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Personal finance management of young households in Lithuania

Author

Listed:
  • Tadas Gudaitis

    (Vilnius University)

  • Evelina Zigmantavi?i?t?

    (Vilniaus Gedimino technkos universitetas)

Abstract

The aim of the paper is to define the main concepts of personal finance management and financial literacy using comparable analysis of scientific literature, to investigate the level of financial literacy and personal finance management skills of young (20-30 age group) Lithuanians and compare the results with other countries` experience. Survey results shows, that despite good understanding on compound interest and inflation effects lack of financial literacy knowledge exists, especially in the understanding of risk diversification principles. Moreover a correlation between education and budget planning was observed. Young adults (age group) with financial education are planning their budget (51%) more than adults with other field education (42%). Finally, just 35% of young (20-25 age group) Lithuanians are planning their budget.

Suggested Citation

  • Tadas Gudaitis & Evelina Zigmantavi?i?t?, 2015. "Personal finance management of young households in Lithuania," Proceedings of International Academic Conferences 2804907, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:2804907
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    File URL: https://iises.net/proceedings/19th-international-academic-conference-florence/table-of-content/detail?cid=28&iid=052&rid=4907
    File Function: First version, 2015
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    More about this item

    Keywords

    Personal finance management; Financial literacy; Budget planning.;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles

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