Abstract:

Financial literacy forms an unambiguous part of general economic literacy. Financial literacy represents knowledge, skills, and standpoints of all citizens that should be applied within the current society. In the past two decades, financial markets have become more complex and investment opportunities have expanded significantly. Financial institutions have a wide range of new and rather complicated products in their portfolios. The paper aims to assess financial literacy of students of three selected Czech universities. The study focuses on their financial management tools. The data was obtained by quantitative research using a questionnaire survey among respondents (n = 1.437). The data was collected at 2018 among full-time bachelor and master degree students. The results demonstrate that 95.76% of the respondents have a current account. 53.38% of respondents have a savings account and 77.80% of respondents have a retirement savings. 72.23% of respondents know which institution supervises banks in the Czech Republic - correlation between the education level and university and financial knowledge was demonstrated by the data statistical analysis.

Keywords:

Education, financial instrument, financial literacy, student, university.