Financial literacy relates to financial education, financial inclusion, financial well-being, financial resilience and financial services consumer protection.

Financial inclusion is another concept that is directly related to financial literacy. There is usually a directly proportional dependence between the two concepts. The higher the level of financial inclusion of consumers of financial services, the more financially literate they are as a rule. Financial inclusion is defined as the process of stimulating accessible, timely and adequate opportunities for the use of a wide range of regulated financial products and services, as well as the expansion of their use by all groups of the society. The more extensive use of financial products and services should be implemented through the application of existing and innovative approaches, including financial awareness and education.

Financial well-being also occupies an important place in defining financial literacy. The components of financial well-being are determined by a series of questions and answers that seek to highlight how respondents perceive their financial situation, how finances interfere with their lives, how serious their indebtedness is and ultimately whether adults can have a peaceful old age without worrying about their finances. Examples of questions and statements that determine financial well-being:

• how satisfied I am with my current financial situation;
• my financial situation limits my ability to do the things that are important to me;
• I usually worry about being able to pay my daily expenses;
• my finances control my life;
• I am concerned that money will not be enough;
• I have a high level of indebtedness;
• etc.

Financial well-being is also closely linked to financial resilience. The financial resilience of an individual consumer or a retail investor is essential to maintain the stability of the financial sector and the real economy and thus to ensure economic and social sustainability of the society. Financial resilience also helps the population and the households to absorb the negative effects of unforeseen crises and shocks in society, the economy and the financial sector. It contributes to the easier adaptation of consumers to changes and to addressing short-term and long-term risks and challenges.

Financial education and financial literacy are also components of financial services consumer protection in addition to the regulation of financial services and the control carried out by the supervisory authorities.