Insights into Financial Behavior and Knowledge of Children and Youth in Selected Countries from South-Eastern Europe

This report presents the findings of the study conducted by Child & Youth Finance International (CYFI) and the Development Facility of the European Fund for Southeast Europe (EFSE DF) about the financial behavior and knowledge of young people in seven countries from South-Eastern Europe (Albania, Croatia, Kosovo, Macedonia, Moldova, Montenegro, and Serbia). The study included in-depth focus groups and interviews with children and youth between 10 and 24 years old, as well as a wide quantitative study of more than 2,000 children and youth people across seven countries. The study was conducted in the first half of 2016. 

The study showed that despite the fact that the level of financial literacy of young people across the region is quite low, some positive aspects can be found: about 70% of the youth from the region save some part of their money (via piggy banks, with parents, or at banks) and show interest in learning about money management and receiving financial education in school. Although the entrepreneurship plans of youth in the region are generally quite limited, three out of four respondents have at least considered starting their own enterprises – whereas approximately half of the youth across the region consider starting their own business to be very difficult or nearly impossible. Attitudes towards financial institutions are generally not positive, especially among the respondents older than 18, and those attitudes are largely based on negative experiences within their social circles and perceptions that they receive through media.