Transcript List of contents

Financial Literacy
among 5-9 year-old children
Based on a survey among parents in
Denmark, Norway, Sweden, Finland and Estonia
List of contents
17/07/2015
► Summary and key findings
Summary and key figures
► Methodology
Interview period, target group and sample sizes
► Results


Understanding and learning about different aspects of money
Access to - and use of smartphones and tablet computers
► Contacts
Page 2
Financial Literacy among parents of
5-9 year-olds
Summary and key findings
Very few (5%) do not believe that their children would
When you ask parents
benefit from learning more about the balance between
and expenditure - more than half (55%) of the
across the countries about income
parents think that it definitely would be good for their
financial aspects, you will find children
A large majority (76%) of parents believe that it is the
out that…
Children across all countries have most difficulties in
understand the following two aspects:
parents themselves who have the main responsibility.
More than half (51%) of parents also think that the
school have an important responsibility.
"Where the household money comes from" and
"How saving up Allows you to buy something you want in
the future“. Especially in Denmark and Finland.
Almost two out of three (65%) parents think that
Slightly more than 3 out of 4 (78%) children have
access to a smartphone or tablet computer.
A very large number (93%) of children in Denmark have
access to these electronic devices, compared to 60% in
Sweden.
their children would benefit from learning more about
aspects of money. In Estonia it is slightly more than half of
the parents.
A majority (57%) of the parents stated that their child's
use of electronic equipment is a reflection of our time.
A very large majority (90%)of the parents have to tell
their children that there are things they can not have
because it's too expensive, sometimes and more often. In
Estonia, 46% of parents have to say no more often,
compared to 23% in Sweden.
Key figures
17/07/2015
Parents that believe that their children
will benefit from learning more about
different aspects of money
Children who not has access to a
smartphone or tablet computer
65%
Parents that think that electronic
devices provides good learning for
their children
49%
Children who has access to a
smartphone or tablet computer
Parents that think that learning
more about balance between income
and expenditure would do their
children good
55%
Page 4
YouGov
Purpose of the study
17/07/2015
Danske Bank wants to investigate how parents educate their children in “financial
literacy”. The following topics are covered:
Financial awareness and responsibility
 To what extent the children understand aspects of money
 How often parents discuss aspects of money with their child
 How difficult it is to discuss aspects of money with their child




Where your household money comes from
That different products have different value
How buying one thing may mean you cannot buy another
How saving up allows you to buy you something you want in the future
 Do parents think that their child would benefit from learning more about any of the previously
mentioned aspects of money?
 Where would you prefer to find the information and material about private finance?
 To what extent are schools, parents, the government, the financial sector and private
organizations responsible for children’s understanding of money?
Page 5
Financial Literacy among parents of
5-9 year-olds
Methodology
17/07/2015
Interview period: Data has been collected in the period from 17.03.2014 until 24.03.2014
Target group: Parents with children from the age of 5 to 9 years
Countries:
Denmark
Sweden
Norway
Finland
Estonia
Lithuania
Sample Size (Not weighted)
1.008
507
515
720
508
Unknown
Sample Size (Weighted)
1.008
507
515
720
508
Unknown
Data Collection
YouGov has hosted and coordinated the data collection in all 6 countries.
Data Weighting
Data is weighted on the parents’ gender.
Reporting
This report covers the results for all countries.
Page 6
Financial Literacy among parents of
5-9 year-olds
Understanding of different aspects of money
17/07/2015
To what extent does your child understand the following aspects of money?
Base: (n=3258)
Mean
Where your household
money comes from
3%
That different products
have different value
2%
12%
How buying one thing may
mean you cannot buy
another
3%
12%
How saving up allows
you to buy something
you want in the future
5%
0%
Not at all [1]
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15%
37%
34%
To a minor extent [2]
35%
20%
14%
33%
36%
13%
10%
28%
30%
To some extent [3]
40%
50%
To a large extent [4]
Financial Literacy among parents of
5-9 year-olds
60%
3,35
1%
18%
1%
3,53
31%
17%
1%
3,48
29%
18%
1%
3,42
90%
100%
70%
80%
To a very large extend [5]
Don’t know
Understanding of different aspects of money
17/07/2015
To what extent does your child understand the following aspects of money?
