Inflation as part of price literacy and awareness of the concept of inflation among university students
Abstract
Price literacy plays an essential role in financial literacy. It includes knowledge necessary to understand price mechanisms and inflation.
The objective of this paper is to examine, based on data collected from primary research, the awareness and understanding of inflation as a concept and also, the level of the inflation rate students from three selected universities in the Czech Republic are subject to. The primary research was conducted at three Czech universities with the participation of 1,437 respondents (n = 1 437).
First, their understanding of the notion of inflation and its principles were investigated. This question was correctly answered by 57.48% (826) of respondents.
The relation between the knowledge of the notion of inflation and the level of study and specialization of the faculty was obvious. Furthermore, respondents were asked if they knew the inflation rate.
This question was answered correctly by 41.34% (594) of respondents.