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Journal of Security and Sustainability Issues

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Financial Literacy as a Prerequisite for Citizens’ Economic Security: Development of a Measurement Instrument
Volume 4, Issue 1 (2014), pp. 29–40
Guna Ciemleja   Natalja Lace   Jelena Titko  

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https://doi.org/10.9770/jssi.2014.4.1(3)
Pub. online: 30 September 2014      Type: Article      Open accessOpen Access

Published
30 September 2014

Abstract

The level of citizens’ financial knowledge has a great impact on financial well-being of individuals and society. In this regard public authorities in many countries initiated a process of development and implementation of National strategies to enhance financial literacy level. The initial step of developing a national strategy is evaluation of current situation. Thus, financial literacy measuring issues are frequently debated in the academic and public environment. The goal of the current research is to develop a measurement instrument to evaluate the level of financial knowledge of Latvian citizens. The present paper reflects the results of the authors’ conducted survey based on the sample of 169 respondents. A set of 12 questions on financial matters was developed to detect perceived importance and complexity of financial literacy components, as well as to get financial literacy self-assessment scores. Data was processed by means of SPSS, applying such methods, as analysis of means, analysis of frequencies and independent samples t-test. Received results assist to precise the content and wording of questions to be included into the questionnaire for evaluation financial literacy level of Latvian citizens.

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Keywords
financial literacy measurement evaluation survey Latvia

JEL
G100 G11

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Generolo Jono Žemaičio Lietuvos karo akademija Šilo g. 5A., LT-10322 Vilnius, el.p: lka@mil.lt

General Jonas Žemaitis Military Academy of Lithuania  Šilo Str. 5A, LT-10322 Vilnius, Lithuania, e-mail: lka@mil.lt

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