The financial literacy barometer for young people assesses the financial literacy of people aged 15 to 19

At the start of the year, OP Financial Group and the Universities of Helsinki and Jyväskylä launched a study that aimed to assess the financial literacy of young people aged 15 to 19, including their spending, saving, worries and everyday financial management. The survey was carried out in comprehensive schools, general upper secondary schools and vocational schools across Finland in spring 2024. Over 1,800 young people from 72 different schools responded to it.

The financial literacy barometer aims to produce new and significant information that meets societal needs with which we can develop tools to improve financial literacy among young people.  In the future, the barometer will be repeated at regular intervals to monitor trends and assess the impact of different measures on young people's behaviour.

Financial literacy belongs to everyone

The study found that financial literacy was generally quite good among young people aged 15 to 19. However, there remains a strong correlation with education and school performance. Financial literacy among boys is slightly better than girls in the same age group.

Studying the financial literacy of young people is especially important because the socioeconomic status of parents is inherited, for example. The study found that highly educated parents talk to their children more about investing and wealth than less educated parents. Families also discuss matters related to investing, wealth and entrepreneurship more with boys than with girls.

The digitalisation of the economy has lead to young people being influenced in various ways through the internet. Over a fourth of young people responding to the survey said that they had received financial information from social media influencers.

However, the majority of young people are not worried about their management of finances. Young people are generally satisfied with their education and career choices and trust that they will receive financial assistance, if necessary.

Learn more about the results of the Financial literacy barometer for young people: 

• There are not any major differences in financial literacy between different age groups. Education is a more important factor.
• Families discuss investing, wealth and entrepreneurship more with boys than with girls.
• Young people receive the most financial information from their family (60%) and school (36%). Over a quarter of young people (27%) receive financial information from social media influencers.
• The largest group of young people are consumer-oriented (44%). 
• A third of young people (35%) use their money sparingly.
• 21% of young people are environmentally conscious consumers