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DOI: 10.15240/ ul/001/2018-1-012
In oduc ion
Financial li e acy (FL) ep esen s a basic and
ine i able skill ha is impo an o human
exis ence in he 21s cen u y. In ecen yea s,
he e a e e iden ac i i ies in a suppo
o i nancial educa ion especially om he
Eu opean Commission (EC) side. The EC
issued “The Communica ion on Financial
Educa ion” epo . This epo explici ly s a es
economic and social ad an ages o a highe
le el o FL as well as undamen al p inciples
o i nancial educa ion con ol acco ding o he
chosen p ocedu es (Eu opean Commission,
2007). The EC suppo led o implemen a ion
o a ious ools in a mo e complex i nancial
wo ld in o de o inc ease FL o s uden s. The
FL s anda ds ep esen one o hose ools ha
a e implemen ed in ins i u ions o all le els o
educa ional sys em, hus s uden s may ob ain
highe i nancial skills (as o ins ance in he
Czech Republic, whe e he Na ional S a egy
o Financial Li e acy was issued in 2010).
The p ima y pla o m is o med by economical
ca ego ies, such as money and ansac ions,
i nancial planning and managemen , isks
and ewa ds, economic e ms, consume
igh s and esponsibili ies, e c. in spi e o
he di e ences in a con en o educa ional
s anda ds in he indi idual coun ies (OECD,
2016). In Slo akia, he Na ional S anda d o
FL (Ve sion 1.0) was o med by he Minis y
o Educa ion, Science, Resea ch and Spo o
he Slo ak Republic (MESRS) and ac ualized
in 2013. Bank o i nancial li e acy, Open-
book o Financial Li e acy, e c. we e ac i e in
ob aining o he esou ces (MESRS, 2014).
The i nancial s anda ds had a dual ole – hey
de e mined necessa y knowledge, skills and
expe iences o educa ional s a and s uden s,
as well. Financial se ices and p oduc s ha e
been acing cons an changes o he pas
yea s. De elopmen o c edi ma ke causes
an inc ease o households’ indeb edness
in a gi en economy (And oniceanu, 2017).
As a consequence o i nancial c isis, he
inc easing a e o indeb edness is connec ed
o inc easing c edi isk in a o m o , so-called
ailed c edi s. The inc easing a e o ailed
c edi s in l uences a quali y o c edi po olio
and also an e i ciency o indi idual banks and
a whole bank sec o . The p ima y e idence o
hese s a emen s a e e l ec ed in many s udies’
esul s ha had shown an exis ence o in e se
ela ionship be ween banks’ e i ciency and NPL
indica o ( a io o ailed c edi s pe o al c edi s’
olume) in he V4 coun ies, and also wi hin he
Ame ican banking ma ke (Kočišo á, 2016).
Howe e , he e s ill p e ails ha pa o wo ld’s
popula ion which does no ha e any basic
i nancial knowledge and also no access o
educa ion, despi e a high FL o selec ed g oups
o popula ion.
Also, he i nancial sec o has been
cons an ly changing; he e a e many new
i nancial possibili ies and consequen ly
i nancial esponsibili ies and isks, despi e
a su i cien i nancial knowledge o a popula ion
ha is a esul o globaliza ion p ocesses,
economic c isis and i s mul i-dimensional
impac s (OECD, 2014; And ei e al., 2016).
Many coun ies a ach impo ance especially o
FL o younge popula ion ha led o a collec ion
o ele an da a, which e l ec a eal FL s a e
o he indi idual g oups o popula ion and hei
po en ials o imp o e i (McG aw Hill Financial,
2015). Consequen ly, nume ous esea ch
s udies om ab oad ocus on p ocess and esul
ajec o ies in he FL egula ion wi hin pa icula
FINANCIAL LITERACY OF STUDENTS IN
CHOSEN UNIVERSITIES – RESEARCH
PLATFORM FOR REGULATORY PROCESSES
OF EDUCATIONAL SYSTEM IN SLOVAKIA
Ma us Kubak, And ea Tkaco a, A menia And oniceanu,
Manuela T a ona ičienė, E a Huculo a
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176 2018, XXI, 1
Finance
coun ies in ecen yea s (Klappe e al., 2015;
Rasoaisi & Kalebe, 2015; Kozina & Ponik a ,
2015; Nano & Cani, 2016; Di zy ė e al.,
2016; Nja amba e al., 2015; T a ona ičienė,
2016; Alonso e al., 2016). In Slo akia, he e
absen s complex esea ch and expe s udies
wi hin gi en issue in spi e o hei impo ance
in s a egic concep s’ o ma ion, planning o
educa ional p ocesses, and also c ea ing o
ele an policies (Ga u o a e al., 2016). The
exis ing s udies o a gi en issue usually ocus
on FL issue wi hin a small g oup o esponden s
jus pa ially (e.g. V a ec, 2014; Slo enská
banko á asociácia, 2007; Nadácia PARTNERS,
2016). The gi en consequen ac ep esen ed
a mo i a ion o deepe esea ch o his issue by
esea ch ealiza ion wi hin chosen acul ies in
Slo akia. The p incipal aim o his esea ch was
a compa ison o FL “inpu ” ( i s -yea s uden s a
Bachelo le el) and “ou pu ” (las -yea s uden s
a Mas e le el), compa ison be ween s uden s
o ele an s udy p og ams and a esea ch o
causal links, which p o ide a lis o di e ences
in ho izon al ( esea ched uni e si ies) and
e ical (o he ca ego ies) FL dimensions. The
nex chap e s p o ide a de ailed desc ip ion o
me hodology and esea ch esul s.
