Financial literacy and its influence on young customers’ decision factors

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Bozena Fraczek
Monika Klimontowicz


Dynamic changes in economic environment, especially regarding financial markets, cause the necessity to develop financial skills of societies. Despite the large number of different initiative in this field, the financial education level around the world is rather low. This state is influenced by many factors and differs in particular target group of financial education. The paper focuses on the young people as the most important group for further development of societies. The purpose of the article is to verify the influence of financial knowledge and skills on financial decision factors. It presents the results of a pilot survey which was conducted at the turn of 2013 and 2014 in selected European countries combining descriptive theoretical and empirical methods. The survey assesses the level of young customers’ financial literacy, examines young customers’ decision factors and correlation between them and basic financial knowledge and skills.

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Author Biographies

Bozena Fraczek, University of Economics in Katowice, Poland

Bozena Fraczek, Doctor of Economics. Assistant Professor in the Department of Banking and Financial Markets at the University of Economics in Katowice. She deals with issues related to the functioning of financial markets – their instruments and participants. Her special attention is focused on individual investors and households as participants of financial markets. She is interested in issues related to behavioural finance and financial education. Her special interest is focused on particular targets of financial education such as enhancing financial awareness and knowledge, extension of financial inclusion or consumer protection.

Monika Klimontowicz, University of Economics in Katowice, Poland

Dr Monika Klimontowicz works as a lecturer at University of Economics in Katowice, Poland. Her latest research focuses on the role of intangibles in the process of achieving banks’ competitive advantage, especially concerning innovations. Her scientific interests include business strategy, innovation, knowledge and intellectual capital. She has been working as a marketing manager and business consultant.