Changes in Financial Competence by Different Generations as the Aftermath of the Pandemic

Civic Review· VOL 17. Special Issue, 2021, 164–172., DOI: 10.24307/psz.2021.0012

Dr. Habil. Ágnes Csiszárik-Kocsir, Associate Professor, Vice Dean for Research, Óbuda University, Keleti Károly Faculty of Business and Management (This email address is being protected from spambots. You need JavaScript enabled to view it.); Dr. Habil. Mónika Garai-Fodor, Associate Professor, Dean, Óbuda University, Keleti Károly Faculty of Business and Management (This email address is being protected from spambots. You need JavaScript enabled to view it.); Dr. Habil. Erika Varga, Asscociate Professor, Hungarian University of Agriculture and Life Sciences (MATE), Institute for Rural Development and Sustainable Economy (This email address is being protected from spambots. You need JavaScript enabled to view it.).

Summary

Financial awareness and financial literacy is one of the key competences of our time. The accelerated digital world requires individuals to acquire a new set of skills and competences that are essential for success in everyday life. The acceleration of digitalisation has brought a new dimension to the concept of financial literacy and awareness. The emergence of new financial and banking products and services has created new challenges for individuals. A wide range of products and aggressive advertising campaigns are finding consumers, offering very favourable opportunities, generating countless market and financial bubbles. Digitalisation has received a further boost from the pandemic. In the face of this information dumping, we can only survive if we have a solid financial foundation and the proper financial socialisation. In this paper, we aim to explore deeper dimensions of the financial culture, competence, and awareness, based on the results of a primary research, pointing out changes and transforma tions in financial awareness.

Journal of Economic Literature (JEL) codes: G40;G51; G53
Keywords: financial culture, financial awareness, primary research, pandemic