One-Fifth of Czech Secondary School Students Lack Financial Literacy
The survey involved 26,607 first-year students from 370 secondary schools. Credit: Freepik.
Prague, Aug 16 (CTK) – A third of students in the first year at secondary schools in the Czech Republic show an excellent level of financial literacy, but almost one in five are financially illiterate, according to a report by the Czech School Inspectorate presented yesterday by chief inspector Tomas Zatloukal.
Those surveyed showed the weakest performance in areas related to everyday activities, such as safe payments and household management. Students’ awareness of money and financial issues is mainly influenced by family, the survey showed.
The students achieved an average score of 59% in a financial literacy test.
“Both successful and unsuccessful students are concentrated in certain fields of education,” said Zatloukal. “Grammar school students are the most successful. The highest proportion of financially illiterate students, over 50%, are in vocational secondary schools where no school-leaving exam is required.”
The survey involved 370 secondary schools, where 26,607 first-year students took part in the testing. The students completed the tests online in November 2022, roughly two months after starting at secondary school.
The test consisted of five themed categories. Students were most successful in the areas of taxation, personal finance and financial products and services. On the other hand, they performed the worst in areas covering everyday activities such as safe payment habits and household management.
Zatloukal stressed that, according to the test results, the socio-economic situation of the family is an important factor influencing students’ knowledge and skills in financial affairs.
More than 70% of the surveyed students cited their family as their main source of information, with the Internet and social networks being other sources. 30% receive such information at school. Those who scored lower on the test expect the most information from school, the survey showed.
The survey also included students’ self-assessment. “We have students who consider their self-confidence, their knowledge and their financial literacy skills to be at a very good level. This is despite the fact that they have underachieved in the actual result,” Zatloukal said.
It is precisely these students whose behaviour in the area of money and finance is highly risky and needs to be significantly addressed. At the same time, the level of self-confidence is in no way correlated to the field of education, ie. to students’ real knowledge, Zatloukal said, citing the survey results.