Where your household money comes from
Total (n=3258)
3%
Denmark (n=652)
4%
Sweden (n=652)
2%
Norway (n=652) 3%
Finland (n=652)
4%
Estonia (n=652)
4%
0%
Not at all [1]
15%
19%
28%
39%
16%
8%
10%
20%
To a minor extent [2]
33%
30%
40%
To some extent [3]
50%
To a large extent [4]
understand (or to a minor
extent) this aspect.
Financial Literacy among parents of
5-9 year-olds
70%
1%3,36
9%
25%
60%
1%3,35
13%
24%
27%
1%3,20
15%
31%
43%
1% 3,35
9%
25%
37%
19%
14%
28%
40%
15%
One of the two most difficult
aspects about money. Nearly
one out of five (18%) children
across the countries do not
Page 8
37%
Mean
80%
To a very large extend [5]
1%3,15
3% 3,69
90%
100%
Don’t know
It seems to be most difficult
among children in Denmark and
Finland
Understanding of different aspects of money
17/07/2015
To what extent does your child understand the following aspects of money?
That different products have different value
Mean
Total (n=3258) 2%
Denmark (n=652) 2%
Sweden (n=652) 3%
Norway (n=652)
12%
34%
14%
Estonia (n=652) 3%
0%
12%
Not at all [1]
34%
37%
12%
To a minor extent [2]
30%
23%
31%
40%
To some extent [3]
50%
60%
To a large extent [4]
This aspect is somewhat easier
for children to understand,
especially among children in
Norway and Finland.
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16%
35%
30%
20%
17%
35%
29%
Financial Literacy among parents of
5-9 year-olds
22%
70%
1%3,53
12%
29%
37%
11%
10%
18%
37%
1% 10%
Finland (n=652) 2%
33%
80%
To a very large extend [5]
1% 3,39
2% 3,47
1% 3,55
1% 3,66
3% 3,57
90%
100%
Don’t know
Understanding of different aspects of money
17/07/2015
To what extent does your child understand the following aspects of money?
How buying one thing may mean you cannot buy another
Total (n=3258) 3%
Denmark (n=652) 2%
12%
36%
10%
Norway (n=652)
Estonia (n=652) 1%
0%
Not at all [1]
35%
29%
20%
To a minor extent [2]
40%
To some extent [3]
50%
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26%
60%
To a large extent [4]
This aspect is in general easy to
understand across all countries,
except for children in Norway.
Financial Literacy among parents of
5-9 year-olds
6% 2% 3,03
15%
32%
30%
70%
3,49
2% 3,66
21%
34%
9%
10%
22%
45%
13%
14%
32%
21%
1%3,48
17%
34%
34%
4%
Finland (n=652) 3%
31%
38%
Sweden (n=652) 2% 8%
Mean
80%
To a very large extend [5]
1% 3,47
2% 3,74
90%
100%
Don’t know
Understanding of different aspects of money
17/07/2015
To what extent does your child understand the following aspects of money?
How saving up allows you to buy something you want in the future
Mean
Total (n=3258)
5%
Denmark (n=652)
4%
Sweden (n=652)
13%
35%
12%
6%
32%
13%
Estonia (n=652)
7%
5%
0%
Not at all [1]
To a minor extent [2]
This aspect is in general easy to
understand across all countries,
especially among children in
Norway. While it seems to be
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30%
40%
To some extent [3]
1% 3,76
24%
39%
20%
24%
50%
60%
To a large extent [4]
rather difficult for children in
Finland.
Financial Literacy among parents of
5-9 year-olds
2% 3,35
26%
38%
13%
1% 3,53
15%
35%
20%
10%
20%
28%
29%
1% 3,42
18%
32%
36%
Norway (n=652) 2% 8%
Finland (n=652)
29%
70%
80%
To a very large extend [5]
10%
1% 3,12
17%
2% 3,34
90%
100%
Don’t know
Learning more about aspects of money
17/07/2015
To what extent do you think your child would benefit from learning more about any of the previous mentioned aspects of money?
