According to the survey results, 85% of respondents want a better understanding of personal financial concepts and 38% of youths feel overwhelmed by financial issues. The poll highlighted the lack of personal finance education in schools, with 79% saying that school did not prepare them well to manage their personal finances.

“We need more robust educational initiatives, both at school and at home, to equip young people with the financial skills that are essential for their future. We teach a lot of trivia...investing in young people’s financial education is investing in a more stable, informed and empowered future,” said Quest founder Carlo Kissen in a press release on 22 August.

600 random interviews of Luxembourg residents younger than 35 years of age were carried out in April-May 2023 and in July 2023: 346 of respondents were male, 254 were female; 412 had a paid job and 188 did not have a paid job.

Here are a few takeaways from the survey.

Majority say school did not prepare them regarding personal finance

79% of respondents said that school did not prepare them well to manage their personal finances: 60% said school did not prepare them at all, while 19% said school did not really prepare them.

77% of young people polled said that school did not prepare them well to understand the idea of savings, while 74% said that school did not prepare them to understand the notions of investment.

Good education on savings from parents, but not on investing

Although 76% of survey respondents said that their parents prepared them to understand the notions of savings (43% said this was absolutely the case and 33% said this was somewhat the case), only 36% said that their parents prepared them to understand investment.

69% of people polled also said that their parents had prepared them well to understand how to manage their personal finances.

School and parents share responsibility for financial education

44% of youths said that schools have the primary responsibility for better preparing young people to manage their money. 42% said that parents have the primary responsibility for financial education.

Far behind these two options, 9% of respondents said that young people themselves have the primary responsibility to prepare for managing their money, followed by 4% who said that the primary responsibility lies with banks.

85% would have liked better financial education as a teen

60% of survey respondents would have “absolutely” liked to have been betty prepared for money issues as a teenager, while 25% said they “probably” would have liked this.

20% agree with taking a credit to pay for holidays

78% of young people polled said that they agree--either strongly or somewhat--with taking a credit to finance one’s studies.

58% said they agree with the principle of taking a loan to buy a car, 44% agree if it is to buy furniture.

20% of respondents said they agree with the principle of taking a credit to pay for vacations.