Market: A third of French people want to further develop their financial culture


(BFM Bourse) – French investors believe they lack financial education. However, only a third of French people say they are ready to improve their financial culture, according to a study by FINER Finance Explorer for the management company Pictet Asset Management.

It is often deplored that “the French are useless in finance” and that they are not very interested in their investments. According to a study relayed in December 2021 by the Banque de France, nearly 70% of French people consider their knowledge average or low on financial issues. Among the less well mastered notions are inflation and interest rates. And this is not the last survey on the subject which will contradict the lack of interest of the French for financial matters.

Only a third of French people say they are interested in finance, according to a study conducted for the year 2022 by FINER Finance Explorer for the management company Pictet Asset Management. The survey in question concerns the level of financial culture in France, Italy, Spain, Germany and the United Kingdom on a panel covering both investors and non-investors born between 1940 and 2006. Without much surprise, it is the older generations who have the financial fiber. Baby boomers (1940-1964) and generation X (1965-1980) show a pronounced interest in financial matters, unlike younger generations Y (1981-1996) and Z (1997-2006) who are less financially inclined. matter, reports the study.

Elsewhere on the European continent, the United Kingdom is a land conducive to the dissemination of financial culture – which is not very surprising, the City being one of the largest financial centers in the world – followed by Italy (35%) then France (33%), Germany (32%) and finally Spain (27%).

A lack of relevant content

It’s no surprise, then, that the UK once again tops the list of countries with the most advanced financial knowledge, with 25% of respondents claiming to have this level. This figure contrasts with the 16% obtained from the Spanish participants in this survey. “The desire to learn more about financial matters is illustrated by a high percentage in Germany, France and Italy,” says the study.

More than a third (36%) of French respondents said they wanted to improve their level of financial literacy, most of them being women. In this context, we can only welcome the efforts in financial education made in particular by the AMF and the Banque de France via the portal “Mes questions d’argent”. The financial policeman regularly alerts individual investors, especially the youngest, of the risks incurred by certain investments or solicitations.

For 37% of French respondents, the main obstacle to acquiring a good financial culture is the lack of appropriate content and references. Interesting point raised by this study, the lack of time does not seem to be a major obstacle, since it is cited by only 9% of French respondents.

So who is to blame? Who ultimately bears the responsibility for this lack of financial education? For a large part of the respondents, it is the responsibility of state institutions and the various regulators to train their population in financial concepts. French and German respondents also attribute an important role to schools and universities in this training.

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Social networks are a privileged source of information

However, the sources of information are quite varied, including our BFM Bourse website which provides you with a wealth of information to decipher financial and stock market news. And a sign that social networks are an integral part of our daily lives, they are favored by the French to improve their financial knowledge. Instagram is particularly favored by people wishing to strengthen their financial culture.

Webinars come in second place, followed by television. Moreover, if you wish to develop your financial culture on the small screen, you can also find the BFM Bourse program from 3 p.m. to 6 p.m. which brings you live all the market news and the opening of Wall Street. The traditional press, for its part, only comes in fifth position, behind the tutorials.

Elsewhere in Europe, social networks are also favored by respondents to learn about financial news. In Italy, Facebook comes first when LinkedIn is essential in Germany, Youtube is appreciated by the Spaniards while Whatsapp is the flagship social network in the United Kingdom.

“The growing interest in finance, savings and investment is reassuring. In a context of an aging population and fears about future retirements, mastering financial issues is a valuable asset”, according to Hervé Thiard, head of distribution for France, Belgium and Luxembourg at Pictet Asset Management.

Sabrina Sadgui – ©2023 BFM Bourse



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