Economic aspects of financial literacy in the context of sustainable management

Abstract

The paper is focused on financial literacy in the context of teaching sustainable management to young people (e.g. increasing the engagement of youth in fostering the United Nations’ Sustainable Development Goals (SFGs)) represented by the university students. The main aim of this paper was to evaluate the attitudes of young people to the management of funds and obtaining the knowledge required for using financial tools and instruments. When it comes to shaping up the sustainable behavior of individuals, financial literacy is gaining a special importance in in this process. The questionnaire survey was used as a tool for collecting the primary data used for feeding the empirical model used in this research. A sample of 1,437 randomly selected respondents took part in our own questionnaire survey prepared and carried out by the research team. Participants of the survey were young people represented by the students of the three selected random universities from the Czech Republic. First, the area of the overview of the respondents’ financial resources was monitored. In this case, 97.28% of respondents answered “yes” or “rather yes». In terms of monitoring personal income and expenses, i.e., in the question of whether respondents created their own budget, 81.77% of respondents in question answered «yes,» most often indicating that were were using information and communication technologies for these purposes. All in all, our results confirm that the level of any individual’s financial literacy has an impact on this individual’s sustainable management skills. Furthermore, it becomes apparent that financial literacy within the context of sustainable management plays a crucial role in the social and economic development of any society. Our results might be informative and useful for both the policymakers and researchers working in the fields of promoting sustainable behavior and financial literacy through introducing effective sustainable education and boosting efficient management skills