A survey commissioned by the banking federation Febelfin and undertaken by Indiville revealed the scope of the financial woes experienced by young Belgians and some of their parents. Depending on their age there are different reasons why they are feeling the pinch. Four out of ten under 26’s reported the loss of their student job. One in six is receiving up to 50 euros less from their parents in pocket money. One in ten young adults over 25 is now furloughed and in the technical unemployment statistics.
Parents are cutting back on support for youngsters. Nearly 40% of teens and twentysomethings are receiving less cash from the Bank of Mum and Dad. 12% of youngsters are having to support their parents financially! The figure rises according to the young adults’ age. Among over 25’s 17% are supporting their parents.
In contrast eight out of ten youngsters and young adults are still able to save. Being Belgians nearly half say they aren’t saving enough, while 36% are saving more. Remember the pubs are closed.
The survey also looked into young people’s knowledge of financial matters. A quarter indicated that they knew what’s what, while another quarter said they didn’t. Nearly half don’t know how to manage a budget, while only 4 out of ten think about financial matters. Less interest in financial matters often results in greater financial difficulties. Febelfin says that greater financial awareness provides a greater defence against financial woes.