Mean
Total (n=3258) 1%4%
28%
Denmark (n=652) 1%6%
26%
2%
Sweden (n=652) 1%
38%
30%
5%
Not at all [1]
10%
20%
To a minor extent [2]
It seems that parents across the
countries see the benefits if
their children learn more about
different aspects of money.
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1% 3,93
31%
2% 3,98
21%
37%
32%
31%
35%
30%
40%
To some extent [3]
2% 3,87
32%
43%
26%
Estonia (n=652) 1% 6%
0%
27%
35%
26%
Norway (n=652) 1% 4%
Finland (n=652)
38%
50%
60%
To a large extent [4]
Especially in Denmark and
Finland.
Financial Literacy among parents of
5-9 year-olds
2% 3,95
21%
70%
80%
To a very large extend [5]
1% 3,80
4% 3,71
90%
100%
Don’t know
Rejecting the child´s request because it is too expensive
17/07/2015
How often do you tell your child that he or she cannot have what he or she wants because it is too expensive?
Total (n=3258) 1% 8%
53%
Denmark (n=652) 1%7%
56%
Sweden (n=652) 2%
10%
Norway (n=652) 1%
9%
Never
Most parents across the
countries have to tell their
children that they can not get
what they want because it's too
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41%
44%
20%
30%
1%
38%
49%
10%
1%
23%
51%
Estonia (n=652) 1% 6%
2%
36%
65%
Finland (n=652) 1% 7%
0%
37%
3%
46%
40%
Not very often
50%
Sometimes
60%
Often
expensive.
Financial Literacy among parents of
5-9 year-olds
70%
3%
80%
90%
100%
Always
Parents from sweden, do not
have to reject their children as
often as in the rest of the
countries
The balance between income and expenditure
17/07/2015
Do you think that it would do your child good to learn more about the necessity of maintaining a balance between income and
expenditure - that you cannot spend more than you have earned and that there are consequences if you spend more?
Yes (NET)
Total (n=3258)
55%
Denmark (n=652)
57%
Sweden (n=652)
57%
Norway (n=652)
8% 1% 91%
10%
20%
30%
Yes, absolutely
A majority of the parents fully
agree that learning more about
necessity of maintaining a
balance between income and
4% 2% 94%
4% 3% 93%
50%
5% 4% 91%
67%
0%
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34%
38%
41%
Estonia (n=652)
5% 3% 92%
37%
55%
Finland (n=652)
37%
26%
40%
Yes, partly
50%
No
60%
Don’t know
expenditure will be good for
their children - particularly in
Estonia.
Financial Literacy among parents of
5-9 year-olds
70%
80%
4% 3% 93%
90%
100%
Achieving a healthy relationship to money and personal finance
17/07/2015
To what extent do you believe that the following are responsible for children achieving a healthy relationship to money and
personal finance?
Base: (n=3258)
Mean
Parents 1% 6%
School 3%
Society/the government
15%
9%
16%
27%
14%
0%
10%
To a minor extent [2]
16%
35%
34%
17%
20%
13%
38%
26%
Other
1%4,68
38%
25%
Private organizations
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36%
12%
Banks
Not at all [1]
76%
24%
30%
To some extent [3]
40%
7% 2%
50%
60%
To a large extent [4]
Financial Literacy among parents of
5-9 year-olds
5% 4% 2,77
13%
24%
2%3,50
5% 4% 2,61
5% 2%
9%
35%
70%
80%
To a very large extend [5]
2,16
2,47
90%
Don’t know
100%
Achieving a healthy relationship to money and personal finance
17/07/2015
To what extent do you believe that the following are responsible for children achieving a healthy relationship to money and
personal finance?
Parents
Mean
Total (n=3258) 1%6%
Denmark (n=652)
4%
15%
1%4,68
76%
14%
81%
4,76
1%5%
Sweden (n=652) 1%
16%
76%
2% 4,68
1%5%
Norway (n=652) 1%
15%
76%
2% 4,67
Finland (n=652) 1%5%
11%
Estonia (n=652) 1% 8%
0%
Not at all [1]
21%
10%
20%
To a minor extent [2]
Parents across the countries
think that it is the parents
themselves who should be
responsible for children will
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81%
1% 4,74
68%
30%
40%
To some extent [3]
50%
60%
To a large extent [4]
achieve a healthy relationship to
money and personal finance.
