Article
Version 1
Preserved in Portico This version is not peer-reviewed
Households’ Financial Literacy in Central European Countries – a Recent Survey in Poland
Version 1
: Received: 18 June 2024 / Approved: 19 June 2024 / Online: 19 June 2024 (11:01:58 CEST)
How to cite: Gębski, Ł.; Daw, G. Households’ Financial Literacy in Central European Countries – a Recent Survey in Poland. Preprints 2024, 2024061314. https://doi.org/10.20944/preprints202406.1314.v1 Gębski, Ł.; Daw, G. Households’ Financial Literacy in Central European Countries – a Recent Survey in Poland. Preprints 2024, 2024061314. https://doi.org/10.20944/preprints202406.1314.v1
Abstract
Consumer protection in the financial market has several dimensions. From a formal point of view, consumer rights are guaranteed by law. Market asymmetries are eliminated through the obligation to provide consumers with complete and objective information about financial products and services, honest marketing communication and professional sales practices. Programs are implemented in schools and the media to promote knowledge and responsible use of financial products and services. Despite the efforts made, the number of incorrect and suboptimal financial decisions is so high that the risk of households falling into excessive debt remains significant.
The limited effectiveness of the law led to the claim that only effective education can reduce the risk of suboptimal financial decisions. Unfortunately, the efforts made in this area are not fully satisfactory.
The aim of the article is to review scientific research on the financial knowledge of consumers in Central Europe and compare it to the results of a study conducted in Poland in January 2024.
The results of the analysis could indicate the direction of further research on the possibilities of eliminating suboptimal financial decisions of consumers without limiting - for their better protection - access to financial products.
Keywords
Financial literacy; behavioral finance; consumers' cognitive errors; responsible lending and borrowing.
Subject
Business, Economics and Management, Finance
Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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