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• The KNF

• Survey objectives

• Methodology

• Additional Questions

• Challenges

• Survey Results

• Key findings

• Lessons Learned

KNF initiated its activities on September 19, 2006.

• ensuring regular operations of the financial market, its stability, safety and transparency;

• protecting interests of market participants;

• educating the public in financial matters

The KNF fulfills its educational role by

–promoting and disseminating financial literacy

–and increasing understanding of how the financial market operates.

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• examine the level of financial literacy among Polish

adults

• identify groups of particularly low levels of knowledge

• improve effectiveness and outreach of PFSA’s

educational activities

• create a benchmark for evaluation of programs and

policies

• gain experience in developing and conducting

quantitative research on the level of financial literacy

& awareness

• support the development of a National Strategy on

Financial Education

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• Interviewed over 1000 residents 18 or more years old

– but using CAPI, Omnibus Survey of aged 15+

• Negotiation with Omnibus allowed match to INFE

questionnaire including socio-demographics

• Care taken to translate idiosyncratic phrases

• Some product types described using examples

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• 77% carefully watch their financial situation 7% don’t.

• & 73% pay their bills on time 7% not in time.

• But only 55% have a household budget

• 38% said income didn’t meet costs in last 12 months.

• most of them reduced spendings (40%) or borrowed

money/food from friends or relatives (39%).

• 25% of students have a household budget and only

36% of them always keep a close personal watch on

their financial affairs

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• 46% think that spending money is more pleasant than

saving it in long-term

• 44% of respondents set and try to achieve long-term

financial goals.

• investment financial products used by only by 3% of

respondents

• just 1/10 would be able to cover his costs of life longer

than 6 months without borrowing or moving home if he

lost his main source of income.

• low income level as well as a high rate of irregularity

make it very hard for many Poles to plan their financial

future

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• Respondents are aware of different product types

• 63% have a personal bank account; insurance (36%),

credit card (25%); other card (33%); pension fund

(26%); saving account (18%).

• Employees use the most products.

• 26% didn’t take into account any of other products

when choosing and 7% checked but didn’t find

anything else.

• Younger, better educated check many offers

• Respondents with better education more often read

the content of the contract before signing it.

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• Knowledge level of Poles based mainly on their numerical skills.

• 77% know that high inflation rate causes rapid growth of the costs of

life

BUT:

• the most problematic question was one about relation between

salary and inflation rate when the standard of living doesn’t change.

55% gave good answer while the rest (33%) didn’t answer at all.

sufficient numerical skills

vs.

limited knowledge and understanding

of how financial market works

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• Pilot Study in Poland allows comparison with other

countries

• Financial literacy among Poles is rather low, but large

differences different demographic groups

• variables that influence the level of financial literacy

most are: age, education, income and occupation

• Poles are not sufficiently equipped to make financial

decisions

• Too few plan their financial future and most of them

are not insure against unexpected events

• Not school education, but life-experience still remains

the main source for financial knowledge among Poles

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Please feel free to contact me

if you have any questions or comments:

aleksander.rychwalski@knf.gov.pl

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