Examining the Financial Literacy of Young Adults – The Correlations of Time Perspective, Financial Well-Being and Delay of Gratification

Abstract

The study examines the financial literacy of 18–35-year-olds, with particular emphasis on the correlations of time orienta-tion, gratification and financial well-being. The examination of the topic requires an interdisciplinary approach, and as such, it builds on results from the fields of psychology, sociology and the study of consumer behaviour. The research was conducted using a sample of 300 respondents, representative in terms of gender, age and place of residence, relying on online questionnaires. Based on the results, in respect of time orientation we found that future orientation has the most radical effect, especially concerning the ability to delay gratification. Present-hedonism primarily affects the ability to delay gratification in the financial sense. Financial well-being is most affected by the present-fatalistic and past-negative attitudes, with this particular relationship having a negative direction. In addition, generated on the basis of financial attitudes, the distinct clusters of the research reveal that the 18–35 age group should not be treated as a homogenous group.