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Young men exhibit greater interest in financial news and investment habits, study reveals

Thursday 25th 2024 on 06:34 in  
Finland

Young men are more eager than young women to follow financial news, invest, and save, according to a study commissioned by Osuuspankki and conducted by Taloustutkimus. The survey included responses from 1,509 Finns aged 16 to 79. It also found that credit card debts and credit defaults are more common among young men compared to women.

Essi Pöyry, a university researcher from the University of Helsinki, highlights a gender divide in financial behavior. Although men show greater interest in financial matters, their propensity for risk may lead them into more debt and payment issues. The study indicates that men are generally more diligent savers, a finding supported by Säästöpankki. Pöyry notes that women may exhibit more caution and passivity regarding financial management, leading to lower levels of saving and investing.

The research revealed a polarization in young men’s financial management; those aged 18–24 are keen investors in stocks and funds but carry credit and consumption loan debts that are one-third higher than their female counterparts. Pöyry suggests this disparity could be due to differing financial strategies among males; some invest, some save, while others take on loans.

Social media plays a significant role in shaping financial attitudes among the youth. The study found that while young men seek financial advice predominantly on YouTube, women turn to Instagram. Pöyry emphasizes that social media influences young people’s perception of constant consumption, contrasting with the more frugal values of previous generations.

Despite the differences in fiscal engagement, OP’s data indicates that 16-25-year-olds, regardless of gender, seldom save money due to low incomes and high living expenses, reflecting that financial planning horizons have shortened in recent years. Experts suggest that young individuals should start saving early, even in small amounts, to encourage better financial habits over time.

Source 
(via yle.fi)