FINANCIAL (I)LITERACY: DOES THE FINANCIAL ADVISOR HELP?
Katarína Rentková
10, P. O. Box 95, 82005 Bratislava 25, Slovakia
Ľudmila Mitková
10, P. O. Box 95, 82005 Bratislava 25, Slovakia
Vladimír Mariak
10, P. O. Box 95, 82005 Bratislava 25, Slovakia
DOI: https://doi.org/10.31410/limen.2018.166
4th International Scientific – Business Conference LIMEN 2018 – Leadership & Management: Integrated Politics of Research and Innovations, Belgrade – Serbia, December 13, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Engineering Management – Belgrade, Serbia; Modern Business School – Belgrade, Serbia; Faculty of Business and Management Sciences – Novo Mesto, Slovenia; Faculty of Business Management and Informatics – Novo Mesto, Slovenia; Business Academy Smilevski – BAS, Skopje, Macedonia; BAS Institute of Management, Bitola, Macedonia, ISBN 978-86-80194-15-8
economy. All advanced countries in the world are trying to ensure a healthy economy, and thus
a long-standing position in macroeconomic comparisons, through using effective economic
policies. In recent years, however, a serious problem exists in many developed countries that
we can see as a macroeconomic problem. It is not just a problem of indebtedness of State (public
debt), a major problem is the large indebtedness of households / individuals. Studies and
analyzes suggest a new problem, and that is, probably, financial illiteracy. Slovakia, as a
member state of many international organizations, is involved in programs to increase financial
literacy, with the help of education programs at primary and secondary schools. Financial
literacy is the ability to use the knowledge, skills and experience to effectively manage own
financial resources to ensure lifetime security for yourself and your household. The financial
market provides many different types of products, and the layman is hardly able to orient them.
Therefore, the existence of financial advisor appears as one possible solution to this problem.
The article deals with the definition of financial literacy, and with the definition of financial
literacy it is an attempt to approach financial illiteracy. For the development of paper were
used several scientific methods of investigation. We focused on evaluating our own financial
literacy survey with high school graduates. The financial literacy test used by the selected
consulting company was also used for our statistical data. For a better understanding of
financial literacy testing used by a consulting company, research is complemented by an
interview. Based on the findings of the research, recommendations are made for practice. The
article deals with issues of financial literacy in Slovakia, but the conclusions are also applicable
in other economies..
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