Determinants of Personal Economic Awareness
This study examined the differences in personal economic awareness between different groups of population, and investigated the determinants of raising economic awareness. The study found quite a high level of awareness about bank activities and general economic issues, and relatively low levels of macroeconomic and especially financial awareness. The factors that significantly influenced economic awareness were gender, age, education, income, being native-born, and being employed. Male, native-born, highly educated people were overrepresented in the high-awareness cluster, whereas female, immigrant, low-educated persons were overrepresented in the low-awareness cluster. Therefore, immigrant women were found to be doubly disadvantaged. The income of high-awareness persons was significantly higher than that of low- awareness persons.