The Financial Literacy of Senior Citizens

This bachelor thesis focuses on the elderly and their financial literacy. This thesis is divided into two main parts, theoretical and practical. The theoretical part defines actual knowledge about this theme and is divided into two chapters an introduction to issues about ageing and financial literacy. The author talks about seniors, demographic situation of ageing, forms of living, secured retirement in old age and financial literacy. The author also paid attention to presentations of products. The practical part includes the actual implementation of research and interpretation of the data is divided into four chapters. The first chapter is devoted to the work and objectives of the research questions. The aim is to map the awareness of seniors in the effective management of their finances. The author also set partial research questions and the main research question is whether seniors are aware of their financial security. The second chapter researches methodology, which includes a qualitative research method of semi-structured interviews. The interviews are divided into three fields. The first is introductory information, the second field is financial literacy and the last field is presentations of products. The research methodology also characterizes the surveyed group, which consists of ten respondents over sixty five years old and lives in the Trebon region. In the third and the most extensive chapter there are the results and data. The elderly mostly answered in a different way however in some ways they agreed. The last chapter evaluates results and draws the author´s opinion. It has been found out that respondents have diverse interests and hobbies in retirement and they participate in them very actively. The income of the respondents is satisfactory to those who live in a household of two members. The financial situation has been described as good as well as average. Fifty percent of the respondents have experience with credit and only two of them create the budgets. The last set of questions was about demonstrations of goods and majority of the respondents have some experience with them. The last chapter is the conclusion which summarizes the information obtained. The main research question is whether seniors are aware of their financial security and the results show that all respondents have an over view of their finances. The elderly people orientate themselves well in money matters and they can optimally manage their money. They are vigilant in connection with credit and loans. They rather save money and they say that they do not buy anything when they do not have money. It is good that they are informed and can thus better resist the pitfalls that exist in this world, whether we like it or not. This thesis might be useful in practice for the elderly who want to try to draw up the budget. It can make a contribution to higher awareness about dangers of presentations of products