2015 Youth Survey - Bundesverband deutscher Banken e.V. · Jugendstudie 2015 4 2. Digitalisation:...

2015 Youth SurveyEconomic literacy, financial culture, digitalisation

English summary

Berlin, August 2015

Jugendstudie 2015

I. Internet use and digitalisation p. 3

II. Young people and the economy p. 8

III. Financial culture and financial behaviour p. 15

IV. Young people and banks p. 18

2

Jugendstudie 2015

1. Digitalisation: benefits and drawbacksThe young respondents believe the internet and digitalisation to be largely beneficial to society and – even more so – to themselves.

3

“The internet and digitalisation bring…”

Question 74: If you consider the changes that the internet and digitalisation bring to society, do you think the benefits outweigh the drawbacks, or do think there are more drawbacks? Basis: n=651 incl. no-replies; figures in per centQuestion 75: And what about you personally: do the internet and digitalisation bring you…? Basis: n=651 incl. no-replies; figures in per cent

…big drawbacks …some drawbacks …some benefits …big benefits

1117 27

3747

4826

8573

society… me personally…

I. Internet and digitalisation

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2. Digitalisation: protection of personal data onlineThe protection of their personal data on the internet is highly important to the vast majority of the young people interviewed.

Young people (14-17)

Young adults(18-24)

Question 79: How important to you is the security of your personal data on the internet? Basis: n=651 incl. no-replies; figures in per cent

4

26

69

veryimportant

important

not veryimportant

totallyunimportant

28

30

60

All

27

28

63

“The protection of my data on the internet is…”


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3. Digitalisation: misuse of personal dataSix out of ten feel uneasy when they provide personal details on the internet; one in ten never enters personal details.

Young people(14-17)

Young adults(18-24)

Question 80: How do you feel if you have to provide your name, address, telephone number and maybe even your date of birth when ordering or doing something else online? Basis: n=651 incl. no-replies; figures in per cent

9

54

13

25

All

10

53

12

25

“When I’m asked to provide personal details on the internet, …”

12

51

9

25it's not a problembecause I'm confident thedata will be protected

I have no problem withthe data also being usedfor other purposes

I feel uneasy because thedata might be misused

I feel uneasy and don'tenter any data


Jugendstudie 2015

7

15

13

28

6

8

6

14

21

63

15

18

30

29

9

67

59

40

20

20

4. Reasons for using the internetYoung people primarily use the internet for social purposes; but over a third already bank online.

6

Question M3: What do you use the internet for? Please reply using the scale “regularly – sometimes – seldom – never”. Basis: n=651 incl. no-replies; figures in per cent

Reading newspapers online / using information services

Writing and reading emails

Shopping online

Getting to know people / chatting

Online banking

Never Seldom Sometimes Regularly

89

92

83

77

35

Internet use


Jugendstudie 2015

5. Mobiles devices: smartphone and tablet ownershipAlmost all young people have a smartphone or tablet: 14 to 17-year-olds even more so than young adults.

7

Question M4: Do you have one or more of these devices? Basis: n=651 incl. no-replies; figures in per cent

Ownership of a mobile device

91

39

6

Smartphone

Tablet PC

Neither

14 to 17-year-olds: 96%




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6. Importance and sources of economic informationTwo thirds consider it important or very important to have information about how the economy works; they expect this information to come primarily from school and the media.

Question 12: How important to you is information about how the economy functions? Basis: n=651 including no-replies Question 13: And where do you primarily expect this information to come from? Basis: n=651 incl. no-replies; all figures in per cent

2 5 5

2840

28

5948

54

11 7 13

2009 2012 2015

Veryimportant

Important

Not veryimportant

Totallyunimportant

20

20

56

57

Parents

Banks

Media

School

Importance of economic information

Where economic information is expected to come from

II. Young people and the economy

Jugendstudie 2015

18

81Should bemoreimportant

Shouldn't bemoreimportant

9

Question 14a: Do you think more importance should be placed at school on covering economic matters? Basis: n=651 incl. no-replies; figures in per cent

7. Economics in the classroom: importanceThe vast majority would like economic issues to be given more importance in the classroom.

School students: 75%

Covering economic matters in the classroom

19

78

20152009

22

76

2012


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Question14b: Should economics be a subject in its own right? Basis: n=651 incl. no-replies; figures in per cent

8. Economics in the classroom: a separate subject?Almost three quarters of the respondents, including two thirds of school students, would like economics to be a separate subject on the curriculum.

5

20

73 Yes

No

Already aseparatesubject

School students: 67%

Introduction of economics as a separate subject



9. Economic literacy: shares, returns and the role of the ECBMost know what a share, but don’t know what a return, is. Many also don’t know that the ECB is responsible for price stability.

Understanding of the term “share”

Question: Can you tell me what is meant by a “share”? Basis: n=651 incl. no-replies; figures in per centQuestion: Can you tell me what is meant by a “return”? Basis: n=651 incl. no-replies; figures in per centQuestion: Which institution is responsible for ensuring price stability in the eurozone, i.e. in all the countries which use the euro?

78

22

wronganswer ordidn't know

rightanswer

Understanding of the term “return”

47

53

ECB’s responsibility for price stability


41

59wronganswer ordidn't know

rightanswer

Jugendstudie 2015

292632

121010

282628

323730

10. Self-assessment of financial competenceSix out of ten young people admit they don’t know what goes on in the stock market.

