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Belgian youth not comfortable with money, financial sector survey shows
Money is a source of worry and stress for many young people in Belgium. That's the message from a survey of 2,000 15 to 30 year-olds by the Belgian financial sector federation Febelfin.
Some 41% of interviewees said they were ‘very concerned’ about their financial situation. Only 16% never worried about a lack of money, according to the research carried out by Febelfin in collaboration with Indiville research group.
More than one third questioned (36%) were regularly scared that their bank card would be refused in shops. The same number worried that they would not have enough money to feed their family.
The research also revealed young people’s lack of knowledge concerning financial matters. To help this situation, Febelfin has launched a campaign whereby Flemish and Francophone influencers will share their “money confessions” and stories on how to manage money on social media site Instagram.
As it currently stands, some 47% of respondees said they would not know how to manage a budget. And 74% were unaware that banks transform savings into credit. Underlining that young people should be taught about financial matters from school age, Febelfin will also publicise the new “financesetmoi.be” (finance and me) platform where young people can find a wealth of information on money questions.
The federation also noted a correlation between a person’s interest in finance and their money problems: “Those that understand less their financial situation are not as likely to take charge of money questions and then have money problems more often. These people find themselves in a vicious circle.”
Finally, when they wanted advice on money matters, 70% of young people turned first to their parents. But these elders do not like talking about money with their children. “In 2020, it is still taboo to say how much you earn, how much you spend or how much you have in your savings account,” Febelfin said.
“Parents are less worried speaking about sex than money with their kids. It is therefore difficult for young people to learn how to manage their money and acquire financial knowhow,” continued the federation, for whom, “the biggest taboo in 2020 is not sex, it’s money.”