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Financial planning in Slovakia: results of empirical research

Author

Listed:
  • Ján Morvai

    (J. Selye University, Slovakia)

  • Mihály Ormos

    (J. Selye University, Slovakia)

  • Imrich Antalík

    (J. Selye University, Slovakia)

  • Ladislav Mura

    (University of Economics in Bratislava, Slovakia)

  • Adam Páldi

    (J. Selye University, Slovakia)

  • Barnabás Szabó

    (J. Selye University, Slovakia)

Abstract

In this paper, we have highlighted one of today's most critical issues: financial literacy and its importance in our lives. According to several studies, financial literacy needs to be at the appropriate level, not only among the younger but also among the middle and older generations. Financial literacy is the knowledge that allows people of different ages to understand the workings and importance of finances. It helps people make the right decisions in appropriate situations. Finance is a part of everyone's life. Daily, we perceive their importance concerning current spending and the financial concepts to which people are exposed at every step. We have analysed the population's financial literacy and financial planning, which contains Slovakian households, especially in the case of the young generations. Our goal was to have a sample size of at least 400 people, and our sample size was 463 people. As we applied snowball sampling, our research can not be considered representative. Collected data were analysed in statistical software and commented. While the older generation is more attentive to planning for their retirement, even if they cannot always stick to the plan they have set, they also design their spending goals to a greater extent.

Suggested Citation

  • Ján Morvai & Mihály Ormos & Imrich Antalík & Ladislav Mura & Adam Páldi & Barnabás Szabó, 2022. "Financial planning in Slovakia: results of empirical research," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 10(2), pages 572-589, December.
    • Handle: RePEc:ssi:jouesi:v:10:y:2022:i:2:p:572-589
    DOI: 10.9770/jesi.2022.10.2(36)
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    References listed on IDEAS

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    1. Maman Setiawan & Nury Effendi & Teguh Santoso & Vera Intanie Dewi & Militcyano Samuel Sapulette, 2022. "Digital financial literacy, current behavior of saving and spending and its future foresight," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 31(4), pages 320-338, May.
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    More about this item

    Keywords

    finance; financial literacy; financial planning; financial concepts; Slovakia;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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