Seventy-four percent of Europeans would like to improve their financial knowledge, according to a study presented on Tuesday 30 September by the European Financial Planning Association (EFPA) in collaboration with the European Federation of Investors and Financial Services Users, Better Finance.
Of the nine EU countries surveyed, along with the UK, Hungary stands out as the country where respondents most strongly expressed the need to improve their financial literacy.
The survey of 14,318 people shows that investment, pensions and taxation are the main areas where knowledge is lacking. Furthermore, 78% of respondents save occasionally, only 36% regularly, and 15% have no savings at all.
EFPA and Better Finance recommend developing practical financial skills by focusing on budgeting, saving and short- and long-term planning, as well as incorporating advanced topics such as investment and pensions.
The organisations recommend taking into account the emotional aspects of money, adapting advice to cultural and gender specificities, facilitating debt management and promoting responsible use of credit.
“There is a strong connection between financial health, psychological health and social well being. Financial security is the foundation of financial health”, said Mariola Szymańska, co-author of the research, at a presentation attended by Agence Europe on Tuesday morning.
“More than 50% of Europeans do not feel financially secure today”, stressed Ms Szymańska.
See the full study: https://aeur.eu/f/io7 (Original version in French by Bernard Denuit)