Financial Literacy among parents of
5-9 year-olds
1% 4,57
70%
80%
To a very large extend [5]
90%
100%
Don’t know
Achieving a healthy relationship to money and personal finance
17/07/2015
To what extent do you believe that the following are responsible for children achieving a healthy relationship to money and
personal finance?
School
Mean
Total (n=3258) 3%
Denmark (n=652)
9%
4%
36%
12%
Sweden (n=652) 3%
45%
11%
9%
Estonia (n=652) 2% 5%
0%
Not at all [1]
39%
20%
To a minor extent [2]
Parents across countries also
believe that the school should
take responsibility for children
achieving a healthy relationship
Page 17
13%
42%
9%
42%
30%
40%
To some extent [3]
50%
22%
60%
To a large extent [4]
to money and personal finance particularly in Estonia.
Financial Literacy among parents of
5-9 year-olds
3% 3,47
12%
39%
28%
10%
7% 1% 3,23
36%
35%
2% 3,50
13%
30%
34%
Norway (n=652) 1% 7%
Finland (n=652) 2%
38%
70%
80%
90%
To a very large extend [5]
3% 3,59
2% 3,44
1% 3,78
100%
Don’t know
Achieving a healthy relationship to money and personal finance
17/07/2015
To what extent do you believe that the following are responsible for children achieving a healthy relationship to money and
personal finance?
Society/the government
Mean
Total (n=3258)
12%
Denmark (n=652)
25%
16%
Sweden (n=652)
6%
Finland (n=652)
29%
12%
Estonia (n=652)
Not at all [1]
40%
To a minor extent [2]
Parents across countries do not
believe that society or the
government should take
responsibility for children
30%
40%
To some extent [3]
60%
To a large extent [4]
achieving a healthy relationship
to money and personal finance except for Estonia.
Financial Literacy among parents of
5-9 year-olds
5% 5%
70%
4% 4% 2,66
12%
80%
To a very large extend [5]
2,54
3% 4% 2,91
12%
24%
50%
3% 3% 2,52
21%
38%
20%
11%
43%
16%
10%
11%
33%
29%
7%
0%
36%
23%
5% 4% 2,77
16%
31%
17%
Norway (n=652)
Page 18
38%
90%
3% 3,21
100%
Don’t know
Achieving a healthy relationship to money and personal finance
17/07/2015
To what extent do you believe that the following are responsible for children achieving a healthy relationship to money and
personal finance?
Banks
Total (n=3258)
16%
Denmark (n=652)
27%
21%
Sweden (n=652)
10%
Finland (n=652)
11%
0%
Not at all [1]
20%
To a minor extent [2]
8%
39%
40%
To some extent [3]
50%
16%
60%
To a large extent [4]
to money and personal finance especially not among parents in
Sweden and Finland.
Financial Literacy among parents of
5-9 year-olds
4% 5%
70%
80%
To a very large extend [5]
2,31
5% 4% 2,81
9%
38%
30%
4%2% 2,51
17%
40%
20%
10%
14%
27%
31%
Parents across countries do not
believe that banks should take
responsibility for children
achieving a healthy relationship
Page 19
32%
24%
5% 4% 2,61
13%
31%
13%
Estonia (n=652)
35%
28%
26%
Norway (n=652)
Mean
9%
90%
2% 4% 2,55
5%
2,90
100%
Don’t know
Achieving a healthy relationship to money and personal finance
17/07/2015
To what extent do you believe that the following are responsible for children achieving a healthy relationship to money and
personal finance?
Private organizations
Total (n=3258)
26%
Denmark (n=652)
34%
30%
21%
Finland (n=652)
13%
0%
Not at all [1]
10%
To a minor extent [2]
Parents across countries do not
believe that private
organizations should take
responsibility for children
36%
30%
40%
To some extent [3]
50%
60%
To a large extent [4]
achieving a healthy relationship
to money and personal finance.