1. O e iew o Resea ch wi hin
Gi en Issue
In 2007, EC d ew up a concep o i nancial
educa ion ha was based on li elong
pe spec i e (Fig. 1). Some au ho s (e.g.
S a ček & T unk, 2013) ely on his concep
as a pla o m o li elong lea ning p ocess,
while emphasizing pa icula a ge g oups ( he
elde ly, unemployed, socially disad an aged
and i nancially excluded a ge g oups, e c.).
The i nancial educa ion should be in ol ed
in he sys em o public policies ha deal
wi h a p og am o de elopmen and s abili y,
educa ion and quali i ca ion, p o ec ion and
secu i y o consume s, social inclusion, e c.
om p ocedu al poin o iew (Ru ledge, 2010).
Consequen ly, i nancial educa ion canno be
a sepa a e, one-o ac i i y ha ocuses only on
a speci i c g oup o popula ion in a speci i c ime
ho izon, bu i ep esen s a complex sys em ha
equi es applica ion o demanding concep s,
me hodologies, means and ools om bo h
long- e m and sho - e m pe spec i e. As Fig. 1
illus a es, he p ocess and ins i u ionalized
dimension, causal links and e alua ion
componen s a e e y impo an in his sys em.
Fig. 1: Concep ual scheme o i nancial educa ion (Eu opean Commission, 2007)
Sou ce: S a ček and T unk (2013)
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Pla o m o adap abili y and de elopmen
o i nancial educa ion which also e l ec s i s
di e en le els o accessibili y has no been
o med by all coun ies.
The e p e ail egional dispa i ies in e ms
o i nancial educa ion accessibili y (Ga u o a
e al., 2017). In some de eloped coun ies,
he p esen gene a ion becomes he i s
gene a ion which has an access o i nancial
p oduc s (OECD, 2014). Socio-economic
s a us o an indi idual and consequen ly, amily
en i onmen and educa ion play an impo an
ole in his p ocess (Belas e al., 2017). As
A kinson and Messy (2012) claims in hei
s udy, pa en s wi h lowe le el o educa ion,
incomes o p ope y ha e also lowe po en ial o
ans e hei knowledge o FL o hei child en,
a he han pa en s who ha e highe le el o
educa ion. Simila i ndings we e ound in he
s udies o such au ho s as V a ec (2014) and
o he (Jo gensen, 2007; Cla ke e al., 2005;
Jo gensen & Sa la, 2010). T unk and De mol
(2015) emphasize a necessi y and impo ance
o FL o indi iduals in o de o manage a amily
budge op imally, o o c ea e mone a y ese es
(Popescu e al., 2016). The app op ia e i nancial
educa ion may elimina e inequali ies in social-
economic s a us o s uden s. China was he i s
in FL, hen Belgium in e ms o he in e na ional
le el o FL compa ison wi hin coun ies om
all o e he wo ld p esen ed in he PISA s udy
(2012). Howe e , Slo akia ob ained an a e age
sco e and hus eached one o he las places
wi hin a g oup o e alua ed coun ies. Simila ly,
Slo akia emains below he a e age o he
OECD coun ies in FL e alua ion and i s a e age
FL sco e is lowe han in he Czech Republic,
Poland, he USA, C oa ia o Is ael (OECD,
2012a). PISA de e mined he le el 2 o FL as
he p ima y le el o knowledge and skills. In
Slo akia, 77.2% o s uden s each his le el. On
he o he hand, i means ha each i h Slo ak
s uden has no basic knowledge o i nances
(NN G oup, 2015). This nega i e consequen
ac highligh s a necessi y o esol ing he FL
issues and i s a ailabili y in elemen a y and
high schools, while p o iding an app op ia e
implemen a ion o FL opics in o educa ional
sys em a schools wi h ega d o socio-economic
si ua ion. I gende di e en ia ion is aken in o
conside a ion in e alua ing PISA esul s o
2012, he e will no be con i med any signi i can
s a is ical di e ences in a e age esul s o FL
be ween male and emale sex (OECD, 2012b).
