Teenagers who discuss finances at home are more likely to use financial products, financial management apps, and think about their investment future, according to the study “Junior in the World of Modern Financial Services.” The authors of the study indicate this is proof that financial education from a young age yields results. However, more than one-third of teenagers admit that finance is a taboo topic in their homes. Notably, half of the respondents want to expand their knowledge on the subject, with online sources being their preferred resource.
The study, conducted by the Polish Financial Enterprises Association in cooperation with the Trampki na Giełdzie Foundation, found that 90% of the surveyed group of nearly 800 teenagers (aged 13–17) have their own bank account, and over 71% regularly use online banking. Experts highlight the concerning fact that one in ten teenagers does not know what online banking is. Differences in knowledge and financial literacy are evident depending on whether financial topics are discussed with parents or guardians.
“Teenagers who talk to their parents about finances are significantly more familiar with financial products and services, from BLIK payments to online investing. They also handle financial apps and technologies better. Interestingly, in the case of financial problems, they are far more likely to ask family for help (78% vs. 62%),” said Izabela Kozakiewicz, President of the Trampki na Giełdzie Foundation, in an interview with Newseria.
Among the financial solutions best known to young respondents are BLIK payments (95%), online transfers (90%), and ATM withdrawals (87%). At least 62.9% of teenagers have used mobile apps for financial management at least once, while 41.2% use them regularly. Usage rates are higher among those whose parents discuss financial matters with them. These teenagers are also better at saving – 54% set aside part of their money, compared to 37% in the group where finances are not discussed. They are also more aware of cybersecurity in the financial world (84% vs. just under 73%).
“Another slightly alarming finding is the difference between teenage girls and boys in their approach to finances today and to future financial planning. In most cases, knowledge of different financial and investment products and services is significantly lower among girls than boys,” says Izabela Kozakiewicz.
Far fewer girls have experience using financial management apps, and significantly more express a lack of interest in them. This trend extends to investments. For example, 64% of boys and 37% of girls understand the concept of online investing. Additionally, more girls admit to having no plans for investing when they become adults (69% vs. 47% of boys).
“There is tremendous potential for educating parents so they can break this financial taboo and talk to their children about finances. Most importantly, we need to educate both teenage girls and boys so both genders care about financial health in adulthood,” adds Izabela Kozakiewicz. “Women live longer, so it’s crucial they live with dignity in retirement. Additionally, with Poland’s declining population, long-term financial planning should be a top priority.”
The study highlights that family and close friends are the primary sources of financial education and insights into new technologies for young people. Teenagers are keen to learn more about finances, most often choosing the internet and social media as their go-to resources. A small percentage mention teachers, indicating that schools’ educational offerings on this topic may be insufficient. Nearly half of the teenagers believe that well-tailored school lessons would help them better understand finances. Almost as many respondents say they would be interested in expanding their knowledge through educational videos, financial games, and simulations. Experts suggest that financial institutions should focus their educational efforts on these areas, using clear communication and simple language, as teenagers often find financial information provided by institutions online to be incomprehensible.
“Financial education for children should start early – by first or second grade. It’s at this stage that children develop a basic understanding of financial security, wealth, and financial safety, often during their first visit to a store,” notes Kozakiewicz. “It’s similar to teaching children to brush their teeth. Parents know how hard it is to get a child to brush their teeth every morning and night, but once they learn, it becomes automatic. The same applies to saving – if we teach children early that saving is second nature, it will serve them well in adulthood.”
Managing money is effectively taught through pocket money. The study indicates that nearly three out of four teenagers regularly receive an allowance, typically via bank transfer. Interestingly, almost half of the teenagers say they save money from their allowance or gifts.
