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1

FINANCIAL PLANNING FOR RETIREMENT IN YOUNG ADULTS: INTERACTION OF PROFESSIONAL EXPERIENCE, KNOWLEDGE, AND BELIEFS

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Bačová V., Dudeková K., Kostovičová L., Baláž V.
Studia Psychologica
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2017
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vol. 59
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issue 2
84 – 99
EN
The aim of the present study was to examine the impact of professional financial experience on the relationships between financial knowledge and beliefs on financial planning for retirement (FPR) in young adults. We designed a domain-specific personal belief inventory comprising all important components involved in FPR. Financial professionals (n = 145) demonstrated greater knowledge of the financial retirement system compared with non-professionals (n = 382). The two groups, however, differed neither in objective nor self-rated general financial literacy. In non-professionals, higher financial literacy was positively linked to trust in the 2nd pension pillar, self-assessed competence in FPR, personal engagement in FPR, perceiving FPR as less emotionally loaded and FPR task as fewer complex. These predicted relationships were not found among professionals. Thus, professional experience in financial domain seems to bring a deeper and particularized insight into the pros and cons of the pension system, and consequently vacillating beliefs about FPR.
2

TOO FAR AWAY TO CARE ABOUT? PREDICTING PSYCHOLOGICAL PREPAREDNESS FOR RETIREMENT FINANCIAL PLANNING AMONG YOUNG EMPLOYED ADULTS

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Bačová V., Kostovičová L.
Ekonomický časopis (Journal of Economics)
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2018
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vol. 66
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issue 1
43 – 63
EN
Knowing which factors underlie beliefs concerning financial planning for retirement (FPR) among young adults is essential for designing interventions to support their actual FPR. Therefore, we examined predictors of FPR-related beliefs and current retirement savings in a sample of 502 employed Slovak adults aged 20 to 35 years. Actual savings and all dimensions of psychological preparedness for FPR were positively predicted by retirement financial literacy and self-rated financial literacy. Moreover, we found that perceived FPR emotional load decreases with education, and perceived FPR task complexity diminishes with age. Further, increasing income was predictive of a higher subjective FPR competence and a perception of FPR as less stressful. Finally, professional experience in the financial domain was linked to a higher self-assessed capability in terms of FPR, but also with a lower personal FPR engagement. Our findings stress the need for effective communication of information about FPR’s relevance to young people.
3

EFFECT OF THE ECONOMIC SITUATION ON TIME AND RISK PREFERENCES: DOES FINANCIAL LITERACY MATTER?

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Adamkovič M., Ropovik I., Martončik M.
Studia Psychologica
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2022
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vol. 64
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issue 2
228 - 241
EN
In two studies (N1 = 430; N2 = 500) on a general Slovak population (50.3% female; age = 39.8 ± 11.7 years), we tested a structural model outlining the effects of one’s economic situation and its subjective perception on time and risk preferences (in tasks with hypothetical rewards), with financial literacy serving as a mediator of these relationships. Even after respecifying the model, mostly weak or inconclusive relationships were observed. We further tested the time stability of time and risk preferences. On a sample of 224 participants who completed both waves (one year apart), we observed moderate correlations in the preferences even after controlling for income change. We argue that both time and risk preferences in monetary choices appear to be stable traits and are only marginally related to one’s economic situation or financial literacy. Further investigation on the effectiveness of financial literacy in shaping economic preferences is needed.
4

POCIŤOVANÁ A SKUTOČNÁ FINANČNÁ GRAMOTNOSŤ

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Baláž V.
Ekonomický časopis (Journal of Economics)
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2012
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vol. 60
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issue 7
681 – 697
EN
Perceived and actual financial literacy in Slovakia was examined via standard questions used in the international surveys. The levels of perceived competence were well-related to actual knowledge of basic financial concepts, such as inflation, compound interest, time value of money and investment costs and socio-demographic variables (education, gender). Psychological variables (risk tolerance levels) impacted perceived financial knowledge indirectly, via willingness to invest in risky classes of financial products.
5
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VÝZNAM PODNIKAVOSTI A FINANČNEJ GRAMOTNOSTI V SOCIOEKONOMICKOM A OSOBNOM ROZVOJI MLADÝCH ĽUDÍ V SLOVENSKEJ REPUBLIKE

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Orbánová D., Velichová Ľ.
Sociológia (Sociology)
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2013
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vol. 45
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issue 5
470 – 488
EN
Entrepreneurial capacity of the economy is determined by the abilities and motivation of individuals to start business activity, as well as by positive social perceptions of the business. People are not born as entrepreneurs, but thanks to the social climate and a favourable business environment they are becoming ones. They live in the economics that is a part of the external environment; hence the living environment, which affects their behaviour. The means of implementation of economic behaviour are essential, thus questions of decision-making, selection process and the relationship between what people say and how they actually behave, as well as the purpose their behaviour leads to. The present society puts great emphasis on knowledge and ability to utilize its potential in practise. The issue of entrepreneurship training, supporting the spirit of enterprise, business potential, the related financial education and raising financial literacy are nowadays frequently discussed topics in our society. They are object of attention to the European institutions, governments, ministries and the other institutions, as well as to providers of formal and informal education. Entrepreneurship education and financial literacy support are all-European and global trends that are also enforced in the Slovak Republic. The aim of all support activities is to teach young people, as early as in the process of learning, the ability to see business opportunities, to make use of them after graduation and to apply them in a business, to show them how to manage the risks and to help them to dispose of the necessary financial knowledge and skills. Contemporary theoretical approaches regard entrepreneurship and financial literacy of young people in wider context as important assumptions of individual success, personal initiative and autonomy of individuals, taking in consideration the indisputable role of business environment.
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