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Only 31 percent of young people could pull it out with their savings for at least half a year
Currently, 55 percent of young people have savings, according to the K&H Group's latest youth index for the first quarter of 2020. This is an excellent result compared to 41 percent two years ago. The consequences of the economic downturn caused by the COVID-19 virus have also made it clear that it is very important to maintain the growing trend in this area, which can only be achieved with a more conscious attitude. K&H Beware, ready, money! the announcer of the financial quiz believes that the thorough financial knowledge acquired in childhood will also have a big impact on our future saving habits, as awareness can be learned.
How are they put aside?
The most conscious saving behavior is when we set aside a pre-determined amount at the beginning of the month. K & H's survey revealed that this is typical for only 30 percent of young people between the ages of 19 and 29 . Fortunately, the camp of young people who do not set aside a certain part of their monthly income at all is shrinking. In the first quarter of this year, only 17 per cent of those surveyed said they could not put it aside , a significantly lower rate than the 30 per cent measured in the last quarter of 2018 - meaning an increasingly conscious willingness to save can be traced from the quarterly survey. Financial programs such as K&H Beware, ready, money also play a big role in this! financial quiz, as his knowledge places great emphasis on developing a conscious financial approach . Thanks to the quiz, children can come across financial concepts such as saving, credit or investing from the age of 8.
How much are they set aside?
According to the K&H 2020 youth index for the first quarter, the average amount of savings available to young people was HUF 404 thousand, a slight decrease compared to the 2019 data. But it can’t be called small either, but we shouldn’t ignore the fact that this is an average calculated from 55 percent of respondents - as so many have said they can set it aside at all. The remaining 45 percent has no savings, which can have particularly painful consequences in the current situation. The average amount of savings measured among 19-25 year olds was around HUF 300,000, while in the 26-29 age group the average amount set aside was over half a million forints.
make a living from saving
The research shows that only 31 percent of young people are able to sustain themselves from their savings for more than half a year , while nearly as many, 34 percent, would live up to their total savings in less than a month .
What do they save?
In terms of their savings, 36 percent of young people this year did not mention a specific goal. Forty-seven percent of all respondents identified housing savings as a priority, compared to only 27 percent in the 14-18 age group. 22 percent of those surveyed plan to spend their savings on their studies.
Participants in the K&H Beware, ready-made, financial financial competition are already well aware that targeted savings always have a greater incentive effect than if they were set aside only occasionally and are more likely not to be touched over time. The current situation has highlighted the role that a larger general reserve could play . For the tenth year in a row, the organizers of the K&H Beware, ready-made, financial financial competition have been working to make this knowledge available from pre-school age and to build a secure, stable, financially-based future for the rising generation .
(Source: marmalade.co.hu; K&H | Image: pixabay.com)
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