Finances of Poles: investments and taxes cause the most difficulties

Nearly 70 per cent Poles rate their personal financial management skills as average or poor, according to the 'Finanse Polaków' (Finances of Poles) survey commissioned by Bank Millennium. Gaps in financial knowledge are widespread and have real consequences - half of respondents admit that they have made poor financial decisions in the past due to insufficient education. The respondents believe that systemic solutions are needed here.

The public opinion poll 'Finances of Poles', commissioned by Bank Millennium, provides up-to-date information on the financial situation of Poles, their approach to saving and investing, and their housing conditions. This year, Bank Millennium expanded the scope of the survey to include questions about financial literacy. Bank Millennium publishes the results of this part right after the start of the school year, which reminds us of the importance of education, including financial education.

- Financial education is not just about learning about money - it is about learning about choices, responsibility and the future. Lack of financial awareness can lead not only to personal tragedies, such as debt or lack of savings, but also to broader economic and social consequences. The earlier we start financial education, the greater the chance that future generations will live consciously, responsibly and without fear for the future - comments Iwona Jarzębska, president of the Bank Millennium Foundation. For 10 years, the Foundation has been running its own financial education programme for preschool children and parents throughout Poland. She has already trained almost 100 thous. children.

The 'Finances of Poles' survey shows that only one out of three Poles (31 per cent) rate their financial management skills positively. Nearly half of respondents (49 per cent) describe them as average, and one in five (20 per cent) as poor.

Poles perceive the greatest gaps in knowledge and skills in the area of investment - this was indicated by almost 40 per cent of the respondents. One in five respondents admitted that they have difficulties with topics such as taxes, money psychology, retirement planning and securing their future, loans, and saving. 15 per cent of respondents rate their skills in managing their household budget and planning expenses as insufficient, and 10 per cent say they need more support in managing their debt. One in five respondents was unable to clearly indicate in which area they needed more knowledge, while 9 per cent said they had no such needs.

The 'Finances of Poles' survey covered declarative knowledge of financial concepts. The terms that were most recognisable to respondents were 'inflation', 'deposit interest rate' and 'interest rates'. The ability to explain them to another person was declared by 82 per cent, 81 per cent and 72 per cent of the participants, respectively. The most difficult concepts to understand and explain to others are 'risk diversification', 'personal net worth' and 'passive income'. More than half of respondents admitted that they did not understand them or would not be able to explain them, and in the case of the last term, as many as 63 per cent. Interestingly, 7 per cent of respondents did not know any of the 12 financial terms they were asked about in the survey.

Gaps in financial knowledge result, among other things, from limited access to education - nearly half of Poles (49 per cent) believe that it is not widely available. The most frequently cited barriers are: incomprehensible, specialised language (54 per cent), starting financial education too late (44 per cent) and a lack of educational activities in smaller towns or rural areas (36 per cent).

More than half of Poles surveyed admit that they themselves had limited access to financial education. For half of respondents (50 per cent), insufficient financial education translated into poor financial decisions made in the past.

So where do Poles most often get their financial knowledge from? The largest group points to websites and educational materials prepared by banks and financial institutions (39 per cent). Other sources include family and friends (29 per cent), articles and blogs on the internet (20 per cent) and television and radio (also 20 per cent).

The results of the survey confirm that there is a strong social demand for systemic solutions in the field of financial education. According to respondents, responsibility for this should lie with schools and universities - as many as 63 per cent of respondents believe that educational institutions should play a key role in imparting financial knowledge. Next, they mentioned the government and public institutions (34 per cent), family and immediate surroundings (30 per cent), and banks and financial institutions (26 per cent). Polish respondents have the lowest expectations of influencers and experts on social media (2 per cent) and employers (6 per cent).

Respondents are convinced that financial education should be compulsory in schools - as many as 83 per cent of them believe so. More than half of these respondents (52 per cent) believe that education should begin in primary school, while 35 per cent indicate secondary school. Less than one in ten respondents believe that financial education should be introduced at the pre-school stage.

- We have opinions from renowned educators, as well as precise research conducted among parents of preschoolers, which show that as many as 75 per cent of them believe that the age of 3-7 is the best time to start financial education. If we want to raise a generation of conscious, responsible citizens, financial education should begin in kindergarten, when children are forming their habits and attitudes. If three-year-olds are already learning foreign languages through play, songs and stories, then important financial concepts can be taught in the same way. By teaching children the value of money, responsibility and planning, we give them the tools to function consciously and safely in the adult world. - says Iwona Jarzębska..

Over the past 10 years, the Bank Millennium Foundation, headed by Iwona Jarzębska, has trained nearly 100 000 preschoolers in workshops from the 'Financial ABC' series, during which children learn the basics of money management, coin and banknote recognition, expense planning and the importance of saving - all through play, interactive exercises and engaging stories tailored to the age of preschoolers.

The "Finances of Poles" survey was carried out on 6-12 June 2025 by Ogólnopolski Panel Badawczy Ariadna research agency for Bank Millennium on a representative sample of 1046 people using the CAWI method.

More information: www.bankmillennium.pl.