The impact of financial education and financial culture on the decision-making process of individuals in Albania

Purpose: The main purpose of this study is to analyse how financial education and culture influence the decision-making process of individuals in Albania. Financial education of individuals has gained great importance in recent years. This process has a wide impact, as a good level of financial education not only affects personal financial stability, but also has significant impacts on the stability of society and the economic growth of the country. Various studies have shown that individuals with a high level of financial education are close to informed and sustainable decisions in the financial field. Also, financial culture, which includes saving practices, time payments, and risk management, play an important role in these decisions.Methodology: The main hypothesis of this study is that financial education and culture have a positive impact on the decision-making process of individuals in Albania. The methodology used for this study is a questionnaire, through which we aim to collect primary and original data related to this topic. This research aims to show the importance of financial education and its great impact on decision-making, encouraging a deeper discussion on ways to promote and improve financial education in all layers of Albanian society. Findings: In Albania, financial education and culture have a significant impact on the way individuals make financial decisions. Value: the paper contributes to the existing literature on the impact of financial education and financial culture on the decision-making process of individuals in Albania.