Journal of Scientific Papers

ECONOMICS & SOCIOLOGY


© CSR, 2008-2015
ISSN 2071-789X



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  • General Founder and Publisher:


    Centre of Sociological Research

  • Publishing Partners:

     
     
    University of Szczecin (Poland)


    Mykolas Romeris University (Lithuania)

     

     
     
    Alexander Dubcek University of Trencín, Faculty of Social and Economic Relations (Slovak Republic)



     
    University of Entrepreneurship and Law, (Czech Republic)

     

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    American Sociological Association


    European Sociological Association


    World Economics Association (WEA)

     


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The State of Students’ Financial Literacy in Selected Slovak Universities and its Relationship with Active Pension Savings

Vol. 10, No 3, 2017

 

Beata Gavurova,

 

Technical University of Kosice,

Kosice, Slovakia,

E-mail: beata.gavurova@tuke.sk

 

THE STATE OF STUDENTS’ FINANCIAL LITERACY IN SELECTED SLOVAK UNIVERSITIES AND ITS RELATIONSHIP WITH ACTIVE PENSION SAVINGS

 

Eva Huculova,

 

Technical University of Kosice,

Kosice, Slovakia,

E-mail: eva.huculova@tuke.sk



 Matus Kubak,

 

 

Technical University of Kosice,

Kosice, Slovakia,

E-mail: matus.kubak@tuke.sk


Martin Cepel,

 

LIGS University LLC,

Honolulu, Hawaii, USA 

E-mail: cepel@benzinol.com

 

 

 

 

Abstract. The interest in retirement planning is increasingly brought to common people’s attention due to demographic aging of population and better financial literacy level these days. In this study we analyze the level of financial literacy among Slovak university students in relation to further pension decisions and financial behavior overall. The primary aim of this research was to compare the level of financial literacy among the selected faculties of economics in Slovakia. The analytical part was oriented on evaluation of financial behavior of the respondents and their skills in terms of financial literacy concept along with the analysis of the correlative data dependence of the selected variables and their intensity by using the Logit model. At first, the results have shown a statistically significant dependency of financial literacy on the respondents’ gender. Female respondents reached higher financial literacy than male ones. Older students did not achieve higher level of financial literacy as compared to younger students. Students do not look ahead and most of them do not calculate how much they need to save for their retirement. The results of the presented research provide important information for policy makers who should reflect on the present status of this issue in Slovakia.

 

Received: February, 2017

1st Revision: March, 2017

Accepted: July, 2017

 

DOI: 10.14254/2071- 789X.2017/10-3/15

JEL Classification: I21, I22, I25

Keywordsfinancial literacy, financial education, retirement planning, pension decision, Slovakia.