Financial Culture among Albanian Young People and Its Impact on the Economy

Abstract

In the context of massive changes happening globally in the financial market, nowadays, the issue of financial knowledge of the consumer has been awarded an ever-increasing importance. The economic crisis and quotidian changes add to the complexity of the decisions individuals have to make. On that vein, financial literacy becomes a very important element that directly influences the economic growth of a country. Thus, individuals with relevant financial knowledge will make more responsible decisions that will affect not only the personal and familiar economic growth but also the whole country’s well-being. Financial education affords us positive long-term results in a country’s economy. This study has been focused on testing of the financial education of Albanian students, a target-group that in near future will represent the family man and the consumer on a societal basis. Nowadays the youths need to face and handle financial situations that are arguably tougher than the ones faced by their parents at the same age. Our paper is based on an empirical model. This model will show how their financial knowledge is related to different socio-demographic variables. Furthermore, descriptive analysis will analytically provide a resume on the nature, levels, problems and deficits of the Albanian youth’s financial literacy.

DOI: 10.5901/mjss.2014.v5n23p690