Financial Education and Financial Literacy in the Czech Education System

Abstract

This paper reacts to the current situation in our society and the need for financial education in schools and for adults. Today's world demands financial and economic literacy. This paper outlines the importance of economic and financial literacy in primary and secondary schools (ISCED 1, 2, 3) in the Czech Republic. Research findings in the Czech Republic and from the World Bank have shown high levels of household debt while also indicating the need for higher levels of financial education. Financial literacy and financial instruction in schools would be an effective tool to prevent such developments. The findings and conclusions of this study were obtained through a questionnaire survey in secondary schools (ISCED 3) and through a content analysis of strategic documents adopted at both national and international levels. Simultaneously, we compared the findings, that is, the students' knowledge of financial literacy topics, with the corresponding official documents. This paper describes the level of financial literacy knowledge among high school students. Furthermore, as financial education is currently a mandatory component of primary school education in the Czech Republic (ISCED 1, 2), the paper also describes the current situation of financial education in Czech schools, including methods of implementation. Only time will tell if financial literacy and subsequently financial product utilization of Czech students improves, but it is already clear that the introduction of financial literacy into the school curriculum is necessary.

Financial literacy of university students – the Czech and Slovak experience

“…This advantage arises partly from the fact that the Czech Republic has implemented a national financial literacy strategy (Opletalova, 2015(Opletalova, , p.1177 , Table 1). Although our survey suggested that the form of financial education and knowledge verification did not significantly affect the results, it is plausible that the systematic character and especially the continuity of financial education may have a positive impact.…”

Peningkatan Literasi Keuangan Syariah Bagi Guru Perbankan Syariah

“…Karena pengalaman dengan instrumen keuangan berdampak lebih banyak dalam pengetahuan keuangan (Peng, Bartholomae, Fox, & Cravener, 2007). Dalam meningkatkan literasi keuangan beberapa metode yang sering digunakan adalah games, role playing, ceramah, kunjungan ke lembaga keuangan dan pelatihan langsung dari lembaga keuangan dan akademisi terpercaya (Dhany, 2018;Walstad et al, 2010;Opletalova, 2015;Dewi & Safaah, 2018).…”

The Effect Of Self-Reliance And Self-Efficacy On Student's Financial Education

“…OECD mengemukakan bahwa pendidikan keuangan adalah proses dimana konsumen (masyarakat, investor, akademisi, dan para ekonom) ingin meningkatkan pengetahuan, pemahaman, aplikasi, dan kemampuan analisis mereka terhadap produk atau konsep keuangan melalui informasi, instruksi dan/atau saran obyektif dalam mengembangkan keterampilan dan kepercayaan diri, sehingga menjadi lebih sadar akan risiko dan peluang keuangan, menentukan pilihan, mencari solusi, dan mengambil tindakan efektif lainnya untuk meningkatkan kesejahteraan finansial mereka (Berry, Karlan, & Pradhan, 2018;Meier & Sprenger, 2013; Pengaruh Self-Reliance dan Self-Efficacy terhadap Pendidikan Keuangan Mahasiswa Opletalová, 2015). Selain itu, pendidikan keuangan mempunyai peran untuk mencegah dan mengendalikan hutang, serta meningkatkan tabungan dan investasi (Giofré, 2017;Silva, Magro, Gorla, & Nakamura, 2017).…”