Financial Literacy Level in the Czech Republic and Selected European Countries

This paper deals with research into the financial literacy with focus on the system in the Czech Republic. First, it provides basic theory related to the financial literacy and it also provides chosen articles published in the past that relate to the financial education, mainly with emphasis on the financial literacy defining and measuring. The main goal of the paper is to describe a method of the financial literacy testing in the Czech Republic, being recently conducted, and to outline its characteristics, contributions, drawbacks and potential space for an international comparison. The research is based on the assessment of the financial literacy among pupils on primary schools in the Czech Republic via a terrain investigation that has been commenced in 2017 and that continues in 2018. It is based on a testing in bigger cities in the Czech Republic with different level of education, economic situation and the situation on the labour market. The testing covers all requested knowledge defined by the government (via the document called The Financial Literacy Standards) for primary schools' pupils. The main outcome is a definition of strengths and weaknesses of the education and the financial literacy determinants. Last but not least, the contribution of the research is also to revise the Financial Literacy Standards of the Czech Republic and to compare if the real knowledge corresponds to the required knowledge (required by the Financial Literacy Standards). Depending on the overall result, the testing is planned to be conducted internationally, preferably in countries with similar attitude to the financial education.