Financial literacy of students in chosen universities – research platform for regulatory processes of educational system in Slovakia

175 1, XXI, 2018 Finance DOI: 10.15240/ ul/001/2018-1-012 In oduc ion Financial li e acy (FL) ep esen s a basic and ine i able skill ha is impo an o human exis ence in he 21s cen u y. In ecen yea s, he e a e e iden ac i i ies in a suppo o i nancial educa ion especially om he Eu opean Commission (EC) side. The EC issued “The Communica ion on Financial Educa ion” epo . This epo explici ly s a es economic and social ad an ages o a highe le el o FL as well as undamen al p inciples o i nancial educa ion con ol acco ding o he chosen p ocedu es (Eu opean Commission, 2007). The EC suppo led o implemen a ion o a ious ools in a mo e complex i nancial wo ld in o de o inc ease FL o s uden s. The FL s anda ds ep esen one o hose ools ha a e implemen ed in ins i u ions o all le els o educa ional sys em, hus s uden s may ob ain highe i nancial skills (as o ins ance in he Czech Republic, whe e he Na ional S a egy o Financial Li e acy was issued in 2010). The p ima y pla o m is o med by economical ca ego ies, such as money and ansac ions, i nancial planning and managemen , isks and ewa ds, economic e ms, consume igh s and esponsibili ies, e c. in spi e o he di e ences in a con en o educa ional s anda ds in he indi idual coun ies (OECD, 2016). In Slo akia, he Na ional S anda d o FL (Ve sion 1.0) was o med by he Minis y o Educa ion, Science, Resea ch and Spo o he Slo ak Republic (MESRS) and ac ualized in 2013. Bank o i nancial li e acy, Open- book o Financial Li e acy, e c. we e ac i e in ob aining o he esou ces (MESRS, 2014). The i nancial s anda ds had a dual ole – hey de e mined necessa y knowledge, skills and expe iences o educa ional s a and s uden s, as well. Financial se ices and p oduc s ha e been acing cons an changes o he pas yea s. De elopmen o c edi ma ke causes an inc ease o households’ indeb edness in a gi en economy (And oniceanu, 2017). As a consequence o i nancial c isis, he inc easing a e o indeb edness is connec ed o inc easing c edi isk in a o m o , so-called ailed c edi s. The inc easing a e o ailed c edi s in l uences a quali y o c edi po olio and also an e i ciency o indi idual banks and a whole bank sec o . The p ima y e idence o hese s a emen s a e e l ec ed in many s udies’ esul s ha had shown an exis ence o in e se ela ionship be ween banks’ e i ciency and NPL indica o ( a io o ailed c edi s pe o al c edi s’ olume) in he V4 coun ies, and also wi hin he Ame ican banking ma ke (Kočišo á, 2016). Howe e , he e s ill p e ails ha pa o wo ld’s popula ion which does no ha e any basic i nancial knowledge and also no access o educa ion, despi e a high FL o selec ed g oups o popula ion. Also, he i nancial sec o has been cons an ly changing; he e a e many new i nancial possibili ies and consequen ly i nancial esponsibili ies and isks, despi e a su i cien i nancial knowledge o a popula ion ha is a esul o globaliza ion p ocesses, economic c isis and i s mul i-dimensional impac s (OECD, 2014; And ei e al., 2016). Many coun ies a ach impo ance especially o FL o younge popula ion ha led o a collec ion o ele an da a, which e l ec a eal FL s a e o he indi idual g oups o popula ion and hei po en ials o imp o e i (McG aw Hill Financial, 2015). Consequen ly, nume ous esea ch s udies om ab oad ocus on p ocess and esul ajec o ies in he FL egula ion wi hin pa icula FINANCIAL LITERACY OF STUDENTS IN CHOSEN UNIVERSITIES – RESEARCH PLATFORM FOR REGULATORY PROCESSES OF EDUCATIONAL SYSTEM IN SLOVAKIA Ma us Kubak, And ea Tkaco a, A menia And oniceanu, Manuela T a ona ičienė, E a Huculo a EM_1_2018.indd 175EM_1_2018.indd 175 21.3.2018 12:01:5721.3.2018 12:01:57 176 2018, XXI, 1 Finance coun ies in ecen yea s (Klappe e al., 2015; Rasoaisi & Kalebe, 2015; Kozina & Ponik a , 2015; Nano & Cani, 2016; Di zy ė e al., 2016; Nja amba e al., 2015; T a ona ičienė, 2016; Alonso e al., 2016). In Slo akia, he e absen s complex esea ch and expe s udies wi hin gi en issue in spi e o hei impo ance in s a egic concep s’ o ma ion, planning o educa ional p ocesses, and also c ea ing o ele an policies (Ga u o a e al., 2016). The exis ing s udies o a gi en issue usually ocus on FL issue wi hin a small g oup o esponden s jus pa ially (e.g. V a ec, 2014; Slo enská banko á asociácia, 2007; Nadácia PARTNERS, 2016). The gi en consequen ac ep esen ed a mo i a ion o deepe esea ch o his issue by esea ch ealiza ion wi hin chosen acul ies in