The esul s o GFLEC su ey ha was done a
Washing on uni e si y in he U.S. p o e ha he
male esponden s equen ly occupy he highes ,
bu also he lowes le els o FL e alua ion, while
on he o he hand, emale esponden s eached
a e age esul s (Lusa di, 2014). O he esea ch
s udies obse ed a signi i can di e ence in
FL o bo h sexes, while women ob ained
much lowe i nancial knowledge han men
(e.g. A kinson & Messy, 2012; Buche -Koenen
& Lusa di, 2011). The FL esea ch in a con ex
o age di e en ia ion is mo e de i ni e; i also
ep esen s p esen issue in many coun ies,
while he aspec o age di e en ia ion in e ms
o FL in l uences concep ualiza ion o educa ion
as well as i s p ocedu al ealiza ion. The newes
s udies’ esul s a e being e iewed a p esen
(e.g. McG aw Hill Financial, 2015; Klappe e al.,
2015). McG aw Hill Financial concluded in hei
s udy ha 33% o adul s ou o 148 coun ies a e
i nancially li e a e. I means ha app oxima ely
3.5 billion o adul s absen he pe cep ion o
undamen al i nancial e ms, while mos o hem
come om de eloped economies (Klappe e
al., 2015). McG aw Hill Financial also shows
signi i
can dispa i ies o FL le els wi hin he
EU coun ies. Fo ins ance, in Romania, only
22% o i s inhabi an s a e i nancially li e a e as
opposed o 71% o inhabi an s in Denma k and
Sweden. In Eu ope, he e a e 69% o adul s
wi h academic deg ee whose i nancial li e acy
is signi i can ly highe han o 54% o adul s wi h
seconda y educa ion and o 28% o ci izens
wi h elemen a y educa ion (Klappe e al.,
2015). Insu i cien FL has signi i can economic
and social impac s ha appea in a sho -
e m, bu also long- e m ime ho izon (Laudan
e al., 2016). A p esen , good examples may
be he Slo ak households in deb as a esul
o sho - e m and also long- e m c edi s by
comme cial banks (Szo ics, 2012; Lusa di,
2008). Acco ding o he da a o he Eu opean
Cen al Bank, in 2015 each Slo ak adul
bo owed om banks in a e age 5,510 EUR.
Compa ed o 2014, his amoun inc eased by
600 EUR. Gene ally in his con ex , he a e age
amoun in he eu o a ea achie ed 19,761 EUR.
Fo ins ance, Polish and Hunga ian households
epo ed lowe indeb edness owa ds banks
and om his poin o iew, oge he wi h
Romania and Bulga ia p esen he lowes
indeb ed coun ies in Eu ope. In 2015 a e age
loans o adul in Hunga y was only 2,407
EUR and he lowes c edi amoun in he
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178 2018, XXI, 1
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Eu ope is indica ed be ween Romanian adul s
(1,450 EUR). In con a y, he highes a e age
loan pe inhabi an (21,403 EUR) exis s in
Aus ia. I we ake a deepe look on s uc u e
o loans, he e p e ail eal-es a e c edi . Slo ak
ha e bo owed in o al 23.3 billion EUR om
banks and o he i nancial ins i u ions and up o
h ee qua e s o his olume was ela ed o he
housing loans. Mo e han 3.6 billion (15.5% o
all loans) we e p o ided by banks in he o m o
consume c edi . Compa ed o he same pe iod
o he 2014, he o al c edi ad anced inc eased
by 12.6% (Ond o á, 2015).
Simila ly, om mac o-economic poin o
iew, he insu i cien FL con ibu es o i nancial
c isis, people ha e di i cul ies o ocus on
p oduc s o e ed by i nancial ins i u ions,
hei i nancial decision-makings a e isky and
equen ly lead o exis en ial issues (V a ec,
2014; Ru ledge, 2010; And oniceanu, 2015).
A pe son cons an ly pe o ms many egula
ansac ions and makes decisions a ce ain
isk le els. P ospec heo y is an app op ia e
desc ip i e model o decision-making in e ms
o unce ain y. I is no no ma i e, because i
desc ibes eal beha io o people in a eal wo ld
and i s basic knowledge is ha an assessmen
o a ious possibili ies is mo e ela i e a he
han absolu e and simul aneously, he e exis s
a s ong a e sion o a loss (Kahneman, 2012;
Skapa & Vémola, 2012; Abdellaoui e al., 2016).
P ospec heo y is one o he mos ci ed pape
e e published in p es igious economic jou nal
Econome ica. The Nobel Memo ial P ize in
Economics Sciences was awa ded o au ho s
in 2002 o hei con ibu ion o psychology o
judgmen , decision-making and beha iou al
economics. P ospec heo y is a coun e pa
o Expec ed u ili y heo y. Basic p inciples o
P ospec heo y a e isk a e sion, e e ence
poin , p inciple o diminishing sensi i i y and
loss a e sion. Kahneman and T e sky (1979)
empi ically showed, ha people unde weigh
ou comes ha a e less p obable in compa ison
wi h ou comes ha a e ce ain. Au ho s
also showed ha people gene ally disca d
componen s ha a e sha ed by all p ospec s
unde conside a ion. P ospec heo y is seen
as a base s one o beha io al economics. In
many o eign s udies, he e domina e such
app oaches ha p e e a ionali y and p agma ic
poin o iews in ela ion o FL. Consequen ly,
highe i nancial knowledge helps indi iduals o
moni o an op imal consump ion and balanced
po olio o household wi h ela ion o i nances
(Romi iy & Rossiz, 2014; And oniceanu &
Ohanyan, 2016). Also hey lead o highe
p obabili y o sa ings’ c ea ion and co ec
i nancial planning o pension (Fe nández-
López e al., 2010; Hung e al., 2009).
