The young generation has very weak financial knowledge. In financial terms, products and services, the generation of their parents is essentially oriented. The group most at risk of financial illiteracy are seniors, people over 60 years of age.
The old people are not only financially foolish, but they are also very close to young people. And as a result, various traps for retailers can easily fall away. The intergenerational test of financial literacy of the financial consulting company Partners showed interesting results.
“The results of the research are alarming. Prove that even through efforts and activities aimed at increasing financial literacy and students there are no real results yet. He hopes that the next generation will avoid the mistakes of the previous ones and will behave financially responsibly, they will remain different, ”comments Vlastimil Divok from Partners commenting on the results of the survey.
The middle generation was the best in the test of financial knowledge. According to Divokho, these people are of working age, working and caring for families. They are now able to analyze and manage personal finances.
The middle generation underestimates itself, seniors underestimate others
The test mapped the knowledge of people of basic financial concepts, products and services. The respondents were the least aware of the riskiness of investments and elephants. They also had problems with refinancing mortgages and wireless credit cards. On the contrary, they have the most knowledge about consolidation, including APR.
When the individual generals of the group evaluated, as they compare their financial knowledge in comparison with other groups, the middle-aged people were underestimated. On the contrary, the seniors appreciated.
“The oldest generation has two underestimations and values their knowledge, not seniors themselves. On the contrary, take care of the middle generation from this point of view and value it, not the middle generation itself, ”adds Divok.
Strikingly, the oldest generation cares about the financial literacy of the youngest. Seniors are convinced that young people are much better at financial products and terms. “This is one of the reasons why some seniors are literally victimized by non-bank loans and inappropriate purchases of young sellers, who generally have two in terms of knowledge of financial issues,” adds Divok.
People with low incomes are the least interested in finance
Seniors, people with low incomes and people from single households are least interested in finance compared to other groups.
In the case of people from low-income groups, this can be dangerous. Their ignorance is very easy to throw into the hands of frauds and usurers and thus get them into debt debts.
People most often look for answers to financial questions in the media, but also on the Internet. The oldest people most often get two advice from relatives and friends.