Slo akia. The p incipal aim o his esea ch was a compa ison o FL “inpu ” ( i s -yea s uden s a Bachelo le el) and “ou pu ” (las -yea s uden s a Mas e le el), compa ison be ween s uden s o ele an s udy p og ams and a esea ch o causal links, which p o ide a lis o di e ences in ho izon al ( esea ched uni e si ies) and e ical (o he ca ego ies) FL dimensions. The nex chap e s p o ide a de ailed desc ip ion o me hodology and esea ch esul s. 1. O e iew o Resea ch wi hin Gi en Issue In 2007, EC d ew up a concep o i nancial educa ion ha was based on li elong pe spec i e (Fig. 1). Some au ho s (e.g. S a ček & T unk, 2013) ely on his concep as a pla o m o li elong lea ning p ocess, while emphasizing pa icula a ge g oups ( he elde ly, unemployed, socially disad an aged and i nancially excluded a ge g oups, e c.). The i nancial educa ion should be in ol ed in he sys em o public policies ha deal wi h a p og am o de elopmen and s abili y, educa ion and quali i ca ion, p o ec ion and secu i y o consume s, social inclusion, e c. om p ocedu al poin o iew (Ru ledge, 2010). Consequen ly, i nancial educa ion canno be a sepa a e, one-o ac i i y ha ocuses only on a speci i c g oup o popula ion in a speci i c ime ho izon, bu i ep esen s a complex sys em ha equi es applica ion o demanding concep s, me hodologies, means and ools om bo h long- e m and sho - e m pe spec i e. As Fig. 1 illus a es, he p ocess and ins i u ionalized dimension, causal links and e alua ion componen s a e e y impo an in his sys em. Fig. 1: Concep ual scheme o i nancial educa ion (Eu opean Commission, 2007) Sou ce: S a ček and T unk (2013) EM_1_2018.indd 176EM_1_2018.indd 176 21.3.2018 12:01:5721.3.2018 12:01:57 177 1, XXI, 2018 Finance Pla o m o adap abili y and de elopmen o i nancial educa ion which also e l ec s i s di e en le els o accessibili y has no been o med by all coun ies. The e p e ail egional dispa i ies in e ms o i nancial educa ion accessibili y (Ga u o a e al., 2017). In some de eloped coun ies, he p esen gene a ion becomes he i s gene a ion which has an access o i nancial p oduc s (OECD, 2014). Socio-economic s a us o an indi idual and consequen ly, amily en i onmen and educa ion play an impo an ole in his p ocess (Belas e al., 2017). As A kinson and Messy (2012) claims in hei s udy, pa en s wi h lowe le el o educa ion, incomes o p ope y ha e also lowe po en ial o ans e hei knowledge o FL o hei child en, a he han pa en s who ha e highe le el o educa ion. Simila i ndings we e ound in he s udies o such au ho s as V a ec (2014) and o he (Jo gensen, 2007; Cla ke e al., 2005; Jo gensen & Sa la, 2010). T unk and De mol (2015) emphasize a necessi y and impo ance o FL o indi iduals in o de o manage a amily budge op imally, o o c ea e mone a y ese es (Popescu e al., 2016). The app op ia e i nancial educa ion may elimina e inequali ies in social- economic s a us o s uden s. China was he i s in FL, hen Belgium in e ms o he in e na ional le el o FL compa ison wi hin coun ies om all o e he wo ld p esen ed in he PISA s udy (2012). Howe e , Slo akia ob ained an a e age sco e and hus eached one o he las places wi hin a g oup o e alua ed coun ies. Simila ly, Slo akia emains below he a e age o he OECD coun ies in FL e alua ion and i s a e age FL sco e is lowe han in he Czech Republic, Poland, he USA, C oa ia o Is ael (OECD, 2012a). PISA de e mined he le el 2 o FL as he p ima y le el o knowledge and skills. In Slo akia, 77.2% o s uden s each his le el. On he o he hand, i means ha each i h Slo ak s uden has no basic knowledge o i nances (NN G oup, 2015). This nega i e consequen ac highligh s a necessi y o esol ing he FL issues and i s a ailabili y in elemen a y and high schools, while p o iding an app op ia e implemen a ion o FL opics in o educa ional sys em a schools wi h ega d o socio-economic si ua ion. I gende di e en ia ion is aken in o conside a ion in e alua ing PISA esul s o 2012, he e will no be con i med any signi i can s a is ical di e ences in a e age esul s o FL be ween male and emale sex (OECD, 2012b). The esul s o GFLEC su ey ha was done a Washing on uni e si y in he U.S. p o e ha he male esponden s equen ly occupy he highes , bu also he lowes le els o FL e alua ion, while on he o he hand, emale esponden s eached a e age esul s (Lusa di, 2014). O he esea ch s udies obse ed a signi i can di e ence in FL o bo h sexes, while women ob ained much lowe i nancial knowledge han men (e.g. A kinson & Messy, 2012; Buche -Koenen & Lusa di, 2011). The FL esea ch in a con ex o