Majority of young people think their generation is more entrepreneurial than previous generations
The IPF Financial Wellbeing report is an online survey commissioned by IPF and run by Ipsos among young people, aged 18 to 25, from seven countries (Romania, Poland, Hungary, Lithuania, Czech Republic, Spain and Mexico).
The survey investigates young people’s attitude toward their own personal finances and their needs when looking for a job or applying for a loan.
The results showed that the majority (52%) of young adults think their generation is more entrepreneurial than the previous generations, and nearly a half agrees that their financial situation is stronger than that of their parents (45%).
However, they also think that there are barriers to their entrepreneurial ambitions, with the majority (52%) agreeing that in today's society there are more barriers to be entrepreneurial than there were in the past and another 52% agreeing that access to finance limits their opportunities to be more entrepreneurial.
The survey also shows that there are regional differences across countries. For instance, Mexicans are the most confident in managing their own personal finances (79%), followed by Romanians (77%), while Hungarians are the least confident, at 51%.
Mexico and Romania are also the countries where the highest proportion of respondents said they had received formal training or education on how to manage their own finances (67% and 63% respectively).
Generally, young people who have received such formal training or education are more confident in managing their own personal finances (72%) compared to young people who have never received such training (65%).
The research also found that there are cultural differences in attitudes towards money and work. For instance, earning a high salary is important to the majority of Polish (63%) and Hungarian (59%) respondents, and nearly half of Lithuanians (49%). However, most Hungarians (57%) are also interested in being able to work around family and other commitments. On the other hand, to Mexicans, advancing in their career (40%) is more important than earning a high salary (36%).
Czech and Spanish young people are more likely to choose a job for their own satisfaction, with over half (respectively 60% for Czech Republic and 55% for Spain) choosing a job dependent on “being fulfilled in my work”.
Technical Note:
The IPF Financial Wellbeing report is an online survey commissioned by IPF and run by Ipsos across seven countries (Czech Republic, Hungary, Lithuania, Mexico, Poland, Romania, Spain). Ipsos interviewed a representative quota sample of 3,500 adults aged 18-25, 500 per each market. A quota sample of adults aged 18 – 25 was interviewed with quotas set by age within gender, geographic region and work/study status. Survey data were weighted to the true population proportions of this audience in each country. Some of the statistics quoted use a country average approach. The survey was run using an online methodology between 29th March and 15th April 2019. Ipsos was responsible for the fieldwork and data collection only and not responsible for the analysis, reporting or interpretation of the survey results.
