A third of young people barely know anything about finances

By: Trademagazin Date: 2024. 05. 15. 10:39

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57 percent of young people have some kind of banking relationship. The higher the level of school a child attends, the more likely it is that he has knowledge about financial matters, according to K&H’s research on the financial awareness of young people.

K&H conducted research among the 14-18-year-olds in order to find out: how aware they are of financial matters, and how well they manage the money they have. What they spend, how they save and how informed they are about financial products.

The research reveals that 57 percent of young people have a bank relationship. The older they are, the more they open a bank account, and independence also leads them in this direction, since, for example, they receive their scholarship in their bank account. The bank where they open their first current account is usually chosen as a result of a recommendation, mostly the financial institution where the parents keep their bank account.

Since 43 percent of young people still do not have their own bank account, it was important to understand why this could be the case. The research revealed that young people in this age group feel that they do not need this yet. Due to the magnitude of the savings and the available interest rates, they don’t even think it’s worth putting their money in the bank.