Post on 18-Aug-2021
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• The KNF
• Survey objectives
• Methodology
• Additional Questions
• Challenges
• Survey Results
• Key findings
• Lessons Learned
KNF initiated its activities on September 19, 2006.
• ensuring regular operations of the financial market, its stability, safety and transparency;
• protecting interests of market participants;
• educating the public in financial matters
The KNF fulfills its educational role by
–promoting and disseminating financial literacy
–and increasing understanding of how the financial market operates.
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• examine the level of financial literacy among Polish
adults
• identify groups of particularly low levels of knowledge
• improve effectiveness and outreach of PFSA’s
educational activities
• create a benchmark for evaluation of programs and
policies
• gain experience in developing and conducting
quantitative research on the level of financial literacy
& awareness
• support the development of a National Strategy on
Financial Education
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• Interviewed over 1000 residents 18 or more years old
– but using CAPI, Omnibus Survey of aged 15+
• Negotiation with Omnibus allowed match to INFE
questionnaire including socio-demographics
• Care taken to translate idiosyncratic phrases
• Some product types described using examples
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• 77% carefully watch their financial situation 7% don’t.
• & 73% pay their bills on time 7% not in time.
• But only 55% have a household budget
• 38% said income didn’t meet costs in last 12 months.
• most of them reduced spendings (40%) or borrowed
money/food from friends or relatives (39%).
• 25% of students have a household budget and only
36% of them always keep a close personal watch on
their financial affairs
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• 46% think that spending money is more pleasant than
saving it in long-term
• 44% of respondents set and try to achieve long-term
financial goals.
• investment financial products used by only by 3% of
respondents
• just 1/10 would be able to cover his costs of life longer
than 6 months without borrowing or moving home if he
lost his main source of income.
• low income level as well as a high rate of irregularity
make it very hard for many Poles to plan their financial
future
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• Respondents are aware of different product types
• 63% have a personal bank account; insurance (36%),
credit card (25%); other card (33%); pension fund
(26%); saving account (18%).
• Employees use the most products.
• 26% didn’t take into account any of other products
when choosing and 7% checked but didn’t find
anything else.
• Younger, better educated check many offers
• Respondents with better education more often read
the content of the contract before signing it.
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• Knowledge level of Poles based mainly on their numerical skills.
• 77% know that high inflation rate causes rapid growth of the costs of
life
BUT:
• the most problematic question was one about relation between
salary and inflation rate when the standard of living doesn’t change.
55% gave good answer while the rest (33%) didn’t answer at all.
sufficient numerical skills
vs.
limited knowledge and understanding
of how financial market works
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• Pilot Study in Poland allows comparison with other
countries
• Financial literacy among Poles is rather low, but large
differences different demographic groups
• variables that influence the level of financial literacy
most are: age, education, income and occupation
• Poles are not sufficiently equipped to make financial
decisions
• Too few plan their financial future and most of them
are not insure against unexpected events
• Not school education, but life-experience still remains
the main source for financial knowledge among Poles
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Please feel free to contact me
if you have any questions or comments:
aleksander.rychwalski@knf.gov.pl
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