Croatian adult financial literacy low - survey

Croatia ranks 27th out of 30 countries covered by an international survey on adult financial literacy, which was conducted by the International Gateway for Financial Education (INFE) and the Organisation for Economic Cooperation and Development (OECD).

Presented earlier this week, the survey, entitled "International Survey of Adult Financial Literacy Competencies", showed that respondents were not contributing to their own financial security through their financial behaviour.

"Thirty countries and economies, including 17 OECD countries, participated in this international survey of financial literacy, using the OECD/INFE toolkit to collect cross-comparable data. In total, 51,650 adults aged 18 to 79 were interviewed using the same core questions, in a total of 30 languages. This report provides high-level highlights of the survey’s findings focusing on relevant aspects of financial  knowledge, behaviour, attitudes and inclusion, and insights into the financial literacy of the population and their needs in terms of education and other forms of support."

"The average score across all participating countries is just 13.2 out of a possible 21 (a combination of a maximum of 7 for knowledge, 9 for behaviour and 5 for attitudes), and 13.7 across participating OECD countries, showing significant room for improvement," reads the report.   

"Financial literacy levels are lower than may be expected for a variety of reasons in some cases knowledge is an issue, whilst in others behaviours are particularly problematic. Some countries with higher average levels of financial knowledge, such as Latvia and Estonia for example, have relatively low overall levels of financial literacy due to their financial behaviour scores."

"Countries such as Poland and Croatia may need to target knowledge alongside behaviour, to ensure that their populations understand the principles of financial literacy and become more active money managers, whilst the British Virgin Islands and Malaysia are among the countries that need to strengthen financial knowledge in their populations to help individuals fully understand the decisions they are making."

The results were published also on the website of the Croatian National Bank.

Last update: Sun, 16/10/2016 - 21:16
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