2. Me hodology F amewo k
The su ey o FL le el was ealized du ing he
ollowing pe iod, Decembe 2015 un il Ma ch
2016. The e pa icipa ed 496 s uden s om
h ee selec ed uni e si ies in Slo akia: Facul y o
Economics, Technical Uni e si y o Košice (EKF
TUKE), Facul y o Managemen o Uni e si y
o P ešo in P ešo (FM PU) and Facul y o
Na ional Economy o he Uni e si y o Economics
in B a isla a (NHF EUBA). These Slo ak
uni e si ies ha e been ac i e o many yea s and
hey p o ide a ious economically o ien ed s udy
p og ams. They also ealize esea ch ac i i ies
besides hose educa ional ones. Tab. 1 shows
a s uc u e o esea ch sample.
One can see ha he e is a majo i y o
emale esponden s. This ac only e l ec s he
Facul y /
Uni e si y
F equency o su ey esponden s
1s yea o Bachelo s udy 2nd yea o Mas e s udy O e all
F equency
Men Women To al Men Women To al
EKF TUKE 46 89 135 33 60 93 228
FM PU 18 39 57 11 25 36 93
NHF EUBA 47 81 128 21 26 47 175
To al 111 209 320 65 111 176 496
Sou ce: own
Tab. 1: Resea ch sample acco ding o sex and uni e si y le el o esponden s
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ac ual s a e o numbe o uni e si y s uden s
on acul ies wi h economic o ien a ion. On
acul ies pa icipa ing in ou su ey we can
i nd ollowing sha e o emale s uden s: EKF
TUKE: 59.5%, FM PU: 71.14%, NHF EUBA:
67.68%. In ou su ey 64.51% o o al numbe
o pa icipan s we e emale. This is in line wi h
abo e men ioned end ha p e ail in economic
i eld o s udy.
The w i en o m o su ey by means o
s uc u ed ques ionnai e ha consis ed o
54 ques ions was used in o de o collec he
necessa y da a. Ques ionnai e s uc u e was
di ided in o h ee ypes o ques ions so i also
conside ed key ca ego ies o a gi en issue. The
i s ype o ques ions ocused on demog aphic
da a o esponden s and i included 6 ques ions
in o al, which ocused on sex, age, place o
esidence, he highes educa ional a ainmen ,
p esen le el o uni e si y deg ee and wo king
condi ion. The second ype o ques ions was
ela ed o p ac ical asks which ocused on
e i ying he le el o FL and con i ming, and/
o ejec ing he hypo hesis ha eme ges om
p ospec heo y. The las ype o ques ions
consis ed o hose ha concen a ed on i nancial
si ua ion and i nancial beha io o a esponden .
The su ey ques ionnai e included closed
ques ions ha had ei he a cha ac e o mul iple
choice ques ions o ques ions wi h a ing
scales (7-10), when esponden s could con ey
hei a i udes. Ra ing ques ions we e ela ed
o i nancial beha io o esponden s, while
ocusing on hei sel -pe cep ion. The a ge s as
well as cha ac e o a su ey we e de e mined
by a o m o ques ionnai e and ques ions’
concep .
The p ima y aim was FL compa ison
be ween bo h he chosen acul ies and hei
s uden s a “inpu ” ( i s -yea s uden s a
Bachelo le el) and “ou pu ” (las -yea s uden s
a Mas e le el).
The s uden s’ FL was e alua ed by 7
speci i c and p ac ical (ma hema ical) asks
wi h mul iple choices and one co ec answe
on he basis o con en poin o iew. In he
esea ch, he e was applied a e i i ed and
in e na ionally espec ed p ocedu e, which has
also been used by he Global Financial Li e acy
Excellence Cen e (GFLEC) a he Washing on
uni e si y in he U.S. (e.g. Lusa di & Tu ano,
2009; Lusa di & Mi chell, 2014). Financial
li e a e pe son is ha kind o esponden who
answe ed co ec ly a leas 4 p ac ical que ies,
i.e. an absolu e majo i y o hese asks, while
e alua ing FL. The ollowing di e en ia ion
aspec s we e aken in o conside a ion when
esea ching s uden s’ FL dependencies: sex,
ype o high school and s udy p og am. The
con on a ion o esul s wi h esea ch s udies’
ou pu s p o ided in Chap e 1 was a p incipal
aim o his s udy. Responds and beha io o
esponden s on he basis o pa icula expec ed
u ili ies o he p ospec heo y we e also a pa
o his esea ch, while ocusing on gi en
economic and social impac s and also isk o
i nancial decisions made by indi iduals, which
a e connec ed wi h insu i cien FL. P inciples
o p ospec heo y belong o he basic sou ces
ha in l uence i nancial skills and beha io
o indi iduals. The e o e, he esea ch also
ocused on a connec ion o indi idual’s FL and
his/he esponds o co esponding p inciples o
p ospec heo y. Inspi a ion was d awn om he
me hodology o Skapa and Vémola (2012) in he
concep o esea ch ques ions. Responden s
answe ed 9 ques ions ha we e o med by he
ounde s o he p ospec heo y, Kahneman
and T e sky. Simila ly, he esea ch ocused on
a ious age ca ego ies o esponden s.
