There is a lack of financial awareness among the youngest customers

By: Trademagazin Date: 2024. 02. 21. 10:05

Financial awareness can only be said of a narrow group of 14-18 year olds. In addition, every second young person thinks that they still have time to deal with their finances. Only rarely and few people talk about money with their parents, as if it is something to be ashamed of or indecent – it is clear from the representative research conducted by K&H in the age group.

A fifth of young people can be called financially informed, but one in three is not at all. The situation is worst among elementary school students, information improves with increasing age, according to a representative survey of young people’s financial awareness conducted by K&H in November 2023.

The knowledge of the young age group is quite general. If we imagine a word cloud, it mainly includes concepts such as “money”, “spending”, “savings”, “income” and “bank”. Some also mentioned the term “boredom”, implying that they find the subject boring. However, in general, the situation is a little better than this: the word “finance” itself is known by the majority of young people, but they do not use it in everyday life. Some people also mention basic bank products and product categories, such as “account”, “bank card”, “loans”, “loans”.