Is higher education still valued? Not necessarily. The era of studies that do not lead to a specific profession is gradually becoming obsolete. As surveyed by BIG InfoMonitor, 56% of high school graduates chose to pursue studies this year. The rest prefer to work or travel. To continue their education, 15% of young people anticipate that they will have to incur debt, most often from family members. At the same time, it turns out that most of them have savings to fulfil their dreams and have something for a so-called rainy day – this is the result from the report “Economic Awareness of Young Poles”.
The study “Economic awareness of young Poles” conducted for BIG InfoMonitor among this year’s high school graduates shows that 30% of women and 37% of men choose full-time work after finishing school. 20% of respondents intend to continue the job they started while still in high school. Just under 5% of young people from the city and 8% living in the countryside will work in a family business.
“Young people understand that entering the job market quickly is about more than just financial independence. It will allow them in the future to demonstrate experience, commitment, and the competencies they possess, which can be decisive for promotion or getting a better job offer. It’s worth remembering that despite the low unemployment rate, the job market is currently very volatile, and when interesting opportunities arise, it’s worth taking advantage of them,” says Dr. Waldemar Rogowski, chief analyst of BIG InfoMonitor.
Generation “Z” is no stranger to entrepreneurship. 12% of them consider starting a business. The study “Economic awareness of young people” confirms a slightly higher propensity risk among men, as they more frequently plan their own business (17% compared to 10% women).
Studies plus work
As shown by the study conducted for the BIG InfoMonitor Debtors’ Register, high school graduates approach their future very sensibly. Nearly 36% of this year’s high school graduates are interested in full-time studies, and 20% prefer extramural education. Young people plan to pay for their own education. As much as 80% of those surveyed declare that they will combine study with work, although the percentage is significantly smaller among villagers (71%).Students who have already lived with friends outside the family home while still in high school are also planning to work. 1/3 will use parental financing during their studies.
In order to continue studying, 15% of young people assume they will have to incur debt. Most of them will ask family or friends for a loan, only 1% will decide to take a bank loan or borrow from a loan company. Generation “Z” rightly fears debt commitments. As shown by data collected in the BIG InfoMonitor Debtors Register, where delays in payment of current bills (rent, telephone, internet, utilities, fines for traveling without a ticket, alimony) and in the BIK database, are also recorded, as of the end of July 2024, 5% of Poles aged 18-24 had problems with repaying their obligations. Their debt amounts to nearly PLN 965 million and belongs to 120,000 people. On average, each young person has an arrears of 8,060 PLN to repay. However, compared to July of the previous year, this amount decreased by PLN 44.4 million and 12,446 unreliable payers decreased. “As much as 84% of young adults faced the challenge of acquiring funds to achieve their goals and used some form of external financing. They often borrowed from family or friends, but also used financial institutions offers and increasingly are fond of the “buy now, pay later” option. The BNPL method has already been tried by 37% of young consumers*. The question is whether everyone is aware of the consequences of their financial decisions and can manage their resources responsibly. Financial education plays an important role here, and should appear early enough to prepare young people for the challenges adult life brings. 2024 as the Year of Economic Education brought attention to the importance of effective education in this field. Let’s hope that the initiatives undertaken will bring lasting effects,” emphasizes Małgorzata Bielińska, director for education in the BIK Group.
For a rainy day and fulfilling dreams
Generation “Z” not only uses external financing but also saves. Most young people accumulate funds in a simple bank account or in cash, much less often in a savings account or investing. Only every tenth respondent does not save any money.
“The beginning of our professional life, when we do not yet have many commitments, is a good moment to start saving. According to different statistics, the older you get, the more difficult it is to set aside money, and 30% of Poles live from paycheck to paycheck, not saving a penny. Regular saving is a habit that is worth developing and it’s encouraging that young people are aware of it,” notes Dr. Waldemar Rogowski, chief analyst of BIG InfoMonitor.
When asked about the goal they save for, young respondents mainly pointed to current expenses in the future, in case their financial situation worsens (39%). Fulfilling dreams and pursuing passions came next (36%). Slightly less than one in five young people indicated that they multiply savings as a precautionary measure, and only one out of fifty high school graduates thinks about retirement this year.
World without borders
Young adults do not remember barriers and passport controls when crossing the Polish border. Travels, or long trips abroad, are nothing unusual for them. More often than their parents, they choose to work or study abroad. Such plans were declared by 16% of respondents of the BIG InfoMonitor study. Another 26% of young people also stated that they intend to go abroad for a longer period, but rather for tourism. Both for trips to study or work, and for leisure trips, women choose more often.
The CAVI Economic Awareness of High School Graduates 2024 survey was conducted by Keralla Research on behalf of the BIG InfoMonitor Debtors Register, on a sample of 300 people aged 17-20 years taking the high school final exam in 2024. The study was conducted between 24.04 – 05.05, 2024.
The CAVI Young Adults: approach to finance and debt survey involved a nationwide sample of 1023 adult Poles, aged 18-35, on the Ariadna Research Panel nationwide, commissioned by BIK and ANG, under the substantive supervision of Dr. hab. Katarzyna Sekśćinska. The study was conducted in November 2023.
Source: https://managerplus.pl/mlodzi-polacy-coraz-czesciej-wybieraja-prace-zamiast-studiow-nowy-trend-wsrod-absolwentow-79626