Resea ch line was de i ned by ou
hypo heses:
H1: Le el o esponden s’ FL connec ed
o esponden s’ sex.
The p ima y sou ce o his hypo hesis was
a esea ch made by an in e na ional s udy,
PISA (2012, in coope a ion wi h GFLEC).
This esea ch made a conclusion ha male
esponden s a e mo e equen ly anked a
highe , bu also lowe le els o FL e alua ion
(wide a iance o achie ed FL le el). Female
esponden s eached a e age esul s in his
esea ch. Ou esea ch p ima ily ocused on
a possibili y o such di e en ia ion be ween
sexes in e ms o FL in s uden s o speci i c
economic acul ies in Slo akia.
H2: Le el o esponden s’ FL de i ned as
inpu s uden s, which is connec ed o high
school ype.
Many high school s udy p og ams o e
di e en knowledge o FL. On he o he hand, FL
is ine i able in daily li e o each indi idual who
becomes a clien , cus ome , deb o , c edi o ,
e c. In his con ex , each indi idual should ha e
a ce ain le el o FL. The di e ences p esumed
by his hypo hesis a e o main in e es o his
esea ch, while accep ing a ac ha only a pa
o popula ion con inues in he uni e si y s udies.
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180 2018, XXI, 1
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H3: Le el o FL is inc eased by
comple ing economic s udy p og ams a he
uni e si y.
The indi iduals achie e he highes le el o
educa ion by comple ing he uni e si y s udy
p og ams also in economic i eld. I is es ima ed
ha hose indi iduals who did no comple e
any economic s udy p og ams, o a e a he
beginning o such s udies ha e signi i can ly
lowe le el o FL han hose esponden s who
a e abou o comple e hei economic s udies.
H4: Le el o esponden s’ FL is
connec ed o hei i nancial decisions in
isky and unce ain condi ions.
The p ospec heo y explains beha io o
people in decision-making p ocess when isk
and unce ain y occu . People gi e a di e en
weigh o p obabili y o indi idual ac s in
opposi ion o objec i e ac s ha esul in
applying he heo y o expec ed u ili y. The
o mula ed hypo hesis examines a ional and/
o p ospec choice in i nancial decision-making
p ocess o esponden s, i.e. i i nancially
li e a e s uden s make decisions acco ding o
he p inciples o p ospec heo y o a ionally
acco ding o expec ed u ili y heo y in isky
condi ions, and hei connec ion wi h FL.
Pea son’s Chi-squa e es and he
Phi coe i cien s associa ed wi h C ame ’s
coe i cien ha de i ne mu ual dependency on
indi idual ca ego ical a iables and powe o
hei dependency we e used in analy ical da a
p ocess. Howe e , hey do no explain hei
causali y, which may be a subjec o o he
esea ch. Pea son’s Chi-squa e es was used in
o de o e i y i he di e ences o eal (obse ed)
Oij and expec ed ( heo e ical) equencies Eij may
be andom ( a iables a e de i ni e) o s a is ically
signi i can ( a iables a e dependen ) (Hudec,
2008). Theo e ical equency was ob ained on
he basis o ollowing ela ion:
(1)
and he ollowing ela ion was used as a es ing
cha ac e is ics
(2)
which also in ol es asymp o ical 2 di ision
wi h a numbe o l exibili y deg ees ( -1)(c-1).
Condi ions o es use: Eij > 5, n > 30.
Ze o hypo hesis H0 assumes ha he e is no
dependency among he esea ched ca ego ical
a iables. This hypo hesis H0 is ejec ed
in a o o al e na i e hypo hesis H1 ha
p o es connec ions in case alue o es ing
cha ac e is ics ul i lls dispa i y as ollows:
(3)
I is equi ed o heo e ical equencies
o mee he condi ion  5 in o de o con i m
compliance wi h limi ed di ision. I means ha
es esul s depend on sample size (Hudec,
2008). Powe o dependency among a iables
may be de e mined by Phi coe i cien wi h
C ame ’s coe i cien . These coe i cien s o
associa ion may ha e alues om 0 o 1,
whe e alues close o 1 indica e highe le el o
dependency (Lyócsa e al., 2013).
3. Resul s
P ac ical asks used in su ey ques ionnai e
which enabled o e alua e he le el o s uden s’
FL in selec ed economical acul ies we e
hema ically-o ien ed o i nancial skills and
abili ies o esponden s in simple and complex
in e es a e, in l a ion, in l uence o in e es a es
on pa icula ypes o in es men s. The esul s
we e di ided in o ou analogical pa s wi h
gi en hypo heses. Basic desc ip i e s a is ics
o ou sample a e p esen ed in Tab. 2.
