Financial Literacy Of The Youth - Experiences, Preconceptions, Attitudes And Behaviour

Research has shown that in many countries, the level of financial literacy, especially knowledge, is
particularly low among the youth. Yet, there is little research on young people’s everyday financial
experiences within their families, peer groups and at school as well as on the impact of these
experiences on attitudes and behaviour. This paper presents and discusses the results of two
qualitative interview studies and one quantitative study with young Austrians. It was the objective of
both qualitative studies to identify critical incidents in the students’ lives that might have helped them
gain financial experience and influenced their financial behaviours. The quantitative study is based on
the analysis of the data of 1,343 students that reveal the relationships between learning experiences,
money attitudes and financial behaviours (mainly saving and spending money). All these studies show
consistently that students are highly interested in money issues but have very different chances to
acquire financial skills. Their financial attitudes and behaviours are mainly shaped by learning
experiences within their families and peers, but also by media. Learning about money issues at school
plays a minor role in the lives of most students but would be of utmost importance to those students
who cannot rely on their parents to learn how to deal competently with money.