Financial Literacy as a Prerequisite for Citizens’ Economic Security: Development of a Measurement Instrument
Journal of Security and Sustainability Issues 2014
Guna Ciemleja, Nataļja Lāce, Jeļena Titko

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.


Keywords
financial literacy, measurement, evaluation, survey, Latvia
DOI
10.9970/jssi.2014.4.1(3)
Hyperlink
http://www.jssidoi.org/jssi/volume-4-number-1-2014-september/

Ciemleja, G., Lāce, N., Titko, J. Financial Literacy as a Prerequisite for Citizens’ Economic Security: Development of a Measurement Instrument. Journal of Security and Sustainability Issues, 2014, Vol.4, No.1, pp.29-40. ISSN 2029-7017. e-ISSN 2029-7025. Available from: doi:10.9970/jssi.2014.4.1(3)

Publication language
English (en)
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