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Half of Czechs financially literate but over two-thirds financially responsible

Analysis

Photo by veou / Shutterstock.com

The level of financial literacy of Czechs corresponds to the average of OECD countries, suggests a recent international survey cited by Czech Radio. 

Photo by veou / Shutterstock.com

Some 48% of Czechs boast high financial knowledge, the study found. Some 69% of Czechs behave responsibly when it comes to financial matters. That is a marked increase on the 37% recorded in the last such OECD survey, conducted in 2015.

Those with low educational attainment and young people tend to have lower levels of financial literacy and to behave more irresponsibly when it comes to money matters.

According to the study, Czechs, together with Austrians, are among the nations that save the most to make purchases at a future date. Czechs have a relatively strong aversion to taking out loans, but are less likely to do any kind of financial planning,  Czech Radio said.

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