age di e en ia ion is mo e de i ni e; i also ep esen s p esen issue in many coun ies, while he aspec o age di e en ia ion in e ms o FL in l uences concep ualiza ion o educa ion as well as i s p ocedu al ealiza ion. The newes s udies’ esul s a e being e iewed a p esen (e.g. McG aw Hill Financial, 2015; Klappe e al., 2015). McG aw Hill Financial concluded in hei s udy ha 33% o adul s ou o 148 coun ies a e i nancially li e a e. I means ha app oxima ely 3.5 billion o adul s absen he pe cep ion o undamen al i nancial e ms, while mos o hem come om de eloped economies (Klappe e al., 2015). McG aw Hill Financial also shows signi i can dispa i ies o FL le els wi hin he EU coun ies. Fo ins ance, in Romania, only 22% o i s inhabi an s a e i nancially li e a e as opposed o 71% o inhabi an s in Denma k and Sweden. In Eu ope, he e a e 69% o adul s wi h academic deg ee whose i nancial li e acy is signi i can ly highe han o 54% o adul s wi h seconda y educa ion and o 28% o ci izens wi h elemen a y educa ion (Klappe e al., 2015). Insu i cien FL has signi i can economic and social impac s ha appea in a sho - e m, bu also long- e m ime ho izon (Laudan e al., 2016). A p esen , good examples may be he Slo ak households in deb as a esul o sho - e m and also long- e m c edi s by comme cial banks (Szo ics, 2012; Lusa di, 2008). Acco ding o he da a o he Eu opean Cen al Bank, in 2015 each Slo ak adul bo owed om banks in a e age 5,510 EUR. Compa ed o 2014, his amoun inc eased by 600 EUR. Gene ally in his con ex , he a e age amoun in he eu o a ea achie ed 19,761 EUR. Fo ins ance, Polish and Hunga ian households epo ed lowe indeb edness owa ds banks and om his poin o iew, oge he wi h Romania and Bulga ia p esen he lowes indeb ed coun ies in Eu ope. In 2015 a e age loans o adul in Hunga y was only 2,407 EUR and he lowes c edi amoun in he EM_1_2018.indd 177EM_1_2018.indd 177 21.3.2018 12:01:5821.3.2018 12:01:58 178 2018, XXI, 1 Finance Eu ope is indica ed be ween Romanian adul s (1,450 EUR). In con a y, he highes a e age loan pe inhabi an (21,403 EUR) exis s in Aus ia. I we ake a deepe look on s uc u e o loans, he e p e ail eal-es a e c edi . Slo ak ha e bo owed in o al 23.3 billion EUR om banks and o he i nancial ins i u ions and up o h ee qua e s o his olume was ela ed o he housing loans. Mo e han 3.6 billion (15.5% o all loans) we e p o ided by banks in he o m o consume c edi . Compa ed o he same pe iod o he 2014, he o al c edi ad anced inc eased by 12.6% (Ond o á, 2015). Simila ly, om mac o-economic poin o iew, he insu i cien FL con ibu es o i nancial c isis, people ha e di i cul ies o ocus on p oduc s o e ed by i nancial ins i u ions, hei i nancial decision-makings a e isky and equen ly lead o exis en ial issues (V a ec, 2014; Ru ledge, 2010; And oniceanu, 2015). A pe son cons an ly pe o ms many egula ansac ions and makes decisions a ce ain isk le els. P ospec heo y is an app op ia e desc ip i e model o decision-making in e ms o unce ain y. I is no no ma i e, because i desc ibes eal beha io o people in a eal wo ld and i s basic knowledge is ha an assessmen o a ious possibili ies is mo e ela i e a he han absolu e and simul aneously, he e exis s a s ong a e sion o a loss (Kahneman, 2012; Skapa & Vémola, 2012; Abdellaoui e al., 2016). P ospec heo y is one o he mos ci ed pape e e published in p es igious economic jou nal Econome ica. The Nobel Memo ial P ize in Economics Sciences was awa ded o au ho s in 2002 o hei con ibu ion o psychology o judgmen , decision-making and beha iou al economics. P ospec heo y is a coun e pa o Expec ed u ili y heo y. Basic p inciples o P ospec heo y a e isk a e sion, e e ence poin , p inciple o diminishing sensi i i y and loss a e sion. Kahneman and T e sky (1979) empi ically showed, ha people unde weigh ou comes ha a e less p obable in compa ison wi h ou comes ha a e ce ain. Au ho s also showed ha people gene ally disca d componen s ha a e sha ed by all p ospec s unde conside a ion. P ospec heo y is seen as a base s one o beha io al economics. In many o eign s udies, he e domina e such app oaches ha p e e a ionali y and p agma ic poin o iews in ela ion o FL. Consequen ly, highe i nancial knowledge helps indi iduals o moni o an op imal consump ion and balanced po olio o household wi h ela ion o i nances (Romi iy & Rossiz, 2014; And oniceanu & Ohanyan, 2016). Also hey lead o highe p obabili y o sa ings’ c ea ion and co ec i nancial planning o pension (Fe nández- López e al., 2010; Hung e al., 2009). 