12

Question 22a: To what extent do you agree with the following statement: “I have no idea what goes on in the stock market.”?Basis: n=651 incl. no-replies; figures in per cent

Totally disagree Tend to disagree Tend to agree Totally agree

“I have no idea what goes on in the stock market.”

2012 2009 2015


Jugendstudie 2015

11. Index: economic literacy of young peopleYoung people’s economic literacy has improved since 2012; but four out of ten still have little knowledge of economics.

Economic literacy index

13

15 11

3228

32

28

2133 Very good

knowledge

Goodknowledge

Poor knowledge

Very poorknowledge

20152012


Jugendstudie 2015

How the economic literacy index was compiled

An index was compiled from the replies to the questions about various aspects of economics so that respondents could be categorised according to their knowledge. Correct answers to questions requiring an explanation were awarded 15 points. Correct replies to questions where the answer could only be “right” or “wrong” got 12.5 points.

Principle of supply and demand 15 index pointsExplanation of “rate of inflation” 15 index points Role of the ECB 15 index points Explanation of “share” 15 index points Explanation of “return” 15 index points Risk-reward relationship 12.5 index points Risk diversification 12.5 index points

TOTAL 100 index points

Each respondent’s personal economic literacy therefore lay somewhere between 0 and 100. The young people were then divided into four categories with the help of the index:

0-24 points: very poor knowledge of economics 11% of all respondents25-49 points: poor knowledge of economics 28% of all respondents50-74 points: good knowledge of economics 28% of all respondents75-100 points: very good knowledge of economics 33% of all respondents

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Jugendstudie 2015

12. Enjoyment in taking care of money mattersTwo thirds of young people enjoy looking after their own finances; since 2012 this figure has started to rise again.

15

233225

118

7

383637

272432

Question 22b: To what extent do you agree with the following statement: “I enjoy looking after my own money.”?Basis: n=651 incl. no-replies; figures in per cent

2012 2009

Totally disagree Tend to disagree Tend to agree Totally agree

“I enjoy looking after my own money.”

2015

III. Financial culture and financial behaviour


13. Personal financial planningJust under four out of ten respondents regularly take care of their finances; young adults more often than 14 to 17-year-olds.

Young people(14-17)

Young adults(18-24)

Question 23: How often do you take time to take care of your finances, e.g. by looking at your incomings and outgoings or planning how to save up for something special? Basis: n=651 incl. no-replies; figures in per cent

12

25

44

19

regularly

sometimes

seldom

never

6

15

33

46

8

19

40

33

All

8

18

38

37

201220098

18

37

37

2015

“I…take time to plan my outgoings and incomings.”


Jugendstudie 2015

15

32

53

Regularly

Sometimes

Never

14. Savings: inclination to save and amounts savedAround half of the young people interviewed save regularly. The older the respondent, the higher the amount saved.

17

Question 35a: How regularly do you save a certain amount of the money at your disposal? Basis: n=651 incl. no-replies; figures in per centQuestion 35b: And how much do you save on average each month? Basis: n=651; figures in per cent

Amount saved monthly

40

14

16

7104 Over 500

euros

201-500euros

101-200euros

51-100euros

26-50euros

0-25euros

Average amount saved monthly (in

euros) by…Savings behaviour

236

97

36

21-24 year-olds

18-20 year-olds

14-17 year-olds



15. Use of financial productsThe older the respondent, the more likely he or she is to have a current account; the reverse tends to be true with savings accounts.

Question T: Please tell us which of these financial products you own. Basis: n=651; figures in per cent

46

67

90 91

14-15 yrs 16-17 yrs 18-20 yrs 21-24 yrs

Current account

7160 61

45

14-15 yrs 16-17 yrs 18-20 yrs 21-24 yrs

Savings account

IV. Young people and banks

Jugendstudie 2015

4

16

70

7

19

Question 24: What’s your general opinion of banks? Do you have a…? Basis: n=651 incl. no-replies; figures in per cent

16. Attitude to banksTwo thirds of the young respondents have a positive opinion of banks; this trend has been declining slightly since the financial crisis, however.

“I generally have a…of banks.”

4

23

66

6

6

27

61

5

very highopinion

high opinion

fairly lowopinion

low opinion

2015200920062003

3

17

73

5

5

26

62

6

2012



7

9

13

13

12

27

3

2

3

3

12

8

34

49

32

41

22

43

56

40

52

43

53

21

1

2

3

4

5

6

84

89

84

75

64

…secure savings and investments

…good rates of interest

…an inexpensive current account

Question 24a: How important to you personally are these criteria? Basis: n=651 incl. no-replies; figures in per cent

17. Expectations of banksSecure investments, cheap current accounts, and also personal contact are especially important to young customers.

How important to you is it to have…

…a branch nearby

…a financial adviser I know and trust

…secure online bankingTotally unimportantNot so importantImportantVery important

90


Jugendstudie 2015

Design of the survey

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Survey period: End of May/early June 2015Survey sample: n=651 young people and young adults

aged between 14 and 24Survey method: CATI (computer-assisted telephone interview)

Survey commissioned by: Association of German Banks, Berlin Conducted by: GfK Marktforschung, Nuremberg

Representative poll – weighted on the basis of the following criteria: federal state, age, gender, size of household, education, and size of place of residence

2015 Youth Survey - Bundesverband deutscher Banken e.V. · Jugendstudie 2015 4 2. Digitalisation:...

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