In a country marked by inflation and the dollar, 70% of teenagers believe it the most relevant topic for your future that I could receive at school is, in fact, financial education. How to manage money surpasses mathematics and computers as key knowledge for adult life.
The data comes from a joint study carried out between the NGO Junior Achievement, the Di Tella University and the BBVA bank, which conducted a survey of 3,470 students aged 14-19 from all over the country to know your needs in relation to financial education, management concepts, financial habits and the tools and products used.
The study “Adolescents and finance. Knowledge and habits in Argentina”, showed that for young people the main “educators” in financial matters are first the parents or main caregivers, then the contents available on the Internet, and Finally, the teachers at your school.
Guadalupe Dorna, director of the Masters in Public Policy at the UTDT, researcher in charge of the project, said: “We believe that there are two factors that explain this high interest of adolescents for financial education. On the one hand, it may be due to the economic instability of the country, but the truth is that these guys were born and raised in this context. On the other, the advancement of technology, which makes it more and more some financial products more accessible at a younger age”.
However, when these guys were asked which payment method they used the most, 86% said they prefer cash. Virtual wallets, despite being the most widespread financial instrument among those presented, are in second place among young people.
A relevant fact here is that despite the advancement of fintech and regulations allowing access to financial products from the age of 13, 1% of the young people interviewed do not have any financial instruments (digital wallet, cards, bank account)
The study also investigated how often these kids received money, even though more than 76% of respondents said they weren’t working. Only 36% receive money on a regular basis established (weekly or monthly), though less than half of these (47%) plan their own expenses or participate in the budgeting process that their parents do.
However, most believe they have the ability to save: 54% of men said yes and so did 44% of women. The study showed some differences between how each gender is perceived in terms of knowledge and financial management skills, although there were no differences in actual knowledge.
While 29% of men perceive high financial literacy; this figure drops to 16% of women. The same happens when evaluating confidence in managing money: 33% of men believe they are able to manage their income, against 21% of women.
The concepts of the financial world best known by young people are salaries, credit cards and taxes. Despite its popularity and contrary to what one might believe, only 58% know what a bitcoin is and barely 40% know what the exchange rate is.
“At BBVA, we believe that financial education is a very valuable tool for improving people’s financial health, helping to reduce inequality, promoting financial inclusion and fostering inclusive growth,” said Hernán Carboni, Director of Institutional Relations at BBVA. BBVA in Argentina.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.