2. Me hodology F amewo k The su ey o FL le el was ealized du ing he ollowing pe iod, Decembe 2015 un il Ma ch 2016. The e pa icipa ed 496 s uden s om h ee selec ed uni e si ies in Slo akia: Facul y o Economics, Technical Uni e si y o Košice (EKF TUKE), Facul y o Managemen o Uni e si y o P ešo in P ešo (FM PU) and Facul y o Na ional Economy o he Uni e si y o Economics in B a isla a (NHF EUBA). These Slo ak uni e si ies ha e been ac i e o many yea s and hey p o ide a ious economically o ien ed s udy p og ams. They also ealize esea ch ac i i ies besides hose educa ional ones. Tab. 1 shows a s uc u e o esea ch sample. One can see ha he e is a majo i y o emale esponden s. This ac only e l ec s he Facul y / Uni e si y F equency o su ey esponden s 1s yea o Bachelo s udy 2nd yea o Mas e s udy O e all F equency Men Women To al Men Women To al EKF TUKE 46 89 135 33 60 93 228 FM PU 18 39 57 11 25 36 93 NHF EUBA 47 81 128 21 26 47 175 To al 111 209 320 65 111 176 496 Sou ce: own Tab. 1: Resea ch sample acco ding o sex and uni e si y le el o esponden s EM_1_2018.indd 178EM_1_2018.indd 178 21.3.2018 12:01:5821.3.2018 12:01:58 179 1, XXI, 2018 Finance ac ual s a e o numbe o uni e si y s uden s on acul ies wi h economic o ien a ion. On acul ies pa icipa ing in ou su ey we can i nd ollowing sha e o emale s uden s: EKF TUKE: 59.5%, FM PU: 71.14%, NHF EUBA: 67.68%. In ou su ey 64.51% o o al numbe o pa icipan s we e emale. This is in line wi h abo e men ioned end ha p e ail in economic i eld o s udy. The w i en o m o su ey by means o s uc u ed ques ionnai e ha consis ed o 54 ques ions was used in o de o collec he necessa y da a. Ques ionnai e s uc u e was di ided in o h ee ypes o ques ions so i also conside ed key ca ego ies o a gi en issue. The i s ype o ques ions ocused on demog aphic da a o esponden s and i included 6 ques ions in o al, which ocused on sex, age, place o esidence, he highes educa ional a ainmen , p esen le el o uni e si y deg ee and wo king condi ion. The second ype o ques ions was ela ed o p ac ical asks which ocused on e i ying he le el o FL and con i ming, and/ o ejec ing he hypo hesis ha eme ges om p ospec heo y. The las ype o ques ions consis ed o hose ha concen a ed on i nancial si ua ion and i nancial beha io o a esponden . The su ey ques ionnai e included closed ques ions ha had ei he a cha ac e o mul iple choice ques ions o ques ions wi h a ing scales (7-10), when esponden s could con ey hei a i udes. Ra ing ques ions we e ela ed o i nancial beha io o esponden s, while ocusing on hei sel -pe cep ion. The a ge s as well as cha ac e o a su ey we e de e mined by a o m o ques ionnai e and ques ions’ concep . The p ima y aim was FL compa ison be ween bo h he chosen acul ies and hei s uden s a “inpu ” ( i s -yea s uden s a Bachelo le el) and “ou pu ” (las -yea s uden s a Mas e le el). The s uden s’ FL was e alua ed by 7 speci i c and p ac ical (ma hema ical) asks wi h mul iple choices and one co ec answe on he basis o con en poin o iew. In he esea ch, he e was applied a e i i ed and in e na ionally espec ed p ocedu e, which has also been used by he Global Financial Li e acy Excellence Cen e (GFLEC) a he Washing on uni e si y in he U.S. (e.g. Lusa di & Tu ano, 2009; Lusa di & Mi chell, 2014). Financial li e a e pe son is ha kind o esponden who answe ed co ec ly a leas 4 p ac ical que ies, i.e. an absolu e majo i y o hese asks, while e alua ing FL. The ollowing di e en ia ion aspec s we e aken in o conside a ion when esea ching s uden s’ FL dependencies: sex, ype o high school and s udy p og am. The con on a ion o esul s wi h esea ch s udies’ ou pu s p o ided in Chap e 1 was a p incipal aim o his s udy. Responds and beha io o esponden s on he basis o pa icula expec ed u ili ies o he p ospec heo y we e also a pa o his esea ch, while ocusing on gi en economic and social impac s and also isk o i nancial decisions made by indi iduals, which a e connec ed wi h insu i cien FL. P inciples o p ospec heo y belong o he basic sou ces ha in l uence i nancial skills and beha io o indi iduals. The e o e, he esea ch also ocused on a connec ion o indi idual’s FL and his/he esponds o co esponding p inciples o p ospec heo y. Inspi a ion was d awn om he me hodology o Skapa and Vémola (2012) in he concep o esea ch ques ions. Responden s answe ed 9 ques ions ha we e o med by he ounde s o he p ospec heo y, Kahneman and T e sky. Simila ly, he esea ch ocused on a ious age ca ego ies o esponden s. Resea ch line was de i ned by ou hypo heses: H1: Le el o esponden