The level of financial literacy among the high school students in the chosen regions of the Czech Republic

Abstract

In the current economic conditions it is impossible to consider anything as permanent and predictable. A certain level of financial education across all age groups is necessary. It is no longer possible the case that what one learns in one time can use a long time without changes. Especially in the economic area, it is necessary to enable individuals still have further education, acquisition by obtaining of new knowledge and experience and deepen the already acquired. Likewise, how it is changed everything around, the financial environment is changing too. In the markets, there are many new possibilities of investment, saving or borrowing capital. Therefore, it is essential that each individual had a certain level of financial literacy. The aim of this article is to present the results of the research focused on the level of financial literacy among the high school students in the Czech Republic. A questionnaire survey was attended by participants from the high school students from Olomouc, Zlin and Moravian-Silesian Region in the total number of 297 respondents. The main area was examined the relationship between educational attainment and obtained level of financial literacy. During the research, there were the statistical methods to verify the results used, specifically the χ2 test for significance evaluation and the Pearson contingency coefficient for establishing the intensity of relations. Based on the obtained results we can say that there is agreement between the self-assessment of respondents ́ financial literacy and the educational attainment. The results also show the reluctance of students to use the services of the financial advisors, mainly due to the fact the respondent do not know any representatives of this profession.