Financial behavior of age groups

The population in Croatia, according to various surveys conducted by the OECD and other relevant institutions, indicates a low level of financial literacy. Changes in social structure and the orientation towards a market economy in the last two decades have brought on a number of changes in the position of individual responsibility for personal financial future. Retirement used to represent the process of entering a period of life that could be characterized with reduced, but sufficient and secure income. However, with a series of unfavorable demographic trends, high unemployment, sluggish economic growth, delegates to household sector new roles of responsibility in regard to the financial future of each individual. Knowing the financial products and their performance is an important step in making mature financial decisions. This paper will explore the financial behavior of individuals belonging to different age groups.