Financial planning in Slovakia: results of empirical research

Abstract

In this paper, we have highlighted one of today's most critical issues: financial literacy and its importance in our lives. According to several studies, financial literacy needs to be at the appropriate level, not only among the younger but also among the middle and older generations. Financial literacy is the knowledge that allows people of different ages to understand the workings and importance of finances. It helps people make the right decisions in appropriate situations. Finance is a part of everyone's life. Daily, we perceive their importance concerning current spending and the financial concepts to which people are exposed at every step. We have analysed the population's financial literacy and financial planning, which contains Slovakian households, especially in the case of the young generations. Our goal was to have a sample size of at least 400 people, and our sample size was 463 people. As we applied snowball sampling, our research can not be considered representative. Collected data were analysed in statistical software and commented. While the older generation is more attentive to planning for their retirement, even if they cannot always stick to the plan they have set, they also design their spending goals to a greater extent.