The main aim of this study is to explore the conceptual framework of corporate financial culture and its practical relevance in an emerging Central European market economy, at the level of the Hungarian SME, with a special emphasis on the Hungarian SME sector. In our study, we highlight each dimension of corporate financial culture, focusing on the established corporate financial culture index, and within it, we examine the significance of the financial management elements sub-index and the risk and insurance sub-index separately. In addition, we look for logical, causal, and statistically verifiable relationships between corporate financial literacy and the outcome of corporate financial decisions and corporate risk taking. The relationships were broken down over two years in the analysis. Approximately 2167 responses were included in the 2019 sample and 3281 in the 2021 sample. These representative samples were taken from the Hungarian SME sector and multiple linear regression models were built to find a significant moderation effect of financial literacy between perceived risks and the insurance activity of companies. We conducted our research in two different periods, the unique feature of which is that we conducted a survey before and during the coronavirus crisis, so we could make a comparative analysis. The method used in this research study is a literature review analysis of reference manuscripts, discussing topics related to financial literacy, corporate risk management, and corporate financial management, published in the last 10 years. Our results show that there are positive and significant relationships between company management, corporate risk management, and corporate financial literacy. The results of our study draw the attention of company leaders to the practical significance of financial culture—efficiency, profitability, and stability.

The effects of the COVID-19 pandemic and the Russian–Ukrainian war have had a significant impact on economies around the world, with pivotal implications for the activities of companies. The issue of corporate financial literacy has been within our scope of interest for a matter of years now, and this study aims at re-enforcing our previous overall theoretical and literacy-based analysis from a methodological approach. We use our own previous databases to explore and analyze the importance of corporate financial literacy, taking into account the economic factors inside and outside the organization that affect the businesses. For this, a confirmative factor analysis (CFA) model has been created. The article aims at two things with this. On the one hand, we intend to introduce the wider scope of the fit tests applicable in the CFA, thus giving a direction to other authors. It also allows for adequate verification for their models, while at the same time conducting the fit test for our corporate financial literacy model as well as a valid model framework suitable for making measurements and deductions. With the resulting model, this paper aims to examine the corporate financial literacy, the current economic challenges, and the issues faced by managers during crises. In addition to all this, with our article, we also want to make some contribution to the methodology of empirical data analysis: in the article we collect the fit tests that can be used to validate confirmatory factor models, the way they are determined, and most importantly, we try to sort out the literature approaches to the acceptable values of these tests, giving the reader a kind of guide and a reference base. The results of the research identify response measures that can contribute to increasing companies’ resilience based on the principles of financial awareness.