s’ FL connec ed o esponden s’ sex. The p ima y sou ce o his hypo hesis was a esea ch made by an in e na ional s udy, PISA (2012, in coope a ion wi h GFLEC). This esea ch made a conclusion ha male esponden s a e mo e equen ly anked a highe , bu also lowe le els o FL e alua ion (wide a iance o achie ed FL le el). Female esponden s eached a e age esul s in his esea ch. Ou esea ch p ima ily ocused on a possibili y o such di e en ia ion be ween sexes in e ms o FL in s uden s o speci i c economic acul ies in Slo akia. H2: Le el o esponden s’ FL de i ned as inpu s uden s, which is connec ed o high school ype. Many high school s udy p og ams o e di e en knowledge o FL. On he o he hand, FL is ine i able in daily li e o each indi idual who becomes a clien , cus ome , deb o , c edi o , e c. In his con ex , each indi idual should ha e a ce ain le el o FL. The di e ences p esumed by his hypo hesis a e o main in e es o his esea ch, while accep ing a ac ha only a pa o popula ion con inues in he uni e si y s udies. EM_1_2018.indd 179EM_1_2018.indd 179 21.3.2018 12:01:5821.3.2018 12:01:58 180 2018, XXI, 1 Finance H3: Le el o FL is inc eased by comple ing economic s udy p og ams a he uni e si y. The indi iduals achie e he highes le el o educa ion by comple ing he uni e si y s udy p og ams also in economic i eld. I is es ima ed ha hose indi iduals who did no comple e any economic s udy p og ams, o a e a he beginning o such s udies ha e signi i can ly lowe le el o FL han hose esponden s who a e abou o comple e hei economic s udies. H4: Le el o esponden s’ FL is connec ed o hei i nancial decisions in isky and unce ain condi ions. The p ospec heo y explains beha io o people in decision-making p ocess when isk and unce ain y occu . People gi e a di e en weigh o p obabili y o indi idual ac s in opposi ion o objec i e ac s ha esul in applying he heo y o expec ed u ili y. The o mula ed hypo hesis examines a ional and/ o p ospec choice in i nancial decision-making p ocess o esponden s, i.e. i i nancially li e a e s uden s make decisions acco ding o he p inciples o p ospec heo y o a ionally acco ding o expec ed u ili y heo y in isky condi ions, and hei connec ion wi h FL. Pea son’s Chi-squa e es and he Phi coe i cien s associa ed wi h C ame ’s coe i cien ha de i ne mu ual dependency on indi idual ca ego ical a iables and powe o hei dependency we e used in analy ical da a p ocess. Howe e , hey do no explain hei causali y, which may be a subjec o o he esea ch. Pea son’s Chi-squa e es was used in o de o e i y i he di e ences o eal (obse ed) Oij and expec ed ( heo e ical) equencies Eij may be andom ( a iables a e de i ni e) o s a is ically signi i can ( a iables a e dependen ) (Hudec, 2008). Theo e ical equency was ob ained on he basis o ollowing ela ion: (1) and he ollowing ela ion was used as a es ing cha ac e is ics (2) which also in ol es asymp o ical 2 di ision wi h a numbe o l exibili y deg ees ( -1)(c-1). Condi ions o es use: Eij > 5, n > 30. Ze o hypo hesis H0 assumes ha he e is no dependency among he esea ched ca ego ical a iables. This hypo hesis H0 is ejec ed in a o o al e na i e hypo hesis H1 ha p o es connec ions in case alue o es ing cha ac e is ics ul i lls dispa i y as ollows: (3) I is equi ed o heo e ical equencies o mee he condi ion  5 in o de o con i m compliance wi h limi ed di ision. I means ha es esul s depend on sample size (Hudec, 2008). Powe o dependency among a iables may be de e mined by Phi coe i cien wi h C ame ’s coe i cien . These coe i cien s o associa ion may ha e alues om 0 o 1, whe e alues close o 1 indica e highe le el o dependency (Lyócsa e al., 2013). 3. Resul s P ac ical asks used in su ey ques ionnai e which enabled o e alua e he le el o s uden s’ FL in selec ed economical acul ies we e hema ically-o ien ed o i nancial skills and abili ies o esponden s in simple and complex in e es a e, in l a ion, in l uence o in e es a es on pa icula ypes o in es men s. The esul s we e di ided in o ou analogical pa s wi h gi en hypo heses. Basic desc ip i e s a is ics o ou sample a e p esen ed in Tab. 2. 