Children, digital payments, dematerialized money and financial culture: these are the themes at the center of the study "Young people and the relationship with money: data, reflections and visions for a new financial education”. As part of the reflection on the rapid evolution of digital payment technologies, which change the relationship with increasingly dematerialized, ubiquitous and liquid money, FEduF and DoxaKids have engaged in a project, realized with the contribution of American Express e PayPal. Objective: to trace the status quo and identify the best areas of intervention to provide the adults of tomorrow with the most suitable tools to navigate the complex world of finance.
GENERATION Z IN X-RAY
La Z generation, also known as iGen, identify those born between 1995 and 2010protagonists of many social, cultural and technological transformations. How has the perception of money changed in the teenagers of this generation? Money "comes out of the wall" through the so-called "ATM" and the Internet allows you to buy any item with just a few clicks. A new daily relationship with money is born, which has many positive aspects, but also some unknowns. Reason: young people will increasingly find themselves managing dematerialized currency and will increasingly have to know how to seize the opportunities and face the risks. The DoxaKids research, created in collaboration with American Express, starting with a sample of over 500 boys between 12 and 18 years old, photographer a hyper-technological generation but, at the same time, still very attached to the old banknotes. Are they young savers? Also. But most of them prefer the more "material" piggy bank to the current account: in Italy only 35% of young people have a bank or postal account, well below the 56% OECD average.
ALLOWANCE & CO
According to DoxaKids data, most of the kids have money available (87% of the total), mainly from birthday or holiday gifts (74%), in exchange for good school results (51%) or, more generally, if they behave well (33%). About half of them (47%) then have one fixed pocket money, while money as a reward for a job is a concept transmitted only to 50% of the adolescents interviewed. Another interesting chapter: online purchases. Only one in 3 boys prefer them to physical stores! And many, very many, have doubts about the security of digital payments: «From the questions aimed at investigating perception, attitude and trust in banknotes and cards, it emerges that in Italy the prejudices of young people about the use of credit,” he says Cristina Liverani, Research Manager of Doxa. And he specifies: «Parents transmit them».
THE REBUS OF FINANCIAL EDUCATION
In the financial education of the younger generations, a practical approach and so-called "when needed" education prevail, which mostly comes from dialogue with parents in case of specific purchase circumstances (68%). Topics such as savings (31%), education on online purchases (30%) or understanding credit cards (20%) are addressed by smaller percentages of the sample. The example and one's own behavior remain, according to the data, the best criterion proposed by parents to foster financial education (47%). «If until a few years ago a teenager had a financial capacity conditioned by adults (through pocket money or the remuneration of small jobs) and easily controllable as linked to the use of cash, today the electronic management of money via cards, apps and other innovative payment systems certainly makes our children more independent in the use of their money» he comments Giovanna Boggio Robutti, General Manager of the Foundation for Financial Education and Savings (FEduF), established by the ABI.
THE WORD TO THE EXPERTS
Suggesting practical and practicable paths is a priority objective to be pursued, starting from the youngest, which arises by actively involving parents and teachers because, like any form of culture, even economic and financial culture expresses its potential if it is shared and practiced in the family and at school. In the logic of opening a discussion on these issues DoxaKids and FEduF in collaboration with PayPal have promoted a subsequent activity of discussion and dissemination of reflections with experts in the field of money and education in its management. Alberto Abruzzese, Pierangelo DacremaMEsposito arch, Paul Legrenzi, Paul Ventura, interviewed by Barbara Forresi (clinical psychologist and psychotherapist) and Marco Dotti (journalist for Vita) commented and interpreted the research data. The reflections and point of view of each have led to the creation of a volume that collects their interviews with the aim of contributing to enriching the reflection precisely in terms of cultural approach, with very useful stimuli also inherent in the pedagogical, sociological and psychological sphere. Value, Future, Family, Mind and Vocation these are the 5 keywords identified by the experts involved as central to a new culture of financial education for young people (and their families).
