TITLE:
Financial Literacy among the Youth in Switzerland
AUTHORS:
Michael Jan Kendzia, Yoan Suozzi Borrero
KEYWORDS:
Financial Literacy, Holding Securities, Income and Wealth
JOURNAL NAME:
Journal of Financial Risk Management,
Vol.11 No.2,
May
27,
2022
ABSTRACT: While many resources are available for people to
increase their financial knowledge in Switzerland, recent studies indicate that
the level of financial literacy is relatively low across nations. To gather the
data, a quantitative online survey was conducted among young people in
Switzerland. Overall, important demographic differences in financial literacy
levels were found for the gender and education variables. Firstly, young men
show a higher financial literacy score than women and invest more than women.
In addition, individuals with a university degree scored better at the
financial literacy questions than those without and were more likely to invest.
However, no conclusion could be made about the relationship between income and financial literacy. The main reason why people did
not invest constitutes a lack of knowledge.
Unsurprisingly, individuals with lower financial literacy tend to make more
financial mistakes, save less for retirement, and accumulate less wealth in
their lives.