Sanela Halilovi?|Azra Zaimovi?|Almira Arnaut-Berilo|Tarik Zaimovi?
Financial Literacy Assessment in Bosnia and Herzegovina
University of Sarajevo|University of Sarajevo|University of Sarajevo
financial literacy become interesting topic recently given global trends need individuals take responsibility personal finances particular retirement planning paper investigate financial literacy adults bosnia herzegovina survey questionnaire based oecdinfe questionnaire adjustments national specificities method research online survey looking results research overall shows rather low level financial literacy bosnian citizens particular low level understanding skills related basic concepts compound rate return diversification indicate many aspects financial knowledge could improved financial knowledge behavior sample better positioned average countries due worse attitude overall level financial literacy lower average countries addition analysis showed attitudes towards money worse attitudes citizens countries looking different levels income notices statistically significant difference behavior attitudes within different groups low level financial literacy emphasizes importance introducing financial education earlier age since lack financial education cause people start saving later life thus limiting required retirement goals result unlikely achieve optimal balance current consumption work future consumption individuals retire addition lack information distribution risk return various investments lead misallocation pension portfolios