Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys

There are many concerns about financial competences of Millennials. Initial research on this generation suggests that it is less financially knowledgeable and exhibits less healthy financial behaviours compared to other generations. The goal of the article is to compare Millennials to non-Millennial...

Full description

Bibliographic Details
Main Author: Cwynar Andrzej
Format: Article
Language:English
Published: Sciendo 2020-09-01
Series:Review of Economic Perspectives
Subjects:
d14
d15
g51
g53
Online Access:https://doi.org/10.2478/revecp-2020-0015
id doaj-a81d53d7dbc7465188400bae57449416
record_format Article
spelling doaj-a81d53d7dbc7465188400bae574494162021-09-05T14:01:22ZengSciendoReview of Economic Perspectives 1804-16632020-09-0120328933510.2478/revecp-2020-0015revecp-2020-0015Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale SurveysCwynar Andrzej0Institute of Public Administration, Business and Management, University of Economics and Innovation, Lublin, Poland.There are many concerns about financial competences of Millennials. Initial research on this generation suggests that it is less financially knowledgeable and exhibits less healthy financial behaviours compared to other generations. The goal of the article is to compare Millennials to non-Millennials as a whole, as well as to other generations treated in isolation, to check whether Millennials diverge in terms of financial literacy, behaviour and well-being. To that end, this study uses three distinct datasets from three surveys conducted in 2017 and 2018 on different samples of Poles. The applied statistic tests of significant differences do not confirm that Millennials diverge from other generations with respect to financial literacy as well as behaviours related to cash management, saving and investment. However, the surveyed Millennials perform significantly less healthy credit management and insurance behaviours compared to non-Millennials. We also found that Millennials report significantly higher levels of financial well-being compared to all previous generations.https://doi.org/10.2478/revecp-2020-0015financial literacydebt literacyfinancial behaviourfinancial well-beingmillennialsd14d15g51g53
collection DOAJ
language English
format Article
sources DOAJ
author Cwynar Andrzej
spellingShingle Cwynar Andrzej
Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys
Review of Economic Perspectives
financial literacy
debt literacy
financial behaviour
financial well-being
millennials
d14
d15
g51
g53
author_facet Cwynar Andrzej
author_sort Cwynar Andrzej
title Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys
title_short Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys
title_full Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys
title_fullStr Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys
title_full_unstemmed Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys
title_sort financial literacy, behaviour and well-being of millennials in poland compared to previous generations: the insights from three large-scale surveys
publisher Sciendo
series Review of Economic Perspectives
issn 1804-1663
publishDate 2020-09-01
description There are many concerns about financial competences of Millennials. Initial research on this generation suggests that it is less financially knowledgeable and exhibits less healthy financial behaviours compared to other generations. The goal of the article is to compare Millennials to non-Millennials as a whole, as well as to other generations treated in isolation, to check whether Millennials diverge in terms of financial literacy, behaviour and well-being. To that end, this study uses three distinct datasets from three surveys conducted in 2017 and 2018 on different samples of Poles. The applied statistic tests of significant differences do not confirm that Millennials diverge from other generations with respect to financial literacy as well as behaviours related to cash management, saving and investment. However, the surveyed Millennials perform significantly less healthy credit management and insurance behaviours compared to non-Millennials. We also found that Millennials report significantly higher levels of financial well-being compared to all previous generations.
topic financial literacy
debt literacy
financial behaviour
financial well-being
millennials
d14
d15
g51
g53
url https://doi.org/10.2478/revecp-2020-0015
work_keys_str_mv AT cwynarandrzej financialliteracybehaviourandwellbeingofmillennialsinpolandcomparedtopreviousgenerationstheinsightsfromthreelargescalesurveys
_version_ 1717810267197276160