Money, a cause for concern and even a “taboo” for young people

Febelfin carried out the survey among 2,000 young people aged 15 to 30.

L‘money is a cause for concern for many young people who also have insufficient knowledge of it, according to a survey conducted by Febelfin in collaboration with the analysis firm Indiville among 2,000 young people aged 15 to 30.

Thus, 41% of young Belgians questioned are sometimes very worried about their financial situation, against 16% who never worry about a lack of money.

More than one in three respondents (36%) are regularly afraid of having their bank card refused in a store and the same proportion regularly fear not having enough money to feed their family.

Young people themselves admit that they know too little about money matters. They are 47% do not know how to manage a budget and 74% do not know that banks turn savings into loans.

There is a high correlation between financial literacy, interest in the issue and money problems. “Those who have less understanding of their financial situation are less willing to deal with money matters and more often have money problems. These people find themselves caught in a vicious circle, ”notes Febelfin, the federation of the Belgian financial sector.

Parents reluctant to talk about money

When they have questions of money, 70% of young people turn to their parents first. But the latter do not like to talk about money with their children. “In 2020, it is still taboo to say how much you earn, how much you spend or the amount in your savings book. Parents are even less reluctant to talk about sex than about money with their children. It is therefore difficult for young people to learn to manage their money and to acquire a financial culture, ”continues Febelfin, for whom“ the biggest taboo in 2020 is not sex, but money. “

While emphasizing the importance of educating about financial matters from school, Febelfin is launching a campaign on Wednesday in which Dutch and French speaking influencers share “frank and familiar” testimonies on money management (“money confessions”). ), via their Instagram stories.

Febelfin also intends to promote the new “financesetmoi.be” platform on which young people can find various information on money matters.

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