3.1 Financial Li e acy and
Responden s’ Sex
The i s hypo hesis H1 examined a p esence
o s a is ically signi i can dependency be ween
achie ed le el o i nancial skills o esponden s
wi h ega d o male and emale sex. In wo
es ed cases ou o h ee (a he Facul ies
o Economy in Košice and B a isla a) was
obse ed s a is ically signi i can dependency
o FL le el on esponden s’ sex. Phi coe i cien
and C ame ’s coe i cien eached alue 0.232
in EKF TUKE and 0.246 in NHF EUBA in
his esea ch. I means ha he e is a ce ain
dependency be ween he s uden s’ le el o FL
o hese acul ies and hei sex. Howe e , male
esponden s ha e highe i nancial knowledge
han emale esponden s bo h a EKF TUKE
and NHF EUBA. The su ey also e ealed
ha only 10.13% o male esponden s a e
i nancially illi e a e, while his numbe is in
emale esponden s much highe , 30.87%.
The pe cen age o i nancially illi e a e men a
NHF EUBA ( hose who could no answe a
leas 4 ques ions o i nancial i eld) was 26.47%,
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1, XXI, 2018
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while pe cen age o i nancially illi e a e women
was 51.40%. I may be assumed ha he e
exis s a co ela ion o LF le el depending
on esponden s’ sex and hus a s a is ically
signi i can di e ence be ween i nancial
knowledge o men and women is o med.
Howe e , he e was a signi i can di e ence in
FM PU in compa ison o EKF TUKE and NHF
EUBA, which means ha in case o FM PU
he e was no no i i ed any s a is ically signi i can
dependency be ween FL le el o hese s uden s
and hei sex (p- alue o es ing cha ac e is ics
was highe as a le el o signi i cance, 0.05,
and Phi coe i cien and C ame ’s coe i cien
eached low alues, 0.064). The pe cen age
o i nancially li e a e s uden s a FM PU, male
esponden s, was 34.48%, while in women’s
case he esul was simila , 28.13%. The
emaining pa o esponden s could no answe
FL- ela ed ques ions co ec ly, almos 65.52%
o men and 71.87% o women.
3.2 Financial Li e acy and he Highes
Le el o Educa ion A ained
The FL was also examined in e ms o he
highes le el o educa ion a ained. Hypo hesis
H2 examined i he e is any mu ual dependency
be ween FL le el o esponden s and a ype
o high schools a ended by esponden s.
Po en ial connec ion o i nancially skilled
s uden s o he i s -yea s uden s a uni e si y
and ype o high schools hey a ended was
es ed. The inpu s uden s ha e knowledge
ob ained a high schools. Business Seconda y
School (Obchodná akadémia) in compa ison
o G amma School (Gymnázium), o o he
ypes o high schools (Ho el academy as
Ho elo á akadémia and Seconda y oca ional
school as S edná odbo ná škola) each many
subjec s o economy and hey p o ide p ima y
o b oadened knowledge o i nances and
economy o hei s uden s. The e o e, i was
supposed ha esponden s who a ended
Business Seconda y School would each
a highe le el o FL.
The equency o indi idual a iables
and quan i a ely compa able pe cen age o
i nancially li e a e esponden s a EKF TUKE
who a ended G amma School was 52%
and hose who a ended Business Seconda y
School 40%. P esen i s -yea s uden s
(95.31%) a NHF EUBA a ended G amma
School o Business Seconda y School. Simila
esul s we e ound a FM PU, which did no
indica e any signi i can s a is ical di e ence
in esponden s’ knowledge ela ed o FL. The
assump ion p o ided in hypo hesis H2 ha
he i s -yea s uden s a Bachelo le el who
a ended Business Seconda y School should
each highe le el o FL due o b oadened
knowledge o i nances and economy han
o he i s -yea s uden s a Bachelo le el was
no con i med in any o esea ched acul ies
(by means o Pea son’s Chi-squa ed es he
Financial illi e a e Financial li e a e
Gende
Men 81 95
Women 111 209
Yea o s udy
Fi s yea o Bachelo s udy 144 176
Las yea o Mas e s udy 48 128
Highes le el o educa ion a ained
G amma School 86 119
Business Seconda y School 43 48
Ho el academy 64
Seconda y oca ional school 95
Sou ce: own p ocessing
Tab. 2: Desc ip i e s a is ics, dis ibu ion o i nancial li e acy
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182 2018, XXI, 1
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p- alue o es ing cha ac e is ics was highe ,
bu le el o signi i cance was 0.05, while Phi
coe i cien wi h C ame ’s coe i cien did no
con i m any connec ion, while aking in o
conside a ion hese wo a iables and hei
alues, 0.073-0.076). In conclusion, es ing a
EKF TUKE, FM PU and NHF EUBA did no
con i m any exis ence o s a is ical dependency
o i nancial knowledge on ype o a high school.
3.3 Financial Li e acy and he Le el o
S udy
The hi d pa o his esea ch ocuses on FL
e alua ion o he i s -yea s uden s and hei
p esen knowledge o FL ob ained om high
school, and s uden s in hei las yea who
al eady comple ed la ge pa o hei uni e si y
s udies wi h ocus on economy. Consequen ly,
i was assumed ha be e esul s would be
obse ed in he case o he las -yea s uden s
as opposed o he i s -yea s uden s. The le el
o FL is inc eased by comple ing economic
s udy p og ams a he uni e si ies, which is
a esul o hypo hesis H3.
