Abstract
Adaptation to an unfamiliar currency is required regularly of international travellers – and also of citizens of countries changing their currency, such as the 19 (to date) Eurozone members. We report on the currency adaptation process in the Slovak Republic during 2008-2011. We analyse its effects on citizens’ development of price intuition in the euro. Our study draws on Hofmann et al.’s (2007) work, which proposed four different strategies for coping, ranging from direct numerical conversion to developing intuition. We conducted repeated cross-sectional surveys using structured questionnaires in realistic Slovak settings. We describe European and Slovak institutions’ supports for the public, such as dual display of prices, and readily available conversion tables. We found that, whereas the numerical conversion strategy was used most frequently by respondents in the first year, within two years they were already developing intuition in the new currency, especially for frequently bought products. We also investigated the ‘Euro Illusion’, the extent to which Slovak citizens, in their evaluation of prices, may have been influenced to make decisions based on nominal values, whereby prices in euros seemed smaller than those in Slovak crowns. We summarise suggestions for promoting learning in situations of currency change, and briefly discuss the features of the Slovak process as a ‘numerate environment’.
 KeywordsPrice intuition; numeracy; learning; intuition strategy; marker value strategy; anchor strategy; numerical conversion strategy.
Highlights
When people travel to another country, they normally need to adapt to using a different currency
We investigated the ‘Euro Illusion’, the extent to which Slovak citizens, in their evaluation of prices, may have been influenced to make decisions based on nominal values, whereby prices in euros seemed smaller than those in Slovak crowns
To find out more about the learning process, we focused on the strategies identified by Hofmann et al (2007), drawing on responses to questions which presented realistic conversion tasks, to see how people solved such problems and how comfortable they were in thinking in the new currency; see Questions 5 to 10 in the Selected Questions from the Questionnaire in Appendix B
Summary
When people travel to another country, they normally need to adapt to using a different currency. The changeover required Eurozone citizens to adapt, in order to understand the value of the new currency and to accept the euro as their own. To find background information that illustrates the opportunities for learning that were created during the time of the currency conversion we reviewed the material made available by the government, European and national banks, European and national statistical offices, the European Commission, academia, newspapers and websites. These aimed to produce a positive attitude towards the euro, and to help people to prepare to adapt by learning. We describe the support available for learning about the euro (a) in formal education programmes; and (b) in nonformal or informal learning environments
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
