Financial Literacy of Customers of the Selected Slovak Bank as a Basis for Managerial Decision-Making

Abstract

Abstract Research purpose. The main goal of the article is to determine the current level of financial literacy among clients of the selected bank in Slovakia. This finding will be compared with the average level in the country. In the survey, we focused on determining their financial literacy level. Currently, a lot of attention is paid to the issue of financial literacy. In connection with financial literacy, a lot is said about education. Therefore, in the paper, we focused on finding out the relationship between financial literacy and the level of education as such. We also compared the financial literacy of the survey sample with the overall financial literacy in Slovakia. Design / Methodology / Approach. For the purposes of this article, an anonymous online questionnaire survey focused on the financial literacy of customers of the selected bank was conducted. By analysing theoretical knowledge and existing surveys, we established hypotheses, which we subsequently verified statistically. When analysing theoretical knowledge and surveys in the Slovak Republic, we found that there is a large number of surveys focused on financial literacy. The output and support of each of them are primarily focused on increasing financial literacy through education. We, therefore, assumed, given that financial literacy has been in the curriculum of primary and secondary schools for several years, that financial literacy is related to the availability of goods. We also assumed that financial literacy in the Slovak Republic is increasing. To verify the hypothesis, we used two statistical methods - the Chi-Square test and the Mean Congruence Test. The reason for choosing customers of a specific bank for the purposes of our survey was the number of respondents' answers. We managed to collect the most answers for the bank mentioned. Findings. Through the selected statistical method, we found that in our survey, the number of correct answers is not affected by the level of education. It was also interesting to find that the level of financial literacy of the selected region in 2022 is not higher than the overall level of financial literacy of the Slovak Republic determined on the basis of a survey from 2012. Originality / Value / Practical implications. The proposals and recommendations that emerged from the survey relate to increasing the financial literacy of customers of the selected bank. We focused our recommendations on education and conducting surveys, both for customers and for the bank's management. The bank can use these recommendations as a basis for managerial decisions. It is necessary to increase the financial literacy of customers. It is also necessary to support the field of marketing, especially communication with customers. It is only up to the management of the bank to decide which customers it will have and how it will retain or expand them.