3.1 Financial Li e acy and Responden s’ Sex The i s hypo hesis H1 examined a p esence o s a is ically signi i can dependency be ween achie ed le el o i nancial skills o esponden s wi h ega d o male and emale sex. In wo es ed cases ou o h ee (a he Facul ies o Economy in Košice and B a isla a) was obse ed s a is ically signi i can dependency o FL le el on esponden s’ sex. Phi coe i cien and C ame ’s coe i cien eached alue 0.232 in EKF TUKE and 0.246 in NHF EUBA in his esea ch. I means ha he e is a ce ain dependency be ween he s uden s’ le el o FL o hese acul ies and hei sex. Howe e , male esponden s ha e highe i nancial knowledge han emale esponden s bo h a EKF TUKE and NHF EUBA. The su ey also e ealed ha only 10.13% o male esponden s a e i nancially illi e a e, while his numbe is in emale esponden s much highe , 30.87%. The pe cen age o i nancially illi e a e men a NHF EUBA ( hose who could no answe a leas 4 ques ions o i nancial i eld) was 26.47%, EM_1_2018.indd 180EM_1_2018.indd 180 21.3.2018 12:01:5821.3.2018 12:01:58 181 1, XXI, 2018 Finance while pe cen age o i nancially illi e a e women was 51.40%. I may be assumed ha he e exis s a co ela ion o LF le el depending on esponden s’ sex and hus a s a is ically signi i can di e ence be ween i nancial knowledge o men and women is o med. Howe e , he e was a signi i can di e ence in FM PU in compa ison o EKF TUKE and NHF EUBA, which means ha in case o FM PU he e was no no i i ed any s a is ically signi i can dependency be ween FL le el o hese s uden s and hei sex (p- alue o es ing cha ac e is ics was highe as a le el o signi i cance, 0.05, and Phi coe i cien and C ame ’s coe i cien eached low alues, 0.064). The pe cen age o i nancially li e a e s uden s a FM PU, male esponden s, was 34.48%, while in women’s case he esul was simila , 28.13%. The emaining pa o esponden s could no answe FL- ela ed ques ions co ec ly, almos 65.52% o men and 71.87% o women. 3.2 Financial Li e acy and he Highes Le el o Educa ion A ained The FL was also examined in e ms o he highes le el o educa ion a ained. Hypo hesis H2 examined i he e is any mu ual dependency be ween FL le el o esponden s and a ype o high schools a ended by esponden s. Po en ial connec ion o i nancially skilled s uden s o he i s -yea s uden s a uni e si y and ype o high schools hey a ended was es ed. The inpu s uden s ha e knowledge ob ained a high schools. Business Seconda y School (Obchodná akadémia) in compa ison o G amma School (Gymnázium), o o he ypes o high schools (Ho el academy as Ho elo á akadémia and Seconda y oca ional school as S edná odbo ná škola) each many subjec s o economy and hey p o ide p ima y o b oadened knowledge o i nances and economy o hei s uden s. The e o e, i was supposed ha esponden s who a ended Business Seconda y School would each a highe le el o FL. The equency o indi idual a iables and quan i a ely compa able pe cen age o i nancially li e a e esponden s a EKF TUKE who a ended G amma School was 52% and hose who a ended Business Seconda y School 40%. P esen i s -yea s uden s (95.31%) a NHF EUBA a ended G amma School o Business Seconda y School. Simila esul s we e ound a FM PU, which did no indica e any signi i can s a is ical di e ence in esponden s’ knowledge ela ed o FL. The assump ion p o ided in hypo hesis H2 ha he i s -yea s uden s a Bachelo le el who a ended Business Seconda y School should each highe le el o FL due o b oadened knowledge o i nances and economy han o he i s -yea s uden s a Bachelo le el was no con i med in any o esea ched acul ies (by means o Pea son’s Chi-squa ed es he Financial illi e a e Financial li e a e Gende Men 81 95 Women 111 209 Yea o s udy Fi s yea o Bachelo s udy 144 176 Las yea o Mas e s udy 48 128 Highes le el o educa ion a ained G amma School 86 119 Business Seconda y School 43 48 Ho el academy 64 Seconda y oca ional school 95 Sou ce: own p ocessing Tab. 2: Desc ip i e s a is ics, dis ibu ion o i nancial li e acy EM_1_2018.indd 181EM_1_2018.indd 181 21.3.2018 12:01:5821.3.2018 12:01:58 182 2018, XXI, 1 Finance p- alue o es ing cha ac e is ics was highe , bu le el o signi i cance was 0.05, while Phi coe i cien wi h C ame ’s coe i cien did no con i m any connec ion, while aking in o conside a ion hese wo a iables and hei alues, 0.073-0.076). In conclusion, es ing a EKF TUKE, FM PU and NHF EUBA did no con i m any exis ence o s a is ical dependency o i nancial knowledge on ype o a high school. 