In today’s rapidly changing economic situation, financial literacy has never been more important. As technological developments and globalization shape financial markets, people need to adapt and be informed to make well-grounded financial decisions. The goal of this paper is to assess financial literacy among young people in Latvia and to make proposals to improve it. To achieve the stated goal, the following tasks are to be carried out: Research methods used in the paper: theoretical research method to determine and interpret the financial literacy score of young people in Latvia; empirical research method involving data collection (survey) and evaluation to assess significant trends in financial literacy of young people in Latvia. The research period is 2022, for which the financial literacy indices and findings from the study conducted by the Latvijas Banka are currently available, as well as survey data collected and analyzed for the period from January 25, 2024, to May 10, 2024.