Examination of Financial Awareness and Financial Culture Among Students

Abstract

Our research, based on a survey of 266 students, examines the financial awareness of young people. We believe that the future of the next generation and their quality of life depends on the development of financial literacy and financial culture. Comprehensive knowledge has become essential for the most basic consumer decisions. The socialisation environment strongly influences the financial culture and attitudes of young people. As a result of the rapid development of digitalisation, the knowledge acquired in educational institutions needs to be constantly updated. The expansion of knowledge is also supported by many programmes in cooperation with schools. The research shows that the financial awareness of this age group is basically positive, but the answers to some questions suggest that their level of practical knowledge needs to be improved. This may be due to their young age. On a positive note, the respondents see a positive example in the socialisation environment at home. High quality economic education also contributes significantly to the acquisition of financial attitudes, behaviours and knowledge by students. Due to the changes in the accelerated world and the development of financial culture, we cannot be completely satisfied, because the continuous development of students is a basic requirement for the rising generation, which feels the same way, and this is supported by nothing other than the fact that the responding students also stated that the educational knowledge acquired in the institution is not completely satisfactory for them to develop their financial knowledge, so they want more organised programmes and more practical knowledge. It is in the education system that young people can best acquire these new competences, which is why the role and quality of education is of paramount importance. Quality means not only in terms of teaching materials, but also in terms of teachers with up-to-date knowledge, the teachers of the future.