3.3 Financial Li e acy and he Le el o S udy The hi d pa o his esea ch ocuses on FL e alua ion o he i s -yea s uden s and hei p esen knowledge o FL ob ained om high school, and s uden s in hei las yea who al eady comple ed la ge pa o hei uni e si y s udies wi h ocus on economy. Consequen ly, i was assumed ha be e esul s would be obse ed in he case o he las -yea s uden s as opposed o he i s -yea s uden s. The le el o FL is inc eased by comple ing economic s udy p og ams a he uni e si ies, which is a esul o hypo hesis H3. F om esul s is e iden ha a equency a e o i nancially illi e a e s uden s om EKF TUKE was lowe a he end o hei s udies (9.68%) as a he beginning o hei s udies (33.33%). Simila connec ion was ound ou a NHF EUBA, whe e a a e o i nancially li e a e s uden s o he i s yea (53.13%) was lowe han in s uden s o he las yea a pa icula acul y (72.34%). Logical connec ion was ound in wo uni e si ies, in Košice and B a isla a, while analyzing he ela ion be ween FL le el o esponden s and le el o hei s udies a he uni e si y. In he s a is ical ou pu s, he es ing cha ac e is ics was lowe han he selec ed le el o signi i cance, 0.05 ha suppo s he H3 assump ion; and he Phi coe i cien oge he wi h C ame ’s coe i cien each alues o 0.273 and 0.173. In bo h cases, he s a is ically signi i can dependency was con i med, which means ha i nancial knowledge depends on comple ed le el o s udy a pa icula uni e si y. The abo emen ioned s a emen also con i ms he hypo hesis H3. Howe e , hypo hesis H3 alidi y was no con i med a FM PU, whe e p- alue by means o Pea son’s Chi-squa ed es go highe alue han selec ed le el o signi i cance 0.05. The a e o i nancially li e a e i s -yea s uden s a FM PU o ms 31.58%, while 27.78% o he las yea s uden s a e i nancially li e a e. 3.4 Financial Li e acy and he P ospec Theo y The las hypo hesis concen a es on he FL le el by means o p ac ical asks ha ocus on a con i ma ion, o ejec ion o his hypo hesis which eme ges om p ospec heo y. P ospec p inciples o indi iduals’ beha io in unce ain condi ions in l uence hei i nancial skills and i nancial decision-making. Responds and beha io o esponden s acco ding o expec ed u ili ies was p ima ily e alua ed when o mula ing ques ions o p ospec heo y. Consequen ly, Pea son’s Chi-squa ed es was used in o de o e i y dependency be ween FL and esponden ’s decision-making acco ding o a ional s a egy. Hypo hesis H4 was o mula ed in o de o e i y possible connec ion be ween FL and a ional and/o p ospec choice in i nancial decision-making o esponden s, i.e. i i nancially li e a e s uden s make decisions a ionally in unce ain condi ions acco ding o expec ed u ili y heo y. The absolu e majo i y o all esponden s (56.86%) chose he second, less ad an ageous al e na i e ha is ela ed o p inciples o p ospec heo y. The p ospec heo y s a es ha people choose hose al e na i es which mean a change o hei weal h om ela i e poin o iew, i.e. a ional s a egy was no aken in o conside a ion. Tes ing cha ac e is ics ge s highe p- alue han selec ed le el o signi i cance 0.05. Thus, i may be supposed ha he e is no dependency be ween he le el o FL and i nancial decision- making p ocess o esponden s acco ding o a ional s a egy. I is also con i med by Phi and C ame ’s coe i cien s’ associa ion wi h low alue o 0.082. Tes showed a co ela ion o FL wi h decision-making p ocess based on p ospec heo y and hus he hypo hesis H4 assump ion was con i med. To ally, only 141 i nancially li e a e esponden s (ou o 304 i nancially skill ul) applied a ional s a egy in answe ing ques ions du ing isky and unce ain condi ions. 3.5 Agg ega e Resul s – Logis ic Reg ession In his subchap e we p esen esul s o Logis ic eg ession. Dependen a iable is i nancial li e acy, o i nancial illi e acy o s uden s. Dependan a iable akes alue 1 in case when subjec is i nancially li e a e and alue 0 in case, when subjec is i nancially illi e a e. The le el o s uden s’ FL was e alua ed EM_1_2018.indd 182EM_1_2018.indd 182 21.3.2018 12:01:5921.3.2018 12:01:59 183 1, XXI, 2018 Finance by 7 speci i c and p ac ical (ma hema ical) asks wi h mul iple choices and one co ec answe in en on basic i nancial skills. Financial li e a e subjec is pe son who answe ed co ec ly a leas 4 p ac ical que ies. Explana o y a iables a e all a iables ha we e ea ed sepa a ely in ou hypo hesis p esen ed abo e. Explana o y a iables a e: Gende nominal a iable eaching wo ca ego ies: males and emales; Educa ion ca ego ical a iable acqui ing six ca ego ies: high school, business academy, ho el academy, seconda y echnical school, conse a o y, bachelo deg ee; Yea o s udy ca ego ical a iable acqui ing wo alues: i s yea o s udy and i h ( i nal) yea on s udy a he uni e si y; Uni e si y ca ego ical a iable indica ing in which ins i u ion one is s udying. He e we conside h ee acul ies: The Facul y o Economics a he Technical Uni e si y o Kosice, The Facul y o Na ional Economy a he Uni e si y o Economics in B a isla a and The Facul y o Managemen o Uni e si y o P ešo in P ešo . P ospec