The vast majority of young people of Generation Z in Slovakia, specifically 88%, use banking applications. Almost a third use investment applications, mainly young men dominate. On the contrary young women are more financially vulnerable, they invest less and also receive less education in this area. This follows from a survey by XTB conducted through the Instant Research application of the Ipsos agency.
“It’s gratifying that young people also use technology in the field of finance. Today, they have really easy access to savings or investment products that can help them better secure themselves for the future and take care of their money successfully in the long term. However, we still have to try to bring them useful and reliable information so that they can make a good decision. This is especially true in the case of women and people with lower education,” stated Vladimír Holovka, regional director of XTB for the Czech Republic, Slovakia and Hungary.
The survey further revealed that almost half (46%) of the respondents can save between 50 and 200 euros per month. More than a third save less than 50 euros. More than 12% of respondents said that their savings are between 201 to 500 euros per month, and the rest (5%) even exceed 500 euros. The company approximated that young people with the largest monthly savings are in the Bratislava and Žilina regionsamong the university educated and in larger cities.
The survey also showed that the majority (55%) of young people argue with a long-term horizon in order to provide for retirement, secure housing or gain financial freedom. A fifth prefers a medium-term horizon, saving for, for example, a car or a bicycle. Slightly more (22%) young people say that they see a short time ahead of them in saving, and therefore saving for vacation or a new phone, for example.
It also emerged from the respondents’ answers that a third would be able to financially maintain their standard of living for only one month if they lost their income. Others 35% could finance three months’ expenses from savings without income. Together, two-thirds of young people would be able to survive on savings without difficulty no more than a quarter of a year. „A financial reserve in the amount of three to six monthly expenses is the basis of financial stability. Unfortunately, we see that most young people do not have such a reserve,” added Holovka.
