Financial issues perceived by youth: preliminary survey for financial literacy evaluation in the Baltics


  • Jelena Titko Riga Technical University
  • Natalja Lace Riga Technical University
  • Tatjana Polajeva Tallinn University of Technology



financial literacy, survey, Baltic countries


Financial literacy as a prerequisite of citizens? financial well-being and, as a consequence, economic security is a hot topic not only in the academic environment, but also among the representatives of governmental and non-governmental organizations. One of the most important activities realized by the government in order to enhance citizens? financial literacy level is the implementation of the National strategy. The first step of this process is an evaluation of a current situation, which, in turn, requires a proper measurement instrument. The current research was aimed at specifying the content and the structure of the instrument, as well as to reveal the differences in perception of financial matters by students from different countries. A set of 12 financial questions was developed to detect perceived importance and complexity of financial literacy components, as well as to get financial literacy self-assessment scores. The questions were disseminated among the Latvian, Lithuanian and Estonian students. The obtained results assisted to specify the content and wording of questions to be included into the financial literacy measurement instrument. Besides, revealed differences between students? perception of financial questions allowed making conclusions about students? self-confidence that has a great impact on financial literacy level.


Download data is not yet available.


Almenberg, J., & Gerdes, C. (2012). Exponential Growth Bias and Financial Literacy. Applied Economics Letters, 19(17). 51.2011.652772.
Almenberg, J., & Save-Soderbergh, J. (2011). Financial Literacy and Retirement Planning in Sweden. Journal of Pension Economics and Finance, 10(04).
Amoros, J. E., & Bosma, N. (2013). Global Entrepreneurship Monitor 2013. Retrieved from (15.11.2014)
ANZ/The Social Research Center. (2011). Adult Financial Literacy in Australia. ANZ Survey. Retrieved from e8ac695c3d7fc8cff90cd/2011-Adult-Financial-Literacy-Full.pdf.pdf?CACHEID=f9fc9800493e8ac695c3d7fc8cff90cd (20.09.2014).
Atkinson, A., & Messy, F. (2012). Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study. OECD Working Papers on Finance, Insurance and Private Pensions, 15.
Behrman, J. R., Mitchell, O. S., Soo, C., & Bravo, D. (2010). Financial Literacy, Schooling, and Wealth Accumulation. Pension Research Council Working Paper, 2010-24.
Capuano, A., & Ramsay, I. (2011). What Causes Suboptimal Financial Behaviour? An Exploration of Financial Literacy, Social Influences and Behavioural Economics. SSRN Electronic Journal.
Ciemleja, G., Lace, N., & Titko, J. (2014). Financial Literacy as a Prerequisite for Citizens? Economic Security: Development of a Measurement Instrument. Journal of Security and Sustainability, 4(1). 770/jssi.2014.4.1(3).
European Commission. (2007). Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: A Single Market for 21st Century Europe. Retrieved from 007DC0724 (14.10.2014)
Financial Services Authority (FSA). (2005). Measuring Financial Capability: An Exploratory Study. Retrieved from (25.07.2014)
Fornero, E., & Monticone, C. (2011). Financial Literacy and Pension Plan Participation in Italy. Journal of Pension Economics and Finance, 10(4).
Gerardi, K., Goette, L., & Meier, S. (2010). Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data. SSRN Electronic Journal.
Grifoni, A., & Messy, F. (2012). Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices. OECD Working Papers on Finance, Insurance and Private Pensions.
Guiso, L., Jappelli, T. (2008). Financial Literacy and Portfolio Diversification. Retrieved from _2008_31.pdf (15.11.2014)
Hastings, J. S., & Mitchell, O. S. (2011). How financial literacy and impatience shape retirement wealth and investment behaviours. SSRN Electronic Journal.
Hastings, J., & Tejeda-Ashton, L. (2008). Financial Literacy, Information, and Demand Elasticity: Survey and Experimental Evidence from Mexico. National Bureau of Economic Research WP 14538.
Heinberg, A., Hung, a., Kapteyn, A., Lusardi, A., & Yoong, J. (2010). Five Steps to Planning Success. Retrieved from rand/pubs/working_papers/2010/RAND_WR790.pdf (15.11.2014)
Hung, A. A., Parker, A. M., Yong, J. K. (2009). Defining and Measuring Financial Literacy. SSRN Electronic Journal.
Kefela, G. (2011). Implications of Financial Literacy in Developing Countries. African Journal of Business Management, 5(9).
Krizek, T., & Hradil, D. (2012). Financial Literacy of University Students: Methodology and Results of an Online Survey. International Journal of Business and Social Science, 3(22).
Lennox, V. (2014). It?s Time to Bridge the Entrepreneur Financial Literacy Gap. Retrieved from (10.11.2014)
Lusardi, A., & Tufano, P. (2009). Debt Literacy, Financial Experience and Overindebtedness. National Bureau of Economic Research WP 14808.
Mandell, L., & Klein, L. S. (2007). Motivation and Financial Literacy. Financial Services Review, 16.
OECD. (2012). PISA 2012 Results: Students and Money. Retrieved from (20.11.2014)
OECD. (2013) Entrepreneurship at a Glance. Retrieved from eneur_aag-2013-en (17.11.2014).
OECD/INFE. (2014). Progress Report on Financial Education. Retrieved from 7&zoom=auto,-178,586 (15.11.2014)
PISA/OECD. (2012). Financial Literacy Assessment Framework. Retrieved from (14.04.2014)
Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. The Journal of Consumer Affairs, 44(2).
Sekita, S. (2011). Financial Literacy and Retirement Planning in Japan. Journal of Pension Economics and Finance, 10(4). 74747211000527.
Titko, J., & Lace, N. (2013). Financial Literacy: Building a Conceptual Framework. In conference proceedings: 11th International Conference ?Liberec Economic Forum 2013?, September 16-17, 2013.
van Rooij, M., Lusardi, A., & Alessie, R. (2012). Financial Literacy, Retirement Planning and Household Wealth. The Economic Journal, 122 (May).
Widdowson, D., & Hailwood, K. (2007). Financial Literacy and Its Role in Promoting a Sound Financial System. Reserve Bank of New Zealand Bulletin, 70(2).




How to Cite

Titko, J., Lace, N., & Polajeva, T. (2015). Financial issues perceived by youth: preliminary survey for financial literacy evaluation in the Baltics. Oeconomia Copernicana, 6(1), 75–98.




Most read articles by the same author(s)

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.