Young people in Europe are using cash more frequently than even six months ago
When it comes to their financial future, they are especially concerned about inflation and energy prices
According to a recent survey by the international financial services provider EOS, young adults between the ages of 18 and 34 have a strong interest in finance. One observation that is particularly striking here is that nearly half of those surveyed (48 percent) have used cash more often in the last six months. In Germany the figure was 45 percent. This could be motivated by the desire to keep a tighter handle on personal finances and thus incur less debt, and is supported by current savings trends such as “cash stuffing”, where the monthly budget is withdrawn in cash and distributed across individual savings and expenditure items. A total of 7,700 consumers across 13 European countries were surveyed for the study in February.
The consequences of inflation are the greatest concern for the future
The 18–34-year-olds surveyed in Europe listed inflation (70 percent) and high energy prices (46 percent) as the main reasons for their financial worries about the future. Fear of unemployment (27 percent) also plays a role.
Young people in Germany also listed inflation (66 percent) and high energy prices (54 percent) as the main reasons for worrying about their financial future. Concerns about the inability to afford major purchases were ranked in third place (28 percent). 18 percent of German 18–34-year-olds cited the fear of unemployment as another reason for financial worries about the future.
At the same time, more than half of young Europeans (51 percent), would like a better financial education. In Eastern European countries such as Romania (70 percent), North Macedonia (54 percent), and Hungary (53 percent), where consumers took on new debt most often in the last six months, the demand for financial education is particularly high. However, respondents in the Czech Republic (50 percent) and – in Western Europe – Spain (49 percent) would also like more financial education. In Germany this figure is 32 percent.
finlit foundation provides financial education from primary school age
Jana Titov, Managing Director of the finlit foundation, knows how important it is to boost financial literacy as early as during childhood: “We take a lot of time to learn many other things like reading, writing, and arithmetic. The same should apply to handling money,” she affirms. With the ManoMoneta education program, which is currently being rolled out across Europe, the non-profit subsidiary of the EOS Group is already targeting schoolchildren as young as 9 to 13 years of age. A follow-on initiative for young people aged 13 to 17 in Germany is already at the launch stage.
About the EOS survey “Europeans in financial trouble? EOS Consumer Study”
In partnership with Dynata, a specialist in online surveys, EOS conducted an online poll of 7,700 consumers in 13 European countries between February 3–9, 2023. The survey focused on the question of how the last six months had affected the consumption patterns and financial situation of the participants.
About the EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 45 years of experience, EOS offers some 20,000 customers in 24 countries around the world smart services for all their receivables management needs. Its key target sectors are banking, real estate, telecommunications, utilities and e-commerce. EOS employs more than 6,000 people and is part of Otto Group.
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