More than a quarter of young people aged 15-25 don’t feel adequately prepared for managing their finances in real life. They express a desire for more information about investments, how the tax system works, and general knowledge about savings and money management.
According to a survey by Česká spořitelna Foundation and Ipsos, those over twenty feel more confident about their financial literacy. While 19% of people in their twenties report low financial preparedness, this figure rises to 30% among those under twenty. The researchers suggest that true financial understanding often comes with earning one’s first income.
The survey reveals concerning statistics: 47% of people under twenty would rate their financial literacy at a C grade or lower. Gender differences are notable, with young men showing better performance, while women tend to underestimate their abilities – only 12% believe they understand finance, despite test results showing their actual knowledge is almost twice as high.
Schools appear to be falling short in financial education, with over three-quarters of young people believing that educational institutions don’t adequately focus on developing proper money management skills. The most significant knowledge gaps are in investing, taxes, and savings.
While three-quarters of young people understand that savings accounts offer better interest rates, 20% incorrectly believe there’s no difference between savings and current accounts. Investment risk assessment remains the most challenging area for young people to grasp.