| Abstract [eng] |
Financial literacy has shown to have an impact in many areas of a person’s life such as savings, investments, financial planning, and spending patterns, it has become of great importance in the recent years. There is a lot of research into financial literacy and life quality separately, however almost no research investigating the two variables together. Therefore, the goal of this paper is to evaluate what kind of impact if any financial literacy has on quality of life. The main targets are to evaluate other works written in both financial literacy and quality of life and their definitions, aspects and the research results already discovered within the area, taking which into account to then draw a line between the two and the possible effects as well as areas in which financial literacy and quality of life connect. Another target of this paper is to do a quantitative study into both financial literacy and quality of life levels in a defined group of people in Lithuania, analyze the results and make observations. The paper therefor consists of two main parts, the theory, which includes the above mentioned research of financial literacy, its main aspects, quality of life and all the parts going into it, draws a line between the two and distinctly defines life areas in which they corelate as well as research on how studies have already been done and into the questionnaires built for them. The second part contains the methodology for a study, 3 age groups of people were picked and these were Lithuanians aged 18 – 30, 31 – 50 and 51 - 70 years old, that have no professional or educational background in economics or finance, the goal of the study is to define financial literacy within this age group due to their future potential in society as well as them having never seeked out deeper financial literacy knowledge, than naturally acquired and see if there is any differences in the levels based on previous knowledge impacting current income. The sample size for each age group has been calculated to be 400, then the data was be analyzed and correlations between the key variable calculated. Financial literacy has an impact on quality of life, although it is not the only variable affecting it, as a person is capable of living a happy and fulfilled life while not being financially secure, however the majority of people’s quality of life is 55 bettered by a higher material wealth and therefore their life can greatly benefit from higher financial literacy. |
