Extending the concept of financial literacy: A step toward a sustainable society
Bosnia and Herzegovina
MetadataShow full item record
AbstractThis study analyzes financial literacy in Bosnia and Herzegovina by considering three areas: interest, inflation, and diversification, with financial literacy as a multi-dimensional construct consisting of financial knowledge and financial skills. Using a cross-sectional questionnaire-based survey, 638 valid responses were collected from working-age individuals (18-65 years old). Financial knowledge and skills were analyzed through a prism of several demographic factors, including age, education, household income, and gender. Welch's F tests, ANOVA with Brown-Forsythe, LSD post hoc tests, and Welch's t-tests were performed to test the hypotheses. The findings provide evidence of moderate financial literacy. Similarly to previous studies, financial knowledge and skills partially depend on the respondent's age, education, household income, and gender. The study contributes to the current literature by taking a much-needed non-functional approach to examining financial literacy, focusing not only on financial knowledge but also on often neglected financial skills and providing insight into the unique context of Bosnia and Herzegovina.
SponsorThis work was supported by the Center for Advanced Studies Sarajevo (Grant agreement number 1778-3-XII/21).
Journal titleHeritage and Sustainable Development
Except where otherwise noted, this item's license is described as http://creativecommons.org/licenses/by/4.0/