Measurement of Financial Literacy: Case Study from Latvia

The ability to establish financial goals and to develop strategies for ensuring long-term economic stability are critical factors in attaining economic success for any Individual. The authors examine existing experience with regard to evaluation of financial literacy level in order to develop own approach to the assessment of the financial literacy of Latvian citizens. The results represent the pilot study of the level of financial literacy conducted by authors in February 2013 within the framework of the research project Enhancing Latvian Citizens' Securitability through Development of the Financial Literacy'. Implemented at Riga Technical University. The methods chosen for conducting the research were: literature review and analysis, questionnaire method. The pilot study revealed great Interest of respondents of different age and social position to financial literacy issues.