Results of a recent study (2017) examining the financial habits of young adults in the EU suggest that they are confident, optimistic, and they find saving money every month quite important, Forbes.hu reports based on a study by Intrum.
The Európai Fogyasztói Fizetési Jelentés [European Consumer Payment Report] of Intrum examined the financial habits of young adults (aged 18-24).
24,401 people (1006 Hungarians) from 24 EU states took part in the study conducted at the end of 2017.
4 out of 10 Hungarian respondents think that they will make a better living than their parents.
Overall confidence is characteristic of the youngest generation which is apparent from their attitude towards their finances. The youngest generation also seems to be the most optimistic one when it comes to their financial situation in the future.
Half of them (47%) also think that their financial situation will improve in the future, which makes them the most optimistic age group of the Hungarian society.
Hungarian young adults also seem to work for these future goals, as more and more students are working part-time, or during the holidays.
Half of the respondents between the ages of 18-24 think that they are or they are going to be in a better financial situation than their parents.
Two-thirds of the Hungarian respondents (63%) use cash every day, while only 27% of them use a card, which shows that cash is still the more popular form of payment among young adults. This might be because students without a steady income get financial support from their parents mostly in the form of cash.
Another interesting piece of finding is that half of the 18-24-olds find it important to save a certain amount of money every month.
Hungarian young adults (and the majority of respondents with other nationalities) are saving money primarily for unexpected expenses.
As opposed to respondents from other EU states who save money mainly for travelling, the main goal of Hungarian young adults is to buy their own homes one day. 40% of them reported this specific goal as the reason why they are saving money. Travelling is only the third reason behind unexpected expenses and buying real estate on the list of what Hungarians are saving their money for.
Source: www.forbes.hu; www.intrum.hu