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Promotion of euro introduction in Slovakia: financial literacy of generation X and Y

Authors:
Eniko Korcsmaros1, Zoltan Seben1, Renata Machova1, Lilla Feher1
1. J. Selye University (Slovakia)
Pages:
11 - 21
Language:
English
Cite as:
Korcsmaros, E., Seben, Z., Machova, R., Feher, L. (2019). Promotion of Euro Introduction in Slovakia: Financial Literacy of Generation X and Y. Marketing and Management of Innovations, 3, 11-21. http://doi.org/10.21272/mmi.2019.3-01


Annotation

Literacy has many different dimensions and it is closely linked to the ability of oral communication, digital competency and an ability to critically analyse the information media. Financial literacy is one of the higher forms of basic literacy. It is the ability of the individual to understand basic economic principles, manage personal finances and ensure financially yourself and your family. Financial literacy is also understood as an ability to use our knowledge, skills and experience to manage our financial resources effectively in order to ensure lifelong financial security for our household. Financial literacy is a continuum of abilities that are influenced by variables e.g. age, family, employment and culture. The basic goal of the research is to map the financial literacy of generation X and Y in the context of the euro introduction in Slovakia 10 years following the introduction of the single currency. In order to achieve the research objectives we applied primary data collection to obtain information about the researched issue. An anonymous questionnaire survey was conducted among the respondents. Data collection among the residents was realized with the help of an agent, but also an online questionnaire was provided for the respondents in time interval of 6-20th December, 2018. Basic statistic indicators (crosstabs, distribution, homogeneity of variances and ANOVA) were used to verify our assumptions. The paper presents the results of an empirical analysis which showed differences between the generations X and Y in relation to the financial literacy connected with the context of euro introduction. The surveyed age group of generation Y proved to be the least informed about the exact date of the euro introduction and the exchange rate of the euro and the Slovak koruna. Active involvement of MEPs within a framework of an intensive information campaign is essential. The main objective would be to bring closer the EU economic policy to economically active people and make them less resistant and uninterested in the policy of the EU due to lack of information. The knowledge associated with the practical returns of our research can help other countries to establish a common currency, resp. point to the possible effects of the introduction of the euro for different generations.


Keywords
euro, financial literacy, generation X, generation Y, Slovakia


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