CEUA > International research project

Research team: Consortium of Central and Eastern Europe universities and institutions research centers

Project support: European Parliament (Mgr. Tomáš Zdechovský)

Project administration: Central Europe University Alliance (CEUA)

Project name: The importance of financial literacy and entrepreneurial potential for the development of students’ competitions in tertiary education

The research project is prepared as a part of the implementation of the EU Education Minister’s Document approved in 2009 under the name Education and Training 2020 (ET 2020).

Objective 4 Improving creativity and innovation including entrepreneurial skills on all levels of education and special training. 

The basic starting point of the project

Current tertiary education plays an important task in preparing young generation for future occupation.  This preparation has basically two main parts. The first one consists of so-called professional base, i.e. hard skills based on cognition, knowledge from a given study programme, field of study, as the case may be. The second part of this preparation consists usually of soft skills, i.e. the development of students’ abilities in logical thinking, communication, creativity, problems solving and other area of contact with other people as well as “treating“ oneself. The significance of financial literacy of workers and their entrepreneurial potential, which are entities on the border of hard and soft skills, is increasing in a number of professions, These competencies are at the same time the basis of people’s economical thinking and a prerequisite of the students’ success in their professional and personal life regardless the completed field of study in tertiary education.


The objective of the project is to find the place of forming financial literacy and entrepreneurial potential within professional profile of graduates of different fields of study at universities and other tertiary education institutions. This objective is closely related to the development and verification of the methodology for the determination of students’ financial literacy and entrepreneurial potential.


The output of the research project should be proposals to optimize the management of teaching in the area of strengthening students’ financial literacy and entrepreneurial potential. The outputs of the research should result in the specification of competency models of university graduates in different fields of study in relation to labour market and further education. They should also be reflected in the improvement of the educational style of  university teachers. An international comparison of different accesses to teaching at the university level at different schools and in different countries is not going to be only a by-product. 


Basic terms definition

Financial literacy represents a certain level of understanding of the terms and processes in the field of money, i.e. savings, loans, insurance, taxes etc., which individuals understand as a relevant part of their life. Thus, it relies on particular knowledge affecting human conduct and behaviour by revising its purposes and acts in this area under the influence and in the context of such specialized knowledge. Financial literacy, its achieved level, respectively affects human attitude in the area of its economical conduct, behaviour and decision making.


Human entrepreneurial potential is generally understood as a summary of abilities which is reflected in its possibilities to create products, services or other values satisfying other people’s needs. The final effect of this activity is its market success, long-term functioning and financial benefit. The determination of people’s entrepreneurial potential constitutes mapping the differences between  their contemporary abilities and those abilities that may or must be due to the set objectives of entrepreneurship.


The notion of students’ competencies includes knowledge, skills, habits, abilities, attitudes and values that are adequate due to their preparation to execute the chosen occupation. In higher education, it is a combination of the above-mentioned features with the aim to create prerequisites for future work performance. The competencies can be also understood as instructions on a person, more accurately on its personality efforts. The required competencies on the labour market generally include communicativeness, cooperation, creativity, independency, efficiency, responsibility, logical thinking, evaluation of phenomena etc.


Tertiary education represents a section of the educational system, which follows usually after competed secondary education with leaving examination. Higher education is provided by universities, nowadays in most of study programmes or fields of study, broken into Bachelor, Master and Doctoral studies (ISCED 5A). In addition, it includes practically oriented vocational higher schools (ISCED 5B).


Research project target groups

  1. Universities with economical, managerial and entrepreneurial orientation.
  2. Universities focused on the entire spectrum of socio-scientific fields of study and humanities.
  3. Technical, natural science and agricultural universities.
  4. Other universities and tertiary education institutions that will be interested in the research issue.


Research strategy, a proposal of research methods and techniques

So-called mixed research including quantitative as well as qualitative investigation of objective reality will be applied in the research project. Quantitative research is represented by empirical analysis of phenomena and processes, in particular the exploratory method, monitoring, measuring and evaluation of the objects under investigation. Qualitative research will be focused on understanding the phenomena and entities and clarification of causes of their behaviour and conduct. In particular, controlled interview and examples of good (and bad) practise will be used.


A proposal for procedure and phases of the research project

  1. Research of the issue under investigation in specialized literature and sources.
  2. Pre-investigation of the financial literacy level and the students’ entrepreneurial potential at a selected Czech university.
  3. Determination of hypotheses for the quantitative part of the research project
  4. Specification of empirical tools for exploring the level of financial literacy and entrepreneurial potential of universities.
  5. Empirical investigations in the research institutions and processing the main results.
  6. On-line conference to the empirical investigations’ results in the consortium of research centers
  7. Proposal of preliminary hypotheses for the quantitative part of the research, selection and operationalization of methodical procedures.
  8. Evaluation of the qualitative part of the research, triangulation of the obtained results.
  9. The connection of the quantitative and qualitative part of research, comparison of the research centers’ results, final report
  10. Workshop on the research results, circulation for review and comments, publication of research outputs.


Organizational issues

Research period of the research product 2018 – 2020

Funding of the research will be composed of sponsorship contribution and a research centers’ basic contribution. It will be specified after establishing the research consortium.

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