Croatian Secondary-School Students Show Poor Financial Literacy
The survey, conducted in the last quarter of 2021 on a sample of 700 secondary-school students, showed that 46% of students have a positive attitude towards money but it also found a low level of financial literacy.
The poorest results were shown in financial knowledge, with 28% of students knowing how to calculate a real interest rate and 25% knowing that savings in the third pension pillar are voluntary. Students in secondary schools of economics expectedly showed a higher level of knowledge, particularly with regard to the pension system, while those in schools with programs in humanities showed a lower level of financial knowledge.
The highest level of responsible financial behaviour was shown towards buying, with 69% of students carefully considering whether they can afford a certain product or service.
Even though they do not regularly monitor their spending and spend in excess of their budgets, when buying they act responsibly. The majority of students know what they are spending their money on while about 20% aren't sure where their money is going.
Students are rarely informed of topics related to finances and only 10% are informed of financial topics several times a week, and once again these are mostly students attending secondary schools of economics.
Half the students consider that money is there to be spent while 65% intend to set aside savings for their pension. Read More...
