Financial personality test Methodology and results in three age groups
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Abstract
In our changing world, there are more and more threats to the incomes of private individuals and households: inflation, crises, and wars increase the risk of indebtedness and financial bankruptcy. Therefore, it is particularly important that the individual can make decisions affecting their financial situation with adequate financial knowledge. Given that, based on domestic and international surveys, there is a significant proportion of the population who are irresponsible or financially vulnerable, the organized education of appropriate knowledge is an important task. The effectiveness of education is significantly increased if it is carried out through learning contents and methods that meet the needs of the students/participants. This is facilitated by getting to know the structure of the financial personality. Financial personality is investigated by the Hungarian research, the results of which this study is based on. The research assessed the financial personality traits of the Hungarian population using an online questionnaire, in three age groups. Based on the results, the financial personality of each age group is made up of several dimensions. These dimensions do not fully match the predefined features. Although the overall results are favourable, in all three age groups we found subgroups of respondents that can be characterized by an irresponsible, live-in-the-moment attitude, and groups that are financially vulnerable. Getting to know these groups is a significant help in personalizing and modernizing financial education.
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