Presentation of the results of the 2022/2023 survey on financial and digital literacy

The Croatian National Bank and the Croatian Financial Services Supervisory Agency (Hanfa) presented the results of the third survey on the financial literacy in the Republic of Croatia. The goal of the research is to collect information on financial behaviour, attitudes and knowledge on the finances of citizens of Croatia.

The average rating of the financial literacy of citizens is 12 out of possible 20 points, or 60%, which is significantly better compared to the last survey (59%). The total rating is a combination of financial knowledge, attitudes and behaviours required for the adoption of good financial decisions and finally, achieving individual financial well-being.

A comparison with two prior studies – carried out in 2016 and 2020 – shows that the financial knowledge of citizens has continuously grown, from 60% (2016) and 65% (2020) to 70% in 2023.

A better result is also achieved in the financial attitude component or relationship to money, whereas the average rating of the financial behaviour of citizens dropped from 56% to 53%. Digital financial literacy that includes the issues of knowledge of digital technologies, behaviour, and attitudes related to behaviour in the digital world was measured for the first time this year. The average rating of the digital financial literacy of citizens is 4.87 out of possible 10 points, whereby the best result was achieved in the digital behaviour component.

The CNB is continuously implementing activities related to raising the level of financial and economic literacy. The most recent survey on overall financial literacy has shown an improvement in knowledge. However, there is clearly room for further significant improvement. As a society, we will have to pay particular attention to raising the level of the digital financial literacy of the population as it is evident that this segment of financial services is becoming ever more present. The CNB also has experience in holding education for teachers and will continue to engage in such activities and support the strengthening of financial literacy through the educational system,” said the CNB Governor Boris Vujčić.

“The latest survey has shown that our educational activities yield modest but important results and advancements in the level of financial literacy. For us, as the non-banking financial sector regulator, it is particularly important that citizens learn to the largest possible extent how to protect themselves from investment risks, plan their pensions financially on time and protect themselves from financial fraud. We would like to motivate them to inform themselves adequately before contracting services, to compare services, get the best quality for their money and not to lose it in the cases of attempted fraud or a misjudged investment. Hanfa will intensively continue carrying out its educational activities because financial markets are developing rapidly, and Croatian citizens will be appropriately protected through EU regulations and ongoing education,” said Ante Žigman, President of the Board of Hanfa.

“The pandemic, the aggression against Ukraine and their consequences, as well as the earthquake, reminded us that at any moment we may face crises that could test our financial resilience. It is an opportunity to learn from our own mistakes, to enter a new cycle enriched by negative experience that can help us improve our financial behaviour, at least in some segments, and become aware that laid-back attitudes toward personal finance, such as 'I live for the moment,’ are misleading and missing the point,” said Bojan Fras, CNB Vicegovernor.

A round table under the title “Survey results – How to Improve Financial Literacy?” was also held during the conference. The participants included Martina Primorac Krmpotić, a teacher at the Tourism and Hotel Management School in Zagreb, Ivana Žepić, the Head of the Sector for Financial Markets and Financial Literacy at the Ministry of Finance, Ivana Herceg, the Head of the Systemic Risks and Consumer Protection Division at Hanfa, and Bojan Fras, CNB Vicegovernor.

The population survey was conducted by IPSOS plus agency on a sample of 1,000 respondents (18 – 79 years of age). The survey was conducted based on the Organisation for Economic Cooperation and Development (OECD) methodology. In 2022, the Republic of Croatia began the official negotiations for the accession to the OECD as a fully-fledged member. Nevertheless, the CNB and the Ministry of Finance of the Republic of Croatia have already been cooperating with the OECD for a long time. The largest benefit of conducting the survey according to the standardised methodology adopted by the OECD is the opportunity to compare previous surveys conducted within the same country and the comparison with other countries.

The most recent survey in 2023 included financial and digital literacy. The components of financial literacy include financial knowledge, financial behaviour and financial attitudes, i.e. attitudes towards money.

The Croatian presentation is available here.


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