This time again, people had the most difficulty with the question of the convenience of credit. Only 32% of respondents answered it correctly (compared with 31% last year), and less than half also answered questions about deposits with peer-to-peer lenders or the definition of an annuity, which includes a principal repayment and interest. By contrast, most people correctly answered the household budget deficit question, 80%.

Education makes a difference

Education plays a big role. For people with a primary education, the CBA's Financial Literacy Index comes out at 47 points, while for people with a higher vocational or university diploma it reaches 64 points. People with a high school diploma score an average of 56 points, which is consistent with the overall score.

"The younger grades often have big problems and are therefore very vulnerable. The CBA sponsors the Czech version of the European Money Quiz, a pan-European financial education competition. It is another of our activities to educate young people about finance and motivate them to behave responsibly. Moreover, this year our representatives won the best ever position in the European competition, finishing fifth out of 28 teams in Brussels," adds Monika Zahálková.

Finanční gramotnost Čechů 2023