conducted for Slovenská Sporiteľňa (SLSP) last year, as many as 70 percent of respondents said that they consider financial education at schools to be insufficient and that they need to improve their knowledge in this field. About 43 percent of respondents aged 15-49 feel well informed about economic and financial topics, but in the category of people aged 50+, it is only 32 percent. Men tend to consider themselves better informed about financial matters than women.

“A similar situation also [exists] in other central and eastern European countries,” Marta Krejcarová, the director of communication and sponsorship at SLSP told The Slovak Spectator. “A large majority of people in this region want to be better informed about economic and financial issues. The respondents also confirmed that banks too should play a role in financial education.”
ING carried out financial literacy surveys over two consecutive years and the results among Slovaks are rather unflattering.

“Based on the latest survey from 2012, only a shocking 9 percent of Slovaks are good with finances,” Renata Mrázová, the general director for insurance and pensions at ING ČR/SR, told The Slovak Spectator, adding that out of 10 European countries, only Spaniards and Turks finished behind Slovaks. Czechs are not significantly better with finances, with only 14 percent of the population financially literate at levels that can be considered good or excellent.

Mrázová identified that Slovaks have the biggest problems with saving (in terms of calculating interest rates or interpreting yields from deposits). On the other hand, Slovaks have a high level of financial self-confidence, and 80 percent of them are convinced that they understand financial affairs.

“It is interesting that based on the survey neither education nor the level of income is a guarantee of good financial know-how,” said Mrázová.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Theme: Finances and Advisory


Top stories

Coalition demands the right of reply for politicians

Politicians ponder new provisions for the Press Code, Speaker of Parliament Danko wants to defend himself against op-eds too.

The ruling coalition (L-R: SNS-Andrej Danko, Smer-Robert Fico. Most-Híd-Béla Bugár).

Maya expert: The world we live in is not the only one possible

Leading Slovak expert contributes to rewriting Maya history.

Milan Kováč

Slovakia’s Pohoda wins two prestigious European festival awards

The festival organiser praised the awards and says they want to continue and improve the quality of the summer festival.

"They united us." - tribute to Ján Kuciak and Martina Kušnírová at Pohoda 2018.

Theresa May at least has the courage to try

May keeps her job because nobody else is capable, or willing, to take on the impossible task of Brexit.

Theresa May