Cases such as the Swiss franc mortgage crisis or the Amber Gold scandal reveal a significant gap in public understanding of economic and financial mechanisms in Poland. According to self-assessments, Poles rate their economic knowledge at a “C” level. The weakest areas include cybersecurity and investing. Experts argue that financial literacy — particularly in areas like money management and investment risk — should be taught early, ideally beginning in school, though not necessarily as a separate subject. Meanwhile, older age groups would also benefit from improved economic awareness.
“Poles need better economic education. Think about the Swiss franc loans — most borrowers claimed they didn’t realize the exchange rate could change. Or the Amber Gold scandal, where people were told you can’t lose money on gold. That’s the result of people not understanding how the market works,” said Prof. Witold Orłowski, economist at the Vistula University of Finance and Business and the Warsaw University of Technology, in an interview with Newseria.
“Today, many young people believe cryptocurrency is a guaranteed way to make money. But to understand investment risk, you need to understand how finance works — and that’s more complex than just calculating an interest rate.”
Economic Awareness in Crisis
The 2025 edition of the annual survey “Financial Knowledge of Poles” by the Warsaw Institute of Banking and the GPW Foundation, conducted by research firm Indicator, reveals that one in three Poles considers their financial knowledge to be low or very low, while 37% rate it as average.
The experiences of the past year have prompted many to change their financial habits:
- 59% say they should save more and do so regularly “for a rainy day.”
- 50% believe savings should be diversified.
- 33% feel they need to reduce spending and adopt a more modest lifestyle — a sentiment more common in rural areas, where 4 in 10 respondents hold this view.
“Ask children where money comes from, and they’ll say ‘the ATM,’ not that their parents have to earn it,” noted Prof. Piotr Wachowiak, Rector of the Warsaw School of Economics (SGH).
“Ask if the government has its own money, and many say yes — even though the government only spends taxpayers’ money. This lack of basic economic knowledge has a major impact not just on the economy, but also on the spread of populism — not only in Poland but around the world.”
Where Do Poles Learn About the Economy?
In recent years, sources of economic knowledge have shifted. Online blogs and news portals have become the most popular source — used by 62% of respondents in 2025, up from 55% in 2022. Podcasts and online videos are gaining traction too (used by 27%, up from 19%). At the same time, reliance on traditional media is falling — now at 34%, compared to 49% in 2021.
When asked where their knowledge gaps lie, respondents most frequently pointed to:
- Cybersecurity – 46%
- Investing – 32%
- Taxation – 28%
The Willingness to Learn — and the Gaps in Action
There is a general recognition that economic education needs improvement.
- 41% want to deepen their knowledge of cybersecurity (up 3 percentage points from last year).
- 24% are interested in learning more about taxes.
- Yet only 20% want to learn more about investing — even though a third admit lacking knowledge in this area.
Learning the Economy — But How?
“We need to be much better educated about economic processes. The world is getting more complex. Simple tools are no longer enough. We must understand what’s happening in the economy, how it’s changing, where the risks and opportunities are, and how to adapt. And that has to start in school — because later is often too late,” emphasized Prof. Orłowski.
“We need systemic solutions to raise the level of economic and financial awareness across society — from preschool to retirement,” added Prof. Wachowiak.
Both experts, however, are not in favor of creating a separate subject solely for financial education.
“I’m against silo-style knowledge — where math is here, history there, and economics somewhere else. I believe we should integrate economic knowledge into other subjects,” said Prof. Orłowski.
“Financial literacy, including basic tools like interest rates or credit, can easily be taught during math classes. Rather than creating a new subject, let’s think about how to embed economic concepts into existing ones.”
“Let’s follow the example of Western European countries,” added Prof. Wachowiak.
“Economic knowledge can be part of math (through practical word problems), history (via stories of entrepreneurs), or geography (by studying economic regions). I’m not a supporter of teaching economics as a single, standalone subject. It should accompany us throughout our education — across disciplines.”
Testing Financial Literacy: Still Room for Growth
The study also tested respondents’ knowledge of investing in practice. On average, participants answered only half of the investment-related questions correctly.
- 2% got no answers right.
- Only 3% achieved a perfect score (7 out of 7).
Fear of investing remains widespread and is largely tied to a lack of understanding of financial instruments:
- 65% have heard of stocks but don’t know what they are (a slight improvement from 70% in 2024).
- 58% say the same about bonds.
- A striking 75% have never heard of ETFs.
Currently, 44% of Poles say they do not invest in the stock market due to insufficient knowledge.
