Financial literacy belongs to the most important competences of all members of the modern 21-st century society. The authors present results of the research based on the personal finance index that is recently developed an innovative measure of knowledge. The questionnaire research that has been conducted among the students of two universities in the Czech and Slovak republic. It focused on full-time and part-time students with the aim to verify the suggestion that practical experience of distance learning students has a significant impact on the level of their financial literacy. Statistical analysis of the data shows, that part-time students have achieved better results in all functional areas of the personal finance index. Based on these findings authors also drew some conclusions for improving education in this field.