Financial literacy survey
The 2019 financial literacy survey in Croatia was conducted by the OECD. The survey was also carried out in Bulgaria, Montenegro, Georgia, Moldavia, North Macedonia and Romania. The average financial literacy score achieved by Croatian citizens stood at 12.3 out of 21 points (59%), pointing to an increase in financial literacy level by 3 percentage points relative to 2015.
The presentation in Croatian on the 2019 survey with basic results is available here, and the report on the survey is available here.
Given that consumer protection and education are some of Hanfa’s key objectives and due to the significance of the impact of financial literacy on financial decision-making, Hanfa continuously monitors the level of financial literacy in Croatia. Within the scope of its competence, Hanfa provides on-going educational activities for the general public, but also for specific target groups, on issues relating to financial services; therefore, financial literacy evaluations provide a basis for the improvement and further development of educational programmes and topics suiting citizens’ needs.
In 2015, Hanfa carried out its first financial literacy survey together with the Croatian National Bank and in cooperation with the Ministry of Finance, in line with the methodology of the Organization for Economic Cooperation and Development (OECD). Since then, such representative surveys at the national level made in line with a worldwide comparable methodology have been carried out by domestic or international institutions every two to three years, which has enabled monitoring of the development of financial knowledge and skills of citizens, as well as of the impact of financial education on all stakeholders in Croatia.
The results of the financial literacy surveys carried out previously, with the participation of Hanfa, have been presented according to the year of implementation.
The 2015 financial literacy survey was conducted in the cooperation of Hanfa with the Croatian National Bank and the Ministry of Finance. It was carried out in line with the OECD methodology, producing results comparable to the results of the same survey conducted in other countries. In 2015, the level of financial literacy in Croatia reached 11.7 out of a maximum of 21 points, meaning that on average 56% of the respondents provided a correct or preferable answer.
The presentation in Croatian on the 2015 survey with detailed results is available here, and the report on the survey is available here.
In the period from October 2020 to 31 December 2021, Hanfa carried a financial literacy survey with the participation of more than 700 secondary school students from secondary schools all over Croatia which took part in Hanfa’s educational activities. The survey was made according to the OECD financial literacy survey methodology, but was adjusted to this specific target group, with an emphasis on financial services. It showed that the students achieved the best score with respect to financial behaviour (58%), while the lowest score was recorded as regards financial knowledge (43%).
More information in Croatian on the results of the survey is available here.
In 2022, Hanfa carried out a national survey on the financial literacy of young people aged between 20 and 35 in line with the OECD methodology, with an emphasis on the financial services sector. The level of financial literacy of young people reached 61%, increasing by 6 percentage points in comparison with OECD data from 2019 (55%).
The presentation in Croatian on the survey of the financial literacy of young people with basic results is available here, and the report on the survey is available here.
Hanfa also conducted a survey on the financial literacy of citizens aged 50 to 65, whose total financial literacy score reached 12.2 out of a total of 20 points. This means that the respondents provided a correct or preferable answer to 61% of the questions, which is 2 percentage points more than achieved by all adult Croatian citizens according to the 2019 OECD survey.
The presentation in Croatian on this survey of the financial literacy with basic results is available here, and the report on the survey is available here.
During 2022, Hanfa carried another financial literacy survey that covered more than 900 Croatian secondary school students. The survey showed that students are pretty responsible when it comes to financial behaviour: 67% of them carefully consider every purchase; while 60% of them compare prices prior to a purchase.
More information in Croatian on the survey is available here.
In 2023, Hanfa and the Croatian National Bank conducted a national financial literacy survey, which showed a continuous slight increase in the level of financial literacy in Croatia. The total 2023 financial literacy score reached 12 out of 20 points, meaning that on average the respondents provided a correct answer to 60% of the questions. The comparison between the two previous surveys (2015 and 2019) points to a rise in the level of financial level of Croatian citizens, from 60% in 2015 and 65% in 2019 to 70% in 2023.
The presentation in Croatian on the 2023 survey with detailed results is available here.
