Differences and Similarities in Financial Knowledge between High School Students in Croatia, Bosnia and Herzegovina and Montenegro

The financial literacy of young people is central to future economic development, as it affects not only their personal well-being but also the sustainable growth of society as a whole. This study aims to assess financial literacy, or more precisely its component, financial knowledge, among high school students in Croatia, Bosnia and Herzegovina and Montenegro. The following hypotheses will be analysed: (i) there is a significant gender gap in financial knowledge, favouring male students, (ii) there is no statistically significant difference in the level of financial knowledge among students from the three countries, regardless of grade level or source of financial knowledge acquisition, and (iii) students with work experience and income have higher levels of financial knowledge than their peers. Data were collected from 350 Croatian, 138 Bosnian and 102 Montenegrin high school students. Analysis utilized categorical Ordinary Least Squares (OLS) models. The results show an alarmingly low level of financial knowledge among all participants, regardless of nationality. This emphasises the urgent need to improve education systems or introduce alternative methods of financial education in order to develop competent young people who are able to make informed financial decisions. The study is subject to the limitations inherent in survey-based research, including potential biases in self-reported data and limitations in generalising the findings beyond the sample population. This study contributes to the literature by shedding light on the level of financial knowledge among high school students in Croatia, Bosnia and Herzegovina, and Montenegro, highlighting both common challenges and potential areas for targeted interventions. By empirically testing hypotheses and outlining practical implications, the study contributes to policy discussions aimed at improving financial education initiatives tailored to the needs of young people in different socio-cultural contexts.