Impact of Population Migration Profiles on Financial Literacy: The Case of Bosnia and Herzegovina
Jasmina Džafić, PhD; Lamija Gazić, MA

Abstract
Financial literacy is becoming increasingly important in modern society, and its lack can have significant economic consequences. Global research indicates low rates of financial literacy, and population migrations additionally affect this dynamic. Migration flows in Europe have a special significance for financial literacy. The aim of this research is to determine the significance of the migration profile on financial literacy. Migration profiles such as immigrants, emigrants and residents without a migration background are analyzed, and an attempt is made to understand the connection between migration flows and financial literacy. The research was conducted on the basis of primary data collection, using the method of written (online) examination. As a form of data collection, a survey questionnaire was used, which was created on the basis of the OECD/INFE standardized questionnaire. The data was collected on a sample of 616 respondents in the first quarter of 2023. The results have showed that residents without a migration background have the highest level of financial literacy, while immigrants show the lowest level. The components of financial knowledge, behavior and attitudes and their connection with migration profiles were analyzed. The results indicate a negative impact of migration on financial literacy. Further analysis included control variables such as gender, age, education, work status and income. The model with control variables shows that immigrants (when the migration status is observed) and women (when the gender status of the respondents is observed) have lower financial literacy, while education and employment have a positive effect on it. The research highlights the importance of understanding the connection between migration and financial literacy, and the need to develop customized educational programs to improve the financial literacy of migrants. This analysis contributes to the understanding of the complex dynamics between migration and economic literacy, and can serve as a basis for future strategies to increase financial literacy in Bosnia and Herzegovina.

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