A published in July focused on financial literacy in the EU, evaluating topics such as self-assessed financial knowledge, emergency savings, retirement planning, using digital financial services, the ownership of financial products and confidence in investment advice received.

The survey was carried out in late March and early April 2023, with 513 people in Luxembourg polled. Here are a few key figures from the results.

33% had “high score” for financial knowledge

Respondents were asked to answer five financial knowledge questions, with a high score consisting of four or five correct answers, a medium score consisting of two or three correct answers, and a low score consisting of zero or one correct answers. The questions covered inflation, understanding the value of diversification in investing, simple and compound interest, understanding the link between interest rates and bond prices, and understanding that an investment with a higher return is likely to be more risky.

One-third (33%) of survey respondents in Luxembourg had a “high score,” seven percentage points higher than the EU average of 26%.

Financial knowledge in comparison to others

Asked to compare themselves to other adults in Luxembourg, 30% of survey respondents said that their overall knowledge about financial matters was “quite high,” five percentage points higher than the EU average of 25%.

52% in the grand duchy said their overall knowledge on financial matters was “about average” compared to others in the country.

Financially savvy behaviours

People in Luxembourg were on par with the EU average when it came to financially savvy behaviour related to choosing products, tracking expenses and striving to achieve financial goals. 65% in Luxembourg and in the EU said they agreed with all the statements.

High level of emergency savings

If they were to lose their main source of income, 48% of respondents in Luxembourg said they could continue to cover their living expenses--without borrowing money or moving house--for six months or more. This is the highest figure in the EU (followed by the Netherlands with 47%, Sweden with 46% and Denmark with 42%) and 15 percentage points above the average of 33%.

Almost one-fifth (19%) in Luxembourg said that they could continue to cover their expenses for at least three months, but not six months.

5% of respondents in Luxembourg said they don’t have emergency savings, compared to 16% for the EU average.

59% confident regarding retirement

The Eurobarometer poll found that 15% of people in Luxembourg were “very confident” that they would have enough money to live comfortably during their retirement years (six percentage points higher than than the EU average of 9%). 44% in Luxembourg said they were “somewhat confident,” compared to 33% in the EU. Taken together, 59% of people in Luxembourg are very or somewhat confident about having enough money to live comfortably throughout their retirement, compared to 42% for the EU average.

This figure was higher in the Netherlands (62% were very or somewhat confident about their retirement) and in Denmark (60%).

More than one-fourth (28%) of respondents in the grand duchy said they were “not too confident” about having enough money to live a comfortable retirement.

Ownership of financial products higher than EU average across all categories

About four in 10 survey respondents (41%) in Luxembourg had private pension or retirement product, compared to 22% for the EU average.

42% had a mortgage or home loan--that’s more than double the EU figure of 20%.

More one-third of people in Luxembourg (37%) currently have or have had an investment product (funds, stocks or bonds) in the past two years. This is 13 percentage points higher than the EU average of 24%.

85% comfortable with digital financial services

28% of people in Luxembourg said they were “very comfortable” with using digital financial services such as online banking or mobile payments--this is eight percentage points lower than the EU average (36%). However, 57% of respondents in the grand duchy said that they were “somewhat comfortable” with using digital financial services, a figure that is 16 percentage points higher than the EU average (41%).

Taken together, 85% in Luxembourg were either “very comfortable” or “somewhat comfortable” with digital financial services, compared to 77% in the EU. This figure was the highest in Finland (95%).

Find the full results of the flash Eurobarometer poll .