Purpose The purpose of this paper is to study how subjective and objective knowledge of finance, behaviour in managing personal finances and socio-economic status affect financial well-being. Design/methodology/approach The financial well-being score is constructed in quantitative financial literacy survey data from Estonia as the arithmetic mean of four statements on a five-point scale. Four hypotheses are tested in multiple regression analysis. Findings Subjective knowledge has a stronger relation with financial well-being than objective knowledge. Financial behaviour score and income level correlate with financial well-being. Research limitations/implications The paper contributes to literature on financial literacy, subjective financial knowledge and financial well-being. In future research, psychological factors and future orientated financial well-being should be included, and their relationship to subjective well-being could be analysed further. Practical implications The results highlight the importance of subjective knowledge and sound behaviour for improving financial well-being. Providers of financial services should address these more in the design of their services and communication. Social implications Policymakers developing national strategies for financial education need to address subjective financial knowledge for increasing financial well-being in society. Originality/value Knowledge, behaviour and subjective knowledge have not been used simultaneously in the analysis of financial well-being in Europe before.

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In our study we collected school leaders' and teacher's perceptions about the possible effects of applying a model of Innovation Schools. Data was collected by focus group interviews in three schools. Based on the findings of the study eleven different topics were pointed out that described the influence of applying the model of Innovation Schools on the level of a school, nine topics that described the influence on the level of a teacher, seven topics that described the influence on the level of students and five topics that described influence on the level of student teachers and their studies. These topics support educational practitioners and teacher education institutions in building successful partnerships for sustainable teacher education.

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