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Low knowledge of finance among Swedish youth

the Study has been in conjunction with the annual the week is Money Week (fell this year on 25-31 march) education in personal finance for children and young pe

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Low knowledge of finance among Swedish youth

the Study has been in conjunction with the annual the week is Money Week (fell this year on 25-31 march) education in personal finance for children and young people are at the centre.

Ignorance is the greatest when it comes to bills. Just over 6 out of 10 in the age group 13-18 years reported that they completely lack or have low knowledge about how to pay the bills.

the view out to have no or low knowledge of what sort of loans you should avoid.

That today's youth lack basic financial knowledge can be a big problem in the long term. It says Ingela Gabrielsson, privatekonom at Nordea.

– We live in a consumer society where most everything is available a click away. With big knowledge gaps, it is easy to arrive there by text loans and online shop the day you turn 18 years, " she says.

at the same time, statistics from the Enforcement officer that there has been an increase in the number of young people who get poor credit. The number of young people who end up with Bailiffs have risen by about 20 per cent to more than 9.800 people between January to October 2018, in comparison with the same period in 2016.

In the last year had approximately 34,000 swedes aged between 18 and 25 years to be a liability of the Bailiff. The year group's total debt amounted to just over sek 1.2 billion.

– a poor credit history and liabilities of the Bailiff puts a spanner in the works for the acquisition of a private mobile phone subscriptions, loans to first-time buyers, and in the worst case for the first job. There is a great need for prevention work in order to improve knowledge in personal finance among young people, " says Ingela Gabrielsson.

of the young people stated that they completely lack or have low knowledge of how to start a private savings or how to make a budget.

Eight out of ten young people have low knowledge about savings in shares and mutual funds. A similar proportion said they did not have enough knowledge about the home loan. And nine out of ten do not have sufficient knowledge about pension savings.

" It is worrying that there are such gaps in the knowledge of our young people, given how difficult it has become for young people to enter the housing market and all the new rules, it is essential with knowledge. It is also needed to know how to build buffers and create a financially healthy life, " says Ingela Gabrielsson.

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