THE MEANING AND CONCEPT OF FINANCIAL EDUCATION IN THE SOCIETY OF ECONOMIC CHANGES

Abstract

The changes of economic, demographic, technologic and other conditions in Europe and the world leads to a delegation of responsibility in the field of financial activities and the security of individuals as consumers (also the young) from the country and institutions to individuals. Above all they also modify the habits, requirements, expectations and behaviour of individuals and the forms of risk they are exposed to. The appropriate system of financial education stimulates different factors of an active citizenship like socially responsible behaviour and decision, cooperation, better mobility and the rise of ethics and morals. So the level of risk lowers significantly in the field of the financial activity of individuals. Individuals improve with the appropriate level of financial literacy their understanding of financial products and concepts. The financial literacy is worldwide acknowledged as an important element of the economic and financial stability and development. Early enough the individuals who are able to financial literacy contribute positively also to an effective function of the financial system, economy and the society generally. Financial education represents a lifelong process. The article presents the meaning of financial education in the modern society of economic changes. The advantages of financial education for individuals, economy and society are presented. In the article a suggestion of the concept of financial education and the position of financial education within public policy on national level is presented.