The paper reflects the results of the authors’ research conducted within the scope of the research project «Enhancing Latvian Citizens’ Securitability through Development of Financial Literacy». The aim of the research was to explore the concept of financial literacy, as well as to measure financial literacy level, using Latvian sample data. The applied research methods involved content analysis and a survey of respondents. The research provides a conceptual framework for understanding the concept of financial literacy, thus building a theoretical foundation for development of the methodology of financial literacy evaluation. The pilot study revealed a great interest of respondents of different ages and social positions in financial literacy issues, as well as a lack of financial knowledge and skills among Latvian citizens.