Areas of Improvement in Hungarian SMEs Competitiveness – Corporate Financial Literacy in Focus

Tóth, Róbert and Gyurcsik, Petronella (2019) Areas of Improvement in Hungarian SMEs Competitiveness – Corporate Financial Literacy in Focus. POLGÁRI SZEMLE: GAZDASÁGI ÉS TÁRSADALMI FOLYÓIRAT, 15 (Spec). pp. 493-506. ISSN 1786-6553

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Abstract

The 2007–2008 global financial crisis exposed the problems arising from systemic risk management on a micro- and a macro-economic level. This period was particularly challenging for the entire economic system of individual countries, including all the participants of economy. Post-crisis changes require appropriate awareness and financial determination and an adequate level of financial literacy of market operators. When it comes to financial literacy, innovation should be mentioned, since the parallel development of these two factors has a favourable impact on economic stability and on the competitiveness of a country. Overall, the level of financial literacy and the capacity for innovation have an influence on the stability, growth potential and competitiveness of enterprises and of the entire national economy. Therefore, improving financial literacy is in priority national interest, and as such, it must be at the centre of attention at all times.

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