Differences in Use of Credit Products Between the Old and New Member States of the European Union

Agnieszka Huterska ()
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Agnieszka Huterska: Nicolaus Copernicus University in Toruń

A chapter in Contemporary Trends and Challenges in Finance, 2021, pp 217-228 from Springer

Abstract: Abstract The aim of the article is to assess the specificity of the disproportions in the use of loan products of a financial institution by young people aged 15 and 24 between the old and new member states of the European Union. The author of the article uses data from the Global Findex Database, which contains the results of a survey conducted in 2017 among households. The dependence between having a credit card and a loan in financial institutions was examined. For this purpose, correlation coefficients were calculated and their significance was checked using t-statistics. The article primarily applies a statistical analysis of data on the share of people using products such as credit cards and loans in a financial institution as a research method. The differences in the wealth of the old and new member states of the European Union may partly explain the differences in the share of young people using a credit card and a loan in a financial institution in these countries; however, this link is not clear. The examples of Slovenia, Estonia, and Latvia indicate that it is possible to promote the use of banks and other formal financial institutions among young people effectively also in relatively less wealthy countries.

Keywords: Young people; Personal finances; Credit card; Borrowing (search for similar items in EconPapers)
JEL-codes: D12 G21 G51 I22 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-73667-5_13

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DOI: 10.1007/978-3-030-73667-5_13

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