Financial literacy in Austria – focus on millennials

Pirmin Fessler, Marilies Jelovsek () and Maria Silgoner
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Marilies Jelovsek: Oesterreichische Nationalbank

Monetary Policy & the Economy, 2020, issue Q3/20, 21-38

Abstract: This article summarizes the main findings from the second wave of the Austrian Survey of Financial Literacy (ASFL), the Austrian contribution to the OECD/INFE survey on adult financial literacy, which was conducted in spring 2019. As compared to the previous survey round in 2014, the financial knowledge of Austrian residents seems to have increased significantly. While men outperform women in terms of financial knowledge, they score slightly worse in terms of financial behavior and attitudes. Austrian residents are rather prudent, risk averse and forward looking and have a good overview of their finances. In general, financial literacy is rather equally distributed across age groups. However, 15- to 38-year-olds (hereinafter called millennials) differ from other age cohorts in several respects: They have relatively low levels of financial literacy, are less financially organized, and they show more risky and less forward looking behavior. At the same time, they are more open to digital means of payments and financial innovations in general. Even though the observed differences are not very large and may vanish as millennials mature and gain experience with business and finance, we deem it important to monitor the financial literacy development for this group, given the rising complexity of financial decisions many among this group will face and the tremendous financial resources they will ultimately inherit.

Keywords: financial literacy; financial education; financial stability; survey data (search for similar items in EconPapers)
JEL-codes: A20 D12 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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