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 marked cultural difference in attitudes towards money and work. For instance, earning a high salary is very important to Polish respondents (63%) compared to a third for young Spanish adults (34%). Spanish people are more likely to choose a job for their own satisfaction, with over half (55%) choosing a job dependent on “being fulfilled in my work”. To Mexicans, advancing in their career (40%) is more important than earning a high salary (36%), while flexible working and being able to work around family and other commitments is especially important to Hungarians (57%).