"In today's world, change is the only constant. Financial markets, along with all their components, are rapidly evolving and becoming increasingly complex with each passing day.
This is the result of a prolonged period of stable economic growth, readily available capital, and financial market deregulation worldwide, which have paved the way for the proliferation of innovative and complex financial structures that far exceed the actual potential and needs of the economy.
With the widespread availability of these numerically growing financial products and services, as well as the ever-demanding financial environment of today, ordinary people are faced with more complex decision-making in their daily lives. Furthermore, financial technology (Fintech) and financial digitization, which are revolutionizing the financial services industry, further complicate this issue.
Therefore, effective decision-making requires financial skills. In other words, the financial literacy of individuals determines their effective decision-making, which affects not only individuals but also society as a whole.
However, it seems that financial skills (knowledge) are not easily accessible. Evidence from existing studies suggests that people lack the knowledge required to operate in the complex financial world. This applies to both developed and developing countries."
Read more: Financial Literacy in Bosnia and Herzegovina
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