Financial literacy is considered to be a complex concept containing three main components: financial knowledge, financial behaviour and financial attitudes.

Financial knowledge as a component of financial literacy is necessary to be able to track news about the economy and financial issues, to compare financial products and services, and to make appropriate and well-informed decisions. Basic knowledge of financial concepts and the ability to apply capabilities for financial calculation provide consumers with the ability to act autonomously in managing their finances, as well as to react to news and events that may affect their financial well-being. Issues which OECD uses in its methodology to measure financial knowledge relate to inflation, living costs, interest rates, the ratio between profitability and risk, investment diversification.

Financial behaviour and the actions of consumers have an impact on financial resilience and well-being, both in the short and long term. Certain types of behaviour, such as late payment of bills, choosing inappropriate financial products without adequate prior study and comparison, or taking an instant loan accordingly to meet income shortages, are likely to have a negative impact on the financial resilience and the financial well-being of the individual in the long term.

Financial attitudes is the third element that is directly related to the level of financial literacy of the population. It also influences the decisions of consumers of financial services. According to the OECD methodology attitudes to finance are examined by responding to three statements: I find it more satisfactory to spend my income than to save in the long run; I live for the day and let the next day take care of itself; the money is to be spent. The respondents replied to the three statements through a scale of five options — from “I fully agree” to “I completely disagree”.