F om esul s is e iden ha a equency
a e o i nancially illi e a e s uden s om EKF
TUKE was lowe a he end o hei s udies
(9.68%) as a he beginning o hei s udies
(33.33%). Simila connec ion was ound ou a
NHF EUBA, whe e a a e o i nancially li e a e
s uden s o he i s yea (53.13%) was lowe
han in s uden s o he las yea a pa icula
acul y (72.34%). Logical connec ion was ound
in wo uni e si ies, in Košice and B a isla a,
while analyzing he ela ion be ween FL le el
o esponden s and le el o hei s udies a he
uni e si y. In he s a is ical ou pu s, he es ing
cha ac e is ics was lowe han he selec ed
le el o signi i cance, 0.05 ha suppo s he H3
assump ion; and he Phi coe i cien oge he
wi h C ame ’s coe i cien each alues o
0.273 and 0.173. In bo h cases, he s a is ically
signi i can dependency was con i med, which
means ha i nancial knowledge depends on
comple ed le el o s udy a pa icula uni e si y.
The abo emen ioned s a emen also con i ms
he hypo hesis H3. Howe e , hypo hesis H3
alidi y was no con i med a FM PU, whe e
p- alue by means o Pea son’s Chi-squa ed
es go highe alue han selec ed le el o
signi i cance 0.05. The a e o i nancially li e a e
i s -yea s uden s a FM PU o ms 31.58%,
while 27.78% o he las yea s uden s a e
i nancially li e a e.
3.4 Financial Li e acy and he P ospec
Theo y
The las hypo hesis concen a es on he FL
le el by means o p ac ical asks ha ocus on
a con i ma ion, o ejec ion o his hypo hesis
which eme ges om p ospec heo y. P ospec
p inciples o indi iduals’ beha io in unce ain
condi ions in l uence hei i nancial skills
and i nancial decision-making. Responds
and beha io o esponden s acco ding o
expec ed u ili ies was p ima ily e alua ed
when o mula ing ques ions o p ospec heo y.
Consequen ly, Pea son’s Chi-squa ed es was
used in o de o e i y dependency be ween FL
and esponden ’s decision-making acco ding o
a ional s a egy. Hypo hesis H4 was o mula ed
in o de o e i y possible connec ion be ween
FL and a ional and/o p ospec choice in
i nancial decision-making o esponden s,
i.e. i i nancially li e a e s uden s make decisions
a ionally in unce ain condi ions acco ding o
expec ed u ili y heo y. The absolu e majo i y
o all esponden s (56.86%) chose he second,
less ad an ageous al e na i e ha is ela ed
o p inciples o p ospec heo y. The p ospec
heo y s a es ha people choose hose
al e na i es which mean a change o hei
weal h om ela i e poin o iew, i.e. a ional
s a egy was no aken in o conside a ion.
Tes ing cha ac e is ics ge s highe p- alue
han selec ed le el o signi i cance 0.05. Thus,
i may be supposed ha he e is no dependency
be ween he le el o FL and i nancial decision-
making p ocess o esponden s acco ding o
a ional s a egy. I is also con i med by Phi
and C ame ’s coe i cien s’ associa ion wi h
low alue o 0.082. Tes showed a co ela ion
o FL wi h decision-making p ocess based on
p ospec heo y and hus he hypo hesis H4
assump ion was con i med. To ally, only 141
i nancially li e a e esponden s (ou o 304
i nancially skill ul) applied a ional s a egy in
answe ing ques ions du ing isky and unce ain
condi ions.
3.5 Agg ega e Resul s – Logis ic
Reg ession
In his subchap e we p esen esul s o Logis ic
eg ession. Dependen a iable is i nancial
li e acy, o i nancial illi e acy o s uden s.
Dependan a iable akes alue 1 in case
when subjec is i nancially li e a e and alue 0
in case, when subjec is i nancially illi e a e.
The le el o s uden s’ FL was e alua ed
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1, XXI, 2018
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by 7 speci i c and p ac ical (ma hema ical) asks
wi h mul iple choices and one co ec answe
in en on basic i nancial skills. Financial li e a e
subjec is pe son who answe ed co ec ly a
leas 4 p ac ical que ies. Explana o y a iables
a e all a iables ha we e ea ed sepa a ely in
ou hypo hesis p esen ed abo e. Explana o y
a iables a e:
Gende nominal a iable eaching wo
ca ego ies: males and emales;
Educa ion ca ego ical a iable acqui ing six
ca ego ies: high school, business
academy, ho el academy,
seconda y echnical school,
conse a o y, bachelo deg ee;
Yea o s udy ca ego ical a iable acqui ing
wo alues: i s yea o s udy and
i h ( i nal) yea on s udy a he
uni e si y;
Uni e si y ca ego ical a iable indica ing in
which ins i u ion one is s udying.
He e we conside h ee acul ies:
The Facul y o Economics a he
Technical Uni e si y o Kosice,
The Facul y o Na ional Economy
a he Uni e si y o Economics
in B a isla a and The Facul y
o Managemen o Uni e si y o
P ešo in P ešo .
P ospec Theo y – scale a iables indica ing
he numbe o a ionally answe ed ques ions
possible ange is om 0 o 9.
