In a survey commissioned by Quest itself, individuals aged up to 35 years were surveyed to gauge their financial literacy and habits.
An overwhelming 85% of the participants expressed a desire to enhance their grasp of financial concepts.
More than a third of respondents admitted to feeling overwhelmed when confronted with financial matters.
Gender disparities are noticeable, with women being disproportionately affected by this sentiment. Half of the female participants reported feeling overwhelmed, compared to 28% of their male counterparts.
However, Quest points out that there is a possibility that men might be overestimating their financial acumen in contrast to women.
Regardless, the significance of education in this context is evident. Survey respondents expressed a shared belief in the importance of learning sound financial practices, attributing this responsibility to both parents and schools.
Participants believe that the skills for managing personal finances should ideally be instilled by parents, with schools also contributing significantly. However, the latter falls short of expectations.
Merely 21% of survey participants believe their formal education adequately equipped them with the skills to manage their finances effectively, a statistic that Quest views as a clear deficiency in the education system’s approach.
In this context, there is another result that concerns Quest’s pollsters.
Among individuals aged 18 to 35, 40% view bank loans as the optimal means to secure financial stability. In addition, one in five respondents indicated a willingness to take out loans specifically to fund holidays. This tendency was found to be more prevalent among the younger participants.
