Abstract:
Nowadays, questions related to citizens’ financial literacy, their abilities to plan for future and to make sound financial decisions are considered to be critically important, because of strong relationship between the level of personal financial knowledge and skills and households’ well-being. The aim of the current research is to evaluate financial knowledge of Latvian young population. The paper reflects the results of the pilot study conducted among 17-19-years-old citizens. A preliminary evaluation of their knowledge in macroeconomics was performed, using data from annual financial competition, organized by the University College of Economics and Culture. Last year students of Latvian secondary and vocational schools performed tasks and answered the questions in the field of macroeconomics and personal budgeting. The results of 94 participants were analyzed. The obvious conclusion was that the level of students’ knowledge in macroeconomics is higher than the level of knowledge in personal budgeting.
Nowadays, questions related to citizens’ financial literacy, their abilities to plan for future and to make sound financial decisions are considered to be critically important, because of strong relationship between the level of personal financial knowledge and skills and households’ well-being. The aim of the current research is to evaluate financial knowledge of Latvian young population. The paper reflects the results of the pilot study conducted among 17-19-years-old citizens. A preliminary evaluation of their knowledge in macroeconomics was performed, using data from annual financial competition, organized by the University College of Economics and Culture. Last year students of Latvian secondary and vocational schools performed tasks and answered the questions in the field of macroeconomics and personal budgeting. The results of 94 participants were analyzed. The obvious conclusion was that the level of students’ knowledge in macroeconomics is higher than the level of knowledge in personal budgeting.