Financial Literacy among parents of
5-9 year-olds
11%
70%
2,16
3%
80%
To a very large extend [5]
1,82
10%
2,09
8%
2,24
4%1% 8%
2,08
6% 2%
21%
26%
20%
4% 2%
25%
41%
9%
3%1% 7%
14%
24%
39%
25%
Estonia (n=652)
5% 2%
35%
30%
Norway (n=652)
Page 20
24%
40%
Sweden (n=652)
Mean
12%
90%
2,58
100%
Don’t know
Achieving a healthy relationship to money and personal finance
17/07/2015
To what extent do you believe that the following are responsible for children achieving a healthy relationship to money and
personal finance?
Other
Mean
Total (n=3258)
14%
Denmark (n=652)
24%
27%
Sweden (n=652)
Finland (n=652)
8%
0%
Not at all [1]
10%
21%
21%
20%
To a minor extent [2]
40%
To some extent [3]
4%
2,01
22%
2%
2,65
31%
7% 1%
5% 3%
30%
34%
11%
9%
2,47
35%
4%1%
32%
20%
10%
2%
31%
18%
15%
Estonia (n=652)
17%
20%
8%
7%
18%
13%
Norway (n=652)
Page 21
17%
2,67
37%
2,33
53%
50%
60%
To a large extent [4]
Financial Literacy among parents of
5-9 year-olds
70%
2,72
80%
To a very large extend [5]
90%
100%
Don’t know
Access to smartphone or tablet computer among children
17/07/2015
Does your child have access to a smartphone or tablet?
100%
93%
86%
90%
80%
78%
77%
76%
70%
60%
60%
50%
40%
40%
30%
23%
22%
20%
24%
14%
7%
10%
0%
Yes
Total (n=3258)
Denmark (n=652)
Generally the accessibility of
mobile phones and tablet
computers are widely used.
However, somewhat less among
Page 22
No
Sweden (n=652)
Norway (n=652)
children in Sweden.
Financial Literacy among parents of
5-9 year-olds
Finland (n=652)
Estonia (n=652)
Childrens use of smartphone or tablet computer
17/07/2015
Which of the following statements fit with your child’s use of smartphone or tablet?
Base: Have access to a smartphone or tablet
100%
90%
80%
73%
70%
60%
50%
40%
57%
61%
57%
51%
40%
30%
62%
57%
50%
49%
48%
42%44%
42% 40%42%
40%
41%
37%
38%
40%
35%
34%
33%
30% 30% 32% 27%
28%
16%
20%
10%
12%
5% 4%3%4%
1%
1%
1%1%1%
0%
My child’s use of
electronic
devices is a
reflection of our
time
Total (n=2554)
Provides good
learning
for my child
Denmark (n=607)
More than half of all parents
across countries agree that their
child´s use of electronic devices
is a reflection of our time -
Page 23
Have tendency to
use a
bit too much
Provides good
diversion
in everyday life
Sweden (n=392)
It is an important
part of
my child’s
development
Norway (n=558)
except for Estonia, whereit´s
only 40% that agree to that
statement. In Denmark there
seems to be a more positive
Financial Literacy among parents of
5-9 year-olds
None of these
Finland (n=501)
Don’t know
Estonia (n=496)
attitude towards children's use
of smartphones and tablet
computers.
Contact YouGov
17/07/2015
Uffe Dambmann
Anja Gram
Research Team Manager
Project Manager
YouGov
YouGov
[email protected]
[email protected]
+45 2673 0385
+45 5133 6269
+45 7027 2224
+45 7027 2224
YouGov Denmark A/S
Bryggervangen 55, 1
DK-2100 Copenhagen
Tel: +45 7027 2224
www.yougov.dk
YouGov Sweden AB
Västergatan 1
SE-211 21 Malmö
Tel: +46 40 630 16 20
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YouGov Denmark A/S
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T: +45 7027 2224
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YouGov Norway AS
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YouGov Sweden AB
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YouGov Finland Oy
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Page 24
Financial Literacy among parents of
5-9 year-olds