• Two thirds (67%) of Czechs aged 18-35 believe their financial aspirations are attainable;
• 58% of young Czechs expect the cost of living to rise next year;
• Young Czechs spend 24% of their income on food;
• Parents (38%) and internet searches (47%) are among the main sources of financial advice and information for young Czechs; and more than a fifth (22%) follow at least one financial influencer online;
• 13% of Czechs aged 18-35 say they have either experienced financial product fraud themselves or know someone who has.
On the 30th of September 2024 BCC Member Cook Communications announced the publication of Young Money Matters, the first survey of young people and their money to have been undertaken simultaneously in the Czech Republic, Poland and Romania.
Young Money Matters takes an in-depth look into how people aged 18-35 in each country earn and spend their money, where they invest, what financial products they use, and where they go for their financial advice.
“The idea for Young Money Matters arose from our work in financial communications,” said Joe Cook, founder and managing director of Cook Communications. “We wanted to understand how young people manage their money, and where they get their financial information and advice as they set out in life.”
The last few years have seen pandemic lock-downs, high inflation and rising house prices. Although a majority of young Czechs (58%) expect the cost of living to continue rising over the next year, they remain remarkably optimistic about the future and positive about meeting their financial aspirations. Two thirds of young Czechs (67%) think they can achieve their financial goals.
Alongside the optimism, however, Young Money Matters revealed that 13% of young Czechs have either experienced financial product fraud themselves or know someone who has. Our survey also found inefficient savings and investment habits among young Czechs, Poles and Romanians. Financial knowledge and education is also not what it could be: just 14% of young Czechs received any form of education about personal finances at school.
“We hope that our inaugural Young Money Matters reports will stimulate debate within the financial services sector, in the media, and among educators, regulators and, above all, among young Czechs, Poles and Romanians,” said Cook.
We have published individual Young Money Matters reports on the Czech Republic, Poland and Romania in English and in the national languages. We have also published a concise comparative report, in English. They are free to download HERE.