One out of five young Belgians are not able to manage their finances

More than one in five young Belgians admits that they do not have their finances in order. This is shown by a survey of 1,019 Belgians by Intrum, a financial service provider. 45 percent of young people between the ages of 18 and 25 also admitted to paying their bills too late. “We ask for a driver’s license to travel by car,” says director Guy Colpaert of Intrum, “but we let young people take all kinds of financial risks without guidance. Incomprehensible. ”

Intrum publishes the figures in the European Consumer Payment Report, in which the company primarily focuses on the generous spending attitude of young people. It turns out that buying things on credit or with borrowed money is not a taboo for one fourth of the young people, especially when shopping online. The financial service provider finds the ease with which money is borrowed “worrying”.

In addition, 35 percent say they do not have enough financial resources to be able to lead a “dignified” existence. A lot of expenses have to be made a first time, which is challenging with the salary from their first job. The advent of online shopping and assertive advertising via social media also affects consumption. Of the young people surveyed, 34 percent said they would eventually buy more expensive items than they had intended.

Ignorance often lies at the basis of irresponsible choices that can later become a financial damper. “We see the dangers appearing year after year in our figures and analysis,” says Colpaert, who thinks that schools should focus more on financial literacy.

Source: VRT Nieuws (Belgium)

See also