New research shows: – Many young people are stressed about dealing with money

1,800 teens and young adults participated. Nearly one in two of them (48 percent) say they are ‘not at all’ or ‘not at all’ familiar with money and finances. Girls and women in particular feel that they have little financial knowledge. They are therefore more concerned about their financial future than boys and men. Other stressors in this regard include inflation and the fear of not being able to save enough money.

There is no overview of expenditure
Dealing with money causes stress to approximately one in two (51 percent) female respondents and more than one in four (29 percent) male respondents. Many people lack the necessary overview of their finances. About a fifth (21 percent) say they have no overview of how much they spend per month. 17 percent of respondents were already afraid that they would not be able to pay back the money they borrowed.

Last year, the debt burden of young people increased sharply. According to data from the Alpine Creditors Association (AKV), approximately a quarter (22 percent) more people under the age of 24 were in private bankruptcy in 2023 than a year earlier. This is mainly due to online debts, which are often caused by installment payments and a lack of overview. The young people themselves see the reasons mainly as insufficient education and awareness, problems with taking responsibility, and the pressure to consume or an addiction to shopping.

Learn to interact in a playful way
Teenagers and young adults could learn more about daily money management in FLiP, according to director Philip List. “It’s (…) not about becoming the next stock market guru, but about developing and understanding a sense of how to handle money. In FLiP we convey in a playful way what regular expenses are involved in daily life.”