Tab. 3 con ains esul s o logis ic
eg ession. Model as a whole is s a is ically
signi i can and co ec ly p edic s 62.3% o
cases. Tab. 3 indica es, ha expec a iables
Gende and P ospec heo y, no o he a iable
has a s a is ically signi i can impac on i nancial
li e acy. Conce ning Gende we can conclude
ha being a male inc ease he odds o being
i nancially li e a e by 63.7% compa ed o
emales, and while con olling o o he
a iables in he eg ession. On signi i cance
le el α = 0.1, we can conside P ospec heo y
as a s a is ically signi i can a iable. He e he
conclusion is ollowing: one-uni inc ease in
P ospec heo y sco e inc ease he odds o
being i nancially li e a e by 1 pe cen .
As i was al eady men ioned, he esea ch
ma e ial made by Skapa and Vémola was
used in esea ching esponden s’ beha io
in condi ions o unce ain y and isk, while
3 iden ical ques ions o mula ed by p o . Lusa di
we e applied in de ising esea ch FL ques ions.
Compa ison o e alua ions (Tab. 4) was
ealized due o a ailabili y o o he esea ches’
e alua ions ha use iden ical esea ch
ma e ial. The e alua ion esul s o Slo akia
ep esen he o al e alua ion o all acul ies
ha pa icipa ed in he esea ch. In Tab. 4 we
compa e ou i ndings wi h su eys om USA
and Ge many. He e we ha e o make a poin ,
ha subjec s o USA and Ge man su eys
we e no only s uden s o economic acul ies
bu andom adul s. Mo eo e , su eys in USA
and Ge many we e done in 2009 and 2011
and om his ime a lo o e o was made o
imp o e he awa eness abou i nancial li e acy
B S.E. Wald d Sig. Exp(B)
S ep 1 Gende (1) .493 .197 6.258 1 .012 1.637
School 2.174 4 .704
G amma School(1) 21.762 40,194.847 .000 1 1.000 2.826E9
Business Seconda y
School(2) 22.147 40,194.847 .000 1 1.000 4.152E9
Ho el academy(3) 22.013 40,194.847 .000 1 1.000 3.632E9
Seconda y oca ional
school(4) 21.622 40,194.847 .000 1 1.000 2.456E9
Yea (1) 21.531 40,194.847 .000 1 1.000 2.243E9
P ospec Theo y .089 .054 2.673 1 .102 1.093
Cons an 6.559 12,058.454 .000 1 1.000 705.910
Sou ce: own p ocessing
Tab. 3: Logis ic eg ession
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190 2018, XXI, 1
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Abs ac
FINANCIAL LITERACY OF STUDENTS IN CHOSEN UNIVERSITIES –
RESEARCH PLATFORM FOR REGULATORY PROCESSES OF EDUCATIONAL
SYSTEM IN SLOVAKIA
Ma us Kubak, And ea Tkaco a, A menia And oniceanu,
Manuela T a ona ičienė, E a Huculo a
The main goal o his pape is o compa e he le el o i nancial li e acy among he selec ed acul ies
o economics in Slo akia and o elabo a e a compa ison o i nancial li e acy le el a bo h inpu
and ou pu le el, i.e. be ween he uni e si y s uden s a he beginning o hei Bachelo s udy and
he uni e si y s uden s who a e in he i nal s age o hei Mas e s udy. In addi ion, we wan o
analyze he le el o i nancial li e acy by means o p ac ical asks aimed a con i ma ion o ejec ion
o he p ospec heo y p inciples. Conce ning me hods we s a is ically p ocess ou p ima y da a
which we e collec ed h ough he su ey 2015/2016 om Slo ak Uni e si y o economics in Košice,
P ešo and B a isla a. In e alia, we analyze co ela i e da a dependence o selec ed a iables.
The su ey is ocused also on i nancial beha io o esponden s and hei skills in e ms o i nancial
li e acy concep . Las bu no leas , we deal wi h ea u es o esponden s’ i nancial decision
making unde he condi ions o isk and unce ain y. A i s , we show ha s a is ically signi i can
dependency o FL le el on esponden s’ sex does exis . Male esponden s eached highe FL
han emale ones. Hypo hesis o be e high school educa ion o economy a Business Seconda y
School was ejec ed, a e o i nancially li e a e esponden s who a ended G amma School o
Business Seconda y School is compa able. Subsequen ly, s uden s in hei las yea o s udies a
EKF TUKE and NHF EUBA ha e signi i can ly highe le el o FL han hose s uden s who a e a
he beginning o hei s udies. Con a y, a FM PU he a e o i nancially illi e a e i s -yea s uden s
was lowe han he a e o i nancially li e a e s uden s in hei las yea o s udies. We ound ou
a co ela ion o FL wi h decision-making based on p ospec heo y. The esul s o he p esen ed
esea ch p o ide impo an in o ma ion o policy make s who should e l ec on p esen s a us o
his issue in Slo akia.
Key Wo ds: Financial li e acy, i nancial educa ion, p ospec heo y.
JEL Classi i ca ion: I21, I22, I25.
DOI: 10.15240/ ul/001/2018-1-012
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