Theo y – scale a iables indica ing he numbe o a ionally answe ed ques ions possible ange is om 0 o 9. Tab. 3 con ains esul s o logis ic eg ession. Model as a whole is s a is ically signi i can and co ec ly p edic s 62.3% o cases. Tab. 3 indica es, ha expec a iables Gende and P ospec heo y, no o he a iable has a s a is ically signi i can impac on i nancial li e acy. Conce ning Gende we can conclude ha being a male inc ease he odds o being i nancially li e a e by 63.7% compa ed o emales, and while con olling o o he a iables in he eg ession. On signi i cance le el α = 0.1, we can conside P ospec heo y as a s a is ically signi i can a iable. He e he conclusion is ollowing: one-uni inc ease in P ospec heo y sco e inc ease he odds o being i nancially li e a e by 1 pe cen . As i was al eady men ioned, he esea ch ma e ial made by Skapa and Vémola was used in esea ching esponden s’ beha io in condi ions o unce ain y and isk, while 3 iden ical ques ions o mula ed by p o . Lusa di we e applied in de ising esea ch FL ques ions. Compa ison o e alua ions (Tab. 4) was ealized due o a ailabili y o o he esea ches’ e alua ions ha use iden ical esea ch ma e ial. The e alua ion esul s o Slo akia ep esen he o al e alua ion o all acul ies ha pa icipa ed in he esea ch. In Tab. 4 we compa e ou i ndings wi h su eys om USA and Ge many. He e we ha e o make a poin , ha subjec s o USA and Ge man su eys we e no only s uden s o economic acul ies bu andom adul s. Mo eo e , su eys in USA and Ge many we e done in 2009 and 2011 and om his ime a lo o e o was made o imp o e he awa eness abou i nancial li e acy B S.E. Wald d Sig. Exp(B) S ep 1 Gende (1) .493 .197 6.258 1 .012 1.637 School 2.174 4 .704 G amma School(1) 21.762 40,194.847 .000 1 1.000 2.826E9 Business Seconda y School(2) 22.147 40,194.847 .000 1 1.000 4.152E9 Ho el academy(3) 22.013 40,194.847 .000 1 1.000 3.632E9 Seconda y oca ional school(4) 21.622 40,194.847 .000 1 1.000 2.456E9 Yea (1) 21.531 40,194.847 .000 1 1.000 2.243E9 P ospec Theo y .089 .054 2.673 1 .102 1.093 Cons an 6.559 12,058.454 .000 1 1.000 705.910 Sou ce: own p ocessing Tab. 3: Logis ic eg ession EM_1_2018.indd 183EM_1_2018.indd 183 21.3.2018 12:01:5921.3.2018 12:01:59 190 2018, XXI, 1 Finance Abs ac FINANCIAL LITERACY OF STUDENTS IN CHOSEN UNIVERSITIES – RESEARCH PLATFORM FOR REGULATORY PROCESSES OF EDUCATIONAL SYSTEM IN SLOVAKIA Ma us Kubak, And ea Tkaco a, A menia And oniceanu, Manuela T a ona ičienė, E a Huculo a The main goal o his pape is o compa e he le el o i nancial li e acy among he selec ed acul ies o economics in Slo akia and o elabo a e a compa ison o i nancial li e acy le el a bo h inpu and ou pu le el, i.e. be ween he uni e si y s uden s a he beginning o hei Bachelo s udy and he uni e si y s uden s who a e in he i nal s age o hei Mas e s udy. In addi ion, we wan o analyze he le el o i nancial li e acy by means o p ac ical asks aimed a con i ma ion o ejec ion o he p ospec heo y p inciples. Conce ning me hods we s a is ically p ocess ou p ima y da a which we e collec ed h ough he su ey 2015/2016 om Slo ak Uni e si y o economics in Košice, P ešo and B a isla a. In e alia, we analyze co ela i e da a dependence o selec ed a iables. The su ey is ocused also on i nancial beha io o esponden s and hei skills in e ms o i nancial li e acy concep . Las bu no leas , we deal wi h ea u es o esponden s’ i nancial decision making unde he condi ions o isk and unce ain y. A i s , we show ha s a is ically signi i can dependency o FL le el on esponden s’ sex does exis . Male esponden s eached highe FL han emale ones. Hypo hesis o be e high school educa ion o economy a Business Seconda y School was ejec ed, a e o i nancially li e a e esponden s who a ended G amma School o Business Seconda y School is compa able. Subsequen ly, s uden s in hei las yea o s udies a EKF TUKE and NHF EUBA ha e signi i can ly highe le el o FL han hose s uden s who a e a he beginning o hei s udies. Con a y, a FM PU he a e o i nancially illi e a e i s -yea s uden s was lowe han he a e o i nancially li e a e s uden s in hei las yea o s udies. We ound ou a co ela ion o FL wi h decision-making based on p ospec heo y. The esul s o he p esen ed esea ch p o ide impo an in o ma ion o policy make s who should e l ec on p esen s a us o his issue in Slo akia. Key Wo ds: Financial li e acy, i nancial educa ion, p ospec heo y. JEL Classi i ca ion: I21, I22, I25. DOI: 10.15240/ ul/001/2018-1-012 EM_1_2018.indd 190EM_1_2018.indd 190 21.3.2018 12